Auto loans made easy

Auto Madness Fever offers lower loan rates, a free one-year comprehensive insurance, and a wide range of car models.

MANILA, Philippines–Applying for an auto loan these days is easier thanks to innovative companies like BPI Family Savings Bank. It has a user friendly website that can process online applications and give out a credit approval response in just a few hours.

For the month of September, BPI Family, the country’s biggest auto loan provider, is back again with its “Auto Madness Fever” promo.

With the promo, the bank is offering lower loan rates, a free one-year comprehensive insurance, and a wide range of participating car models.  Within the confines of your home, visit BPI Family Bank’s interactive auto loan website at www.bpiautoloans.com or its Auto Madness promo online at www.bpiautomadness.com and start shopping for the dream car you have been wanting to buy and compute for your best financing option among the various payment schemes to suit your budget. BPI Family offers the convenience of loan applications via online whether on a PC or laptop or even on a Web-ready smart phone. With online auto loan applications, families with qualified family members working overseas can just finish their application online and buy a brand new car at their fingertips.

“With the success of the previous Auto Madness events, we are bringing back the Auto Madness this September to make the best happen for Filipinos planning to buy their brand new car. Our growing economy has been a driver for the growing demand for automobiles nationwide, thus, we would like to make it easier and more accessible to Filipino car lovers and buyers. On top of the low rates, we also offer exclusive perks to our clients like the free comprehensive car insurance,” shares Pepe Carlos, VP and head of BPI Family Auto Loans Division.

Getting started

Whether it is a brand-new car or commercial truck or even a second-hand vehicle, BPI Family Auto Loans can offer as low as downpayment of 20 percent of the loan value for brand new cars and as low as 30 percent for a brand new truck or second hand vehicle. For brand new cars, terms of payment can stretch for as long as six years and up to five years for second hand vehicles. For new trucks, the terms of payment can be as long as three years.

For second-hand cars, it should not be over 5 years old, while new cars can be a locally and officially distributed car brand or an imported vehicle with the correct customs duties and taxes properly paid. Second hand cars will be properly assessed and appraised by the bank’s authorized appraisers. The loanable value will be based on the assessed value by the bank less the downpayment, not based on the asking price of the seller of the car.

So, who is eligible for a BPI Family Auto Loan?

For individuals, they can be as young as 21 years old, and the age cap is 65 years old. The maximum age of 65 years old is based on the time when the loan will mature and not when the time the loan was applied for. BPI Family recommends a monthly income of at least P30,000 to be considered eligible. Foreign nationals who are married to Filipinos can also be considered, as well as business entities like corporations and partnerships.

Getting ready for a loan application

For self-employed individuals, the bank will ask for copies of the business registration papers, articles of incorporation (if it is a corporation) and other information like trade references to attest to your credit standing. Other documents may be required like GIS (general information sheet), audited financial statements for the last two years, DTI registration, ITR (income tax return) with audited financial statements for the last two years, and bank statements for the last six months.

For company employees, requirements include a COE (certificate of employment) with compensation stated, ITR (income tax return) and a recent payslip.

Aside from these documents, the bank will need a duly filled up loan application form together with valid ID cards and in case the applicant is married, for both spouses to sign on the application form. If there is a comaker, a separate form should be signed and submitted together with the loan application.

If in case the applicant is an expat or an overseas worker, additional documents like proof of remittances, service contract and a duly accomplished SPA (special power of attorney) will be required. For individuals who derive income from rental of properties, they may present a rental or lease contract and a photocopy of their titles. Professionals like doctors can provide their ITRs and clinic information as references.

After you get your loan

Payment modes are flexible for BPI Family auto loans. These can be thru auto debit arrangements (payments deducted from your bank account), OTC (over the counter) on BPI centers, express mobile payments via BPI mobile text facilities, or via BPI express online.

It is important for you not to miss your payments since these loans will incur late payment charges. It is also important for you to insure your car so you will be protected against theft, damages or any kind of losses. Be sure to take note of the expiry of your insurance policy so you can renew this before the active one expires.