RT Cunningham


My Car Loan was Approved after Two Weeks

car loan I applied for a car loan through the Mitsubishi dealer at Carworld Subic on September 15. I received car loan application verification calls on the 17th and the 18th.

After that, I received one request to authorize one bank to check my account at Philippine National Bank and a verbal disapproval from another (but only after my wife, Josie, called the bank).

All of this has irritated me to no end. The calls from those banks were unnecessary and the authorization letter was unnecessary.

I didn’t care about the Car Loan

I really didn’t. Having a car is nothing more than a convenience for me. Not having one means I won’t have a monthly payment to contend with. I won’t have to remember to renew the registration or the insurance policy when the time comes. Josie’s the one who wanted it.

I received calls from these banks:

A bilas (a sister-in-law’s husband) suggested calling PSBank, where his friend worked. That’s the verbal disapproval Josie got. EastWest Bank asked for an authorization letter, which I ignored for a week.

All of those banks had a copy of my savings passbook and a copy of where my pension comes from. The verification calls were nonsense since they already had all of that information in front of them, provided by the car dealer.

I sent the authorization letter to EastWest Bank earlier today. When the bank guy called me, I found out why the other banks disapproved the car loan. Let me tell you, the loan officers in the Philippines don’t use an ounce of common sense.

I listed two children on my loan application and I should have left it blank. They assumed they (my children, 29 and 35) still lived at home. That’s true for a lot of Filipino families, but not for most American families. The loan was approved within two hours after I clarified that point.

A Good Reason for being Irritable

I thought the banks were disapproving the car loan because of something else, something discriminatory. I thought I was getting disapproved for nonsense reasons while some banks approved loans for Filipinos who weren’t even employed (and without any other source of income). With firsthand knowledge of some of this, I’m not making things up.

Two weeks is a long time to be left in limbo. I expected to be informed of an approval or disapproval (for all those banks) a week ago but it doesn’t work that way here. If you’re not approved, you’ll hear nothing at all from anyone (banks and car dealers alike).

Another Delay

Even though the car loan was approved today, the car itself has to be prepped and the Mitsubishi dealer won’t even start on it until they receive the approval notification from the bank. My contact at Carworld told me it might be Saturday. I hope not. I would prefer either tomorrow (Friday) or Monday. It’s a transportation thing.

Speaking of transportation, I’ll probably be writing about that tomorrow.

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By RT Cunningham
October 1, 2015
Personal Finance