BPI Family offers money back on auto loans
Buying a vehicle is already an investment for mobility, but what if an auto loan could also earn you some more money?
This is the incentive being dangled by BPI Family Savings Bank to customers who would avail of its “BPI Family Auto Loan 10% Money Back” promo, which will run from June 4 to Aug. 31.
Executives of BPI Family Savings Bank said during the promo’s launch recently that this is not only an auto loan but also an investment, noting that the returns are “significant”—clients will get a rebate of up to 10 percent (based on their respective loan amount) after the 5-year term.
Felipe “Pepe” P. Carlos, BPI Family Savings Bank vice president and head of auto loan division, summed up the promo’s benefits this way: “BPI Family Auto Loan 10% Money Back promo aims to change how people see cars and car loans, as it is now an investment. With this new promo, you get to immediately realize the benefits of having a new car, get to own a highly useful asset and eventually get a sizeable amount at the end of the loan. As we change the way you think about car financing and provide you with an innovative and easier way to get your brand new car, you can get the best out of life!”
According to Juan Miguel “Jam” A. Santiano, BPI Family Savings Bank auto loan senior brand manager, this promo targets car buyers who have “more cash than usual but don’t know where to put their money.”
Despite “a little extra” payment—the add-on rate (AOR) is 52.90 percent, higher than the average of 47.43 percent for regular car loans, the earning rate will reach a high of about 17 percent a year, compared with, for instance, a time deposit rate of only 1 percent per annum, Santiano pointed out.
Under the promo, clients will enjoy a 10-percent rebate if they would get another loan from BPI Family Savings Bank within six months after the auto loan has been fully paid.
A five-percent rebate, meanwhile, will be received by clients who would not avail of another loan. The customers can get their rebates only if they have fully paid the auto loan as well as
finished the entire 60-month term.
To better illustrate, take this example: For a P1-million car loan availed under the promo, the 52.90-percent AOR will yield after five years a total amortization of P1,529,040, which is higher by P54,720 than the 5-year amortization for a regular auto loan worth P1,474,320.
On a monthly basis, amortization is P912 more—P25,484 a month under the promo as against just P24,572 under a regular loan.
However, after five years, those who availed of the “BPI Family Auto Loan 10% Money Back” promo will get a rebate of P100,000—which means they will even earn P45,280 despite the extra P54,720 they paid!
Indeed, BPI Family Savings Bank’s promo is “a car loan that pays you back!”
For more details on the promo, just visit ant Bank of the Philippine Islands/BPI Family Savings Bank branch or log on to www.bpiloans.com.
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