Can OFWs and Seafarers Purchase a Car in the Philippines? Now You Can, Through A Family Member!
Manila, Philippines | 22 March 2024 - Owning a car for your family back home in the Philippines can be a dream come true. The good news is, even as an Overseas Filipino Worker (OFW) or Seafarer, you can make it happen with the help of your immediate family! Here's how:
Remittances: Your Key to Car Ownership
Your regular remittances serve as a powerful tool for car ownership. These consistent transfers demonstrate your financial responsibility, making you a strong candidate for an OFW car loan in the Philippines.
Teaming Up for Loan Approval
Involving a family member in the application strengthens your chances of securing a loan:
Strong Remittance History: Consistent remittances showcase your ability to manage finances effectively, making you a reliable borrower.
Shared Responsibility: Having a co-applicant distributes the loan responsibility, giving lenders peace of mind and potentially improving your loan approval chances.
Working Together for a Smooth Ride
The loan application process requires documents from both you and your family member. Here's a list of common OFW car loan requirements:
For You (OFW/Seafarer):
2 Valid Government-issued IDs
Proof of Remittance/Allotment (latest 3 months)
Bank Statement (latest 3 months)
Proof of Billing (latest 3 months)
Latest Contract and Passport
For Your Family Member (Co-applicant):
2 Valid Government-issued IDs
Proof of Income (payslips, business permits, etc.)
Bank Statement (latest 3 months, if employed)
Proof of Billing (latest 3 months)
Additional Requirements for Family Co-Applicants
Marriage Contract (if married)
Affidavit of Support (may be required by some lenders)
Tips for OFWs/Seafarers Buying a Car with Family
Finding the Right Partner for Your Car Loan Needs: While any bank or car dealership can process your loan application, consider choosing one with experience working with OFWs and seafarers. This can lead to a smoother application process and potentially faster approval times. For example, CARSOME Philippines partners with reputable financing institutions to offer car loan options specifically tailored for OFWs and seafarers.
Prepare Documents Carefully: Ensure all documents are complete, valid, and up-to-date. Delays in processing can occur due to missing or incomplete paperwork. CARSOME Philippines can guide you through the document requirements for car financing as an OFW/seafarer.
Consider Remittance History: A strong remittance history demonstrates your ability to manage finances responsibly, which can improve your loan application.
By following these tips and gathering the necessary documents, you and your family member can increase your chances of getting approved for an OFW car loan and driving away in your new car.
Start your car ownership journey today! Browse our extensive selection of high-quality used cars at CARSOME Philippines website. We offer financing options specifically tailored for OFWs and seafarers.
For more details on OFW car financing or to schedule a car viewing appointment, contact CARSOME Philippines at 09603248888.
