Increase approval chances. Get tips.

Banks and financing institutions look at a few important things when they review your loan application. Here's a few ways to increase your chances of a YES. Still have concerns? Automart advisers are always ready to help you with your car loan application, so just chat or call us.

Show every peso you earn

The more money you can show regularly comes in, the more likely you’ll get approved, and the higher your approval amount will be.

Salary, side business, freelance, remittances - if you can show proof, declare them.

Don't hide a bad loan history

Banks and financing companies share records, and they will find it. Hiding a past loan problem (often called a CMAP record) only makes your application worse — many banks will deny automatically once they see something you didn't declare.

Best solution? Declare it instead. Your Automart adviser will work with you to find the best financing company willing to lend, even with a history.

Already have a loan? That's okay

An existing loan does not disqualify you. The bank simply counts it as one of your monthly expenses. If you can settle one before you apply, it helps — but it's not required.

Apply with a qualified co-maker if needed

A co-maker is a family member who signs the loan with you. A parent, spouse, sibling or child makes your application much stronger. Other relatives are evaluated case to case.

If you are married, the bank will require your spouse as your co-maker. If your spouse's documents are hard to get, or your spouse has unpaid loans, talk to your Automart adviser before you apply.

Choose your co-maker carefully. Don't apply with someone who has loans to pay, or who has bad loan history — even if it was years ago. The bank checks your co-maker the same way it checks you, and their record becomes part of your application.

Choose longer terms for low monthly

The bank checks how much money you have left each month after your bills. A longer term means a smaller monthly payment, which makes that number look better.

Own a business? You can still apply as an employee.

This is a good way to fast-track your loan, even if you are lacking certain business documents like Business Permit, DTI or SEC registration, or your business is less than 3 years old. If you draw a salary, declare yourself as an employee.

Bottom line: complete papers that show your high capacity to pay mean faster, surer approval. Get everything ready before you start, and you'll spend less time waiting and more time driving.