What are the steps to get a pre-owned car?
- Check if you are eligible.
- Decide on what car you want.
- Plan your loan term.
- Prepare document requirements.
- File your application.
As we try to wade through the new normal, our daily commute is now considered a high risk activity due to potential exposure to Covid. Although, social distancing and other measures are practiced, you are still unsure if other passengers have kept themselves safe and protected.
From being a luxury, buying a car has become a necessity for the everyday Filipino. However, getting one is not that simple. They can be expensive and you need to plan your finances properly.
Arguably, given the increasing prices of brand new cars in the market and rapidly depreciating values, pre-owned cars are becoming the best option. This is when financing companies such as Asialink Finance Corporation can become your best friend by assisting you with a financing plan to get that car.
Here are five steps on how to avail this financial solution:
Check If You Are Eligible
Perhaps the most important step when you apply for any financing product is to do a self-check on your eligibility. Knowing the qualifications and aligning your capability will give you the confidence that you will easily get approved.
Every financing company will have different eligibility standards. In general, you can be eligible if you’re a Filipino citizen who is between 21 and 59 years until the end of the loan term.
Basic requirements include a stable monthly household income of about PHP 30,000 to PHP 50,000 and employment for at least two years in the same company. A good credit rating, although unnecessary for some financial companies, can also easily pre-qualify you for a pre-owned car financing.
Decide On What Car You Need
Now, it’s time to choose your car! Don’t get too excited and decide based on aesthetic appeal. Remind yourself that you’re getting it for practical purposes.
It’s wise to initially canvas online or check out vehicle models from Asialink’s partner car dealerships anywhere in the Philippines. They would gladly assist you in knowing the differences in sizes, features and price points of every car. Your loanable amount may also depend on the year model of your chosen vehicle.
Plan Your Loan Term
With your current income and budget, how much monthly amortization are you capable of? This is an important question that Asialink Finance Corporation’s loan consultants can assist you with.
We can evaluate and offer you the best loan term based on your income flow and expenses considering the fair market value of your desired pre-owned car model. Loan terms as high as 70% can be availed. Do take note though that high-end models have an established cap of fifty percent loanable amount.
Prepare The Required Documents
Let’s proceed with the transaction and prepare the required documents. Here at Asialink Finance Corporation, we will make sure you get it the fastest way possible.
You only need the following initial documents: two government IDs, certificate of employment from your current employer and proof of income, i.e. a copy of your most recent payslip, latest Income Tax Return, OFW’s proof of remittance and seafarer’s proof of allotment.
Completely Fill Up The Application Form
Finally, the last thing to do is to complete the application form. To apply with Asialink Finance Corporation you may click here or contact 0917-808 9215.
When it comes to filling up the application form, always ensure to answer the necessary fields correctly and attach the required documents.
Ready to drive your own car? Contact us now. Meanwhile, for other financial solutions with Asialink Finance Corporation click here! We are more than ready to help you, today!