Here’s What I Know


by Tony Surtida

Tony Surtida has been involved in the auto industry since 1990 and has had a long and distinguished career not only as a sales consultant but as a sales manager and finance manager as well.  He currently works a Finance Specialist.  His knowledge of the auto industry will be an invaluable tool for those in the market for a new or newer vehicle.  The insight he shares in this column is a culmination of years of experience which he hopes will provide information one needs to make an informed choice.  Kung Sasakyan din lang naman, ‘wag nang kung saan-saan pa.  Kay Tony Surtida na!

Q – I have two boarders now living with me who are FOREIGN WORKERS.  They’ve been here for almost 2 years now.  They have very good stable jobs and in fact just got extensions on their contracts.  They each need a vehicle.  Will they qualify for a car loan?

A – “FOREIGN WORKERS” by definition are individuals hired from outside the country to perform a function for a specific period of time (typically 2-year terms).  They are non-immigrants and are issued SINs that start with “9”.  Generally speaking, banks will not grant loans to non-immigrants with “9” SINs.  Especially CAR LOANS, for a number of reasons.  Most obvious of which is the fact that they are in the country temporarily and could lose their jobs anytime and be gone in the blink of an eye.  In fact there have been many unreported cases where foreign workers are sent back to their home countries, and businesses (utility providers, cell phone companies, property management) are left to deal with unpaid bills.  However, banks or lenders do make exceptions.  For example:

  • The foreign worker has established credit, and/or
  • The foreign worker has established residency, and/or
  • The foreign worker has the income to support the loan, and/or
  • The foreign worker has money to use as down payment, and/or
  • The foreign worker has ties to the community, and/or
  • The foreign worker has a co-signor, and/or
  • The foreign worker is a professional (licensed or ticketed), and/or
  • The foreign worker has job security (contract)

If you are a foreign worker and you can satisfy any three of the above conditions then I CAN PROBABLY GET YOU APPROVED FOR A CAR LOAN!

Let me share a story with you:  About a month ago Rizza was referred to me by a friend who works at another car dealership. Rizza is a temporary foreign worker who works as a nurse at one of the local hospitals.  She’s been in the country for less than a year and she’s been trying to buy a car and has been to few dealerships.  Unfortunately no one’s been able to get her approved. To make a long story short, we worked her file, found an angle and got her approved for a car loan.  She’s now driving a SUV, enabling her to lead a normal, productive life.