i wonder when buying a car, the bank needs to see the income tax form right? how much is necessary for a bank to approve a 100% loan? and can the incomes from the whole family be combined to qualify for the loan? or only the salary of the actual buyer is considered? anybody have any idea?
Banks will not usually approves 100% loan.
The standard is to approve 90% or at most 95% of the purchase amount..
How much banks will approve the loan bank at is usually based on yr mth installment of the car and yr mth income.
If mth income is at least 3.5 times the mth installment, approval is usually no pro depending on the banks and the credit rating of the borrower.
If mth income not at least 3.5 times, then u may have to get a guarantor.
The mth income of both u and the guarantor have at least 3.5 times the mth installment..
This is usually the guidelines that i used to advise my customer.s
Hope that the info is of help to u.
Cheers!!!!
but what about the 100% loans offered by mitsu and kia (c&c) now? and a lot of other car companies like subaru (MI) etc. banks dun handle those?
and so, can combine incomes to apply a loan for a car? ie. the total income of both husband and wife is 3.5 times the car loan each month.
can, there are ways of getting 100% loans.
just ask the SE to help u.
ususally terms and conditions apply.
care to elaborate on the t & c?