How to Score an Auto Loan Even Without an ITR

Getting your auto loan approved can be hard especially for people who don't have an ITR. It's one of the major requirements by dealers and banks for them to provide the approval that can change your life when you're so done with commuting.

Just like you, I have always thought that buying a car in cash is the only option for me to have one that's why when I first purchased a car, I got a repossessed unit from a friend and shelled out my entire savings which was P400,000.

That huge amount would've doubled or trippled if I just knew that I can get an auto loan and just pay 20% for the down payment and use the remaining balance to put up a business.

Just recently, I tried applying for an auto loan from my bank even though I know that the chances of getting approved is not that high because in their eyes, I don't have an employer and may not have the capacity to pay for the vehicle.

I WAS WRONG

My application got approved the following day and was told that an ITR is not required as long as you have an account with good standing in their bank and the loanable amount is not more than 3.5 million. All they asked me to send are 2 valid IDs, proposal from the car dealer and a copy of my DTI.

For those who may be wondering, I don't have an ITR because I do freelance jobs and sell stuff online for a living which does not require one. Whatever your reasons are, don't be afraid to try your luck. Getting your own car nowadays is very essential especially if you need it to generate more income whether from your job or business.