If you are thinking about getting your first truck loan, here’s how the process of getting a loan works.
Madali lang ba? Yes, madali lang, although not as easy as getting a brand new car, well no need to worry, I will be here to guide you through the whole process.
Now, first things first! Follow these steps, these will help you out on getting that truck you wanted and start that dream business of yours running.
Step One: Check Your Credit
Eto po ang pinakamalaga sa lahat, to check your credit score. Your credit score will play a key role in the rate you’ll pay for your loan. While that may sound obvious to someone who has applied for one of these loans before, if you are a first-time truck buyer, you may not realize how important your credit score is when it comes to getting a loan. Kung maganda ang status ng credit score nyo, mabibigyan kayo ng magandang loan rate, which in turn saves you money on interest.
Your credit score is based on the information in your credit reports, so to make sure that your credit score is accurate it’s a good idea to also get your credit reports.
Para magkaroon ng magandang credit score, ang pagkakaroon ng magandang bank history at kumpletong documents ay malaki ang maitutulong.
Nasa baba ang listahan ng mga requirements para sa truck loan application.
Step Two: Pick Your Payment
Your job here is to figure out how much you can realistically afford to spend each month on a truck payment without straining your budget. Bibigyan ko kayo ng sample computation sa kailangan nyong unit. Once you know that amount, you can plug it into a truck loan calculator to find out the total you can afford to spend.
Truck loans typically come in 1-, 2-, and 3-year terms. The longer the term of the loan, the lower the monthly payment. But a longer truck loan also means you are likely to be “upside-down” for a longer period. To be upside down (or “underwater”) on a loan means you owe more than the truck is worth.
Huwag din kakalimutang ang mga ito: comprehensive insurance, chattel mortgage and maintenance costs. While those won’t be included in your monthly payment, you’ll have to come up with those funds as well. Some insurance companies offers up to 6 payment terms, pwede nyo din itong kunin sa insurance agent ng auto nyo, pwede ko din kayong bigyan ng options para dito upang magkaroon kayo ng idea on the estimated cost of insuring the types of truck you are considering buying. Computation for the chattel mortgage will be provided by the financing firm, huwag kalimutang itanong ito sa kanila.
Step Three: Get Pre-Approved
Once napasa na ang mga requirements for a loan application, at habang hinihintay ang result, you can shop for a truck loan online, as well as through a local credit union or bank. Hindi kailangang ilimita ang sarili sa mga financial institution o sa banko kung saan kayo may account, and it’s fine to check with a few different sources. You want to see what kind of loan, and for what amount, they can offer. Whichever one offers you the best deal, that’s the one you can get financing through.
If you qualify for a loan, you’ll get a “pre-approval” that will be good for a certain time and up to a certain amount of money. It’s sort of like having a blank check to buy your truck. You can always spend less than the amount for which you are pre-approved, but you can’t spend more unless you want to make up the difference in cash. If you do buy a vehicle for less than the amount for which you have been pre-approved you won’t get the difference back in cash; you’ll just get a smaller loan.
Don’t have great credit or lacks certain documents? Pwede pa rin naman. You may still be able to get pre-approved for a loan, but your interest rate will be higher. If you have no credit history, you can either ask someone to co-sign or consider a lender that will work with borrowers with no credit.
Step Four: Choose Your Vehicle
Ok na, may pre-approval na, Now you can get serious about shopping for your vehicle. One of the good things about being pre-approved is that you can focus your efforts on negotiating the best deal for the truck you want to buy, rather than having to negotiate to finance as well.
I will give you the list of available units that would suit your requirements, have them inspected, and reserve your chosen truck.
If you are going to buy a used truck from a private party, make sure the loan you apply for covers that option. Also, make sure you understand the restrictions on used car loans.
Step Five: Finalize the Paperwork
Once you’ve chosen your vehicle and negotiated the price, it's time to finalize the paperwork, the auto dealer’s financing department will coordinate with the lender to finalize the sale.
Make sure that everything is clear on your side, Siguraduhing malinaw ang mga terms at ang halaga at interest rate bago pumirma sa kasunduan.
Step Six: Start Paying Your Truck Loan
After the sale is finalized, you will get information about the payment schedule for your loan. Magandang magkaroon ng magandang history ng pagbabayad sa inyong financing firm, your next loan may get a lower interest rate o kaya maaari na kayong makapag loan ng truck na mas mataas ang halaga. It is always a good idea to keep track of your payment terms.
So congrats mga Sir at Maam, may truck na kayong maiiuwi para sa expansion or start ng business nyo. Ganun lang kadali? May tanong ka ba? Below are my contact details. Sabi nga PM is Key, Libreng magtanong, Tama?
For assistance kindly reach me on these numbers:
Red Moaje Jr. | Call | Text | Viber | WhatsApp | PM/DM
0915.318.88.68 | 8463.08.65 | 09054949476
Sana may nakuha kayong idea sa sinulat kong to. Thanks and God Bless!
Red Moaje Jr | Sales and Marketing | Truck Star Motor Sales Km. 22, Brgy. Pasong Putik, Quirino Highway, Lagro, Quezon City 1118 eMail: truckstarmotorsales@gmail.com • Facebook/Messanger: https://www.facebook.com/redhottrucksforsale
Documentary Requirements Checklist
Compulsory for all applications:• Duly filled-out and signed Application Form • TIN ID and any other government-issued ID proof of the Principal Borrower • Latest three (3) months Bank Statement and Bank Certification • Photocopy of valid Mayor’s Permit • Photocopy of valid Barangay Business Clearance • 1”x 1” ID picture of the Principal Borrower • Picture of the Business (Interior and Exterior) • Latest (not older than 2 months) proof of billing for Business and Residence • Photocopy of valid Barangay Business Clearance • Sketch/Map of Business and Residence Location with the nearest landmark
Additional requirements (photocopy of the following documents):
Sole Proprietorship • DTI Certificate of Business Name Registration (Original and Renewal, if any)
Partnership• Business TIN ID proof (BIR Certificate of Registration) • SEC Certificate of Incorporation/Registration • Partners’ Resolution
Corporation• Business TIN ID proof (BIR Certificate of Registration) • SEC Certificate of Incorporation/Registration • Latest Articles of Incorporation & By-Laws • Latest General Information Sheet • Secretary’s Certificate
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