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Car loan in Proof of Funds

asad56

Newbie
Feb 2, 2019
7
0
Hi.. Did you just provided the official letter from BofA or also attached bank statements for last 6 months. Thanks!
Hi,
I have a similar problem can you please advice I have a car loan and credit cards bill ,Do I need to take care of that first or should I show extra funds in my account taking care of the future EMI’S
 

kalebhushan

Star Member
Apr 4, 2018
157
39
Mumbai IN
Category........
FSW
Visa Office......
Delhi
NOC Code......
2173
AOR Received.
04-09-2018
Med's Done....
27-09-2018
Passport Req..
25-01-2019
Hi,
I have a similar problem can you please advice I have a car loan and credit cards bill ,Do I need to take care of that first or should I show extra funds in my account taking care of the future EMI’S
If the credit card bill is a small amount, it’s alright because credit card bills are something that you would always have and would pay off using your monthly income. However, if it’s a huge debt, I would suggest you pay it off. Also, I did not show my car loan and I have my PR.
 

asad56

Newbie
Feb 2, 2019
7
0
If the credit card bill is a small amount, it’s alright because credit card bills are something that you would always have and would pay off using your monthly income. However, if it’s a huge debt, I would suggest you pay it off. Also, I did not show my car loan and I have my PR.
Thank you for your reply, But if I will get the letter from the bank then it will mention the loans I have and also in the statement there are the deductions for the installments.I am confused now as I have read many posts some people advice that it’s a secured loan so there won’t be any problem some of them advice to show extra funds which is equal to the pending loan amount and same as with credit card. Please advice
 

21Goose

VIP Member
Nov 10, 2016
5,247
1,615
AOR Received.
Feb 2017
The answer is simple. You have to show proof of funds, and the examining officer has to be convinced by that proof.

Now, there are many people who have car loans, credit card loans, personal loans etc. and yet were able to show that they met the proof of funds standard. Conversely, there are people who have been denied.

There's no hard and fast rule. It comes down to this - the officers who examine your file are experienced and well trained, and can (usually) tell the difference between someone who has a standard set of debts (car loans, credit cards, perhaps a student loan) but still has enough money to meet the PoF requirements, and someone who doesn't - in their judgement- meet that requirement.

Look at your financial profile and think about it. Does it look like you have the funds?

For example, I had a car loan (around USD12,000), credit card debt (around USD8,000) and around USD28,000 in my account. In addition to that, my salary statements for the past X months showed how much money I made on a regular basis. My bank statements showed a normal level of activity - salary came in, rent was paid, credit card debt was paid, car loans were paid, etc. etc. The officer could easily see that I could have paid off my car loan much sooner if I wanted, but in the US it's very normal to take advantage of super low interest loans (mine was 0.99%) and not pay them off early.

I didn't have to clear my debt.

If you have $50,000 in loans and cc debt, and $12,500 in your account, and your account shows abnormal patterns (lots of money comes in suddenly, or there are large unexplained cash withdrawals) then the officer may not like it and either ask for an explanation or deny you outright.
 
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D-source

Star Member
Dec 18, 2018
94
43
Hi,
I have a similar problem can you please advice I have a car loan and credit cards bill ,Do I need to take care of that first or should I show extra funds in my account taking care of the future EMI’S
Hi,

Though few ppl helped you in explaining your query. I would like to add on few things..

1) Abnormal patterns of debts is definitely a concern.
2) If everything is normal, it will be clear from your statements that you receive salary and all your expenses are met against it.
3) If there is a car loan, it doesn't mean that it will be the same outstanding debt as of today, later you can sell the car and some portion of your debt can be paid off from the sale value.
4) If your credit card outstanding balance is for eg. $1,800 and your Bank shows balance as of date around $24,000. Still after deducting that debt (24,000 - 1,800 = $22,200) your balance is above required limit. Than there wont be any problem.
5) If you don't show your car loan, no matter its payment are reflecting in your statements. If examine officer thinks that he needs car loan proof/outstanding details than he can request for documents and they give you proper time frame to submit.
6) I doubt that bank will mention any outstanding loan in your balance statement letter. They even won't mention your credit card outstanding balance. you can visit the branch and check with them what all info they will mention (normally they have there own standard format)
 

Dima1983

Newbie
Apr 16, 2019
2
0
Hi guys
I want somebody with an experience with my case
My proof of funds are golf coins with the receipt , are they acceptable ?
 
Nov 1, 2019
1
0
So I just got my GCMS notes and the Eligibility shows "Review Required" due to POF, though I have more than the required amount in my account.

When I go to the comments section to understand what is going on I find the following "Review Required Approx CAD $xxxx(less than the required amount) - CAD $xxxx(more than the required amount) as per Bank Statement. Family of 2 requires CAD $15,531 NOTE: PA has a mortgage balance of XXXXX and other loan of CAD $xxxxxx. PA states in client Info EDOC # XXXXXX the second loan is for a car, however total sum of available finances takes into account balance owing for second loan"

Isn't it true that car loans should not affect the POF? Why are they subtracting my car loan from my total POF?

@legalfalcon @DelPiero07 Any comments you can provide?
So I just got my GCMS notes and the Eligibility shows "Review Required" due to POF, though I have more than the required amount in my account.

When I go to the comments section to understand what is going on I find the following "Review Required Approx CAD $xxxx(less than the required amount) - CAD $xxxx(more than the required amount) as per Bank Statement. Family of 2 requires CAD $15,531 NOTE: PA has a mortgage balance of XXXXX and other loan of CAD $xxxxxx. PA states in client Info EDOC # XXXXXX the second loan is for a car, however total sum of available finances takes into account balance owing for second loan"

Isn't it true that car loans should not affect the POF? Why are they subtracting my car loan from my total POF?

@legalfalcon @DelPiero07 Any comments you can provide?
Hi! I wanted to check with you as to what happened with your case as I am in a similar situation even though I submitted my post ITA application 2 weeks ago. I would really appreciate your reply on this. Thank you!
 

Arod

Hero Member
May 15, 2017
389
371
Hi! I wanted to check with you as to what happened with your case as I am in a similar situation even though I submitted my post ITA application 2 weeks ago. I would really appreciate your reply on this. Thank you!
Hi, sorry I didn't reply until now. I don't visit the forum as much as I used to anymore.

Nothing happened, I received my PR and I'm happily living in Canada now. My case took longer than expected, 8.5 months instead of the 6 months they promise, but everything else went fine.