BPI Auto Loans continues Auto Madness campaign in key cities

Launched early this September, BPI Family Auto Loan continues its nationwide tour of the biggest auto loan event of its kind, dubbed as the Auto Madness, where auto buyers can visit several shopping mall and select BPI branch venues in major cities across the country and avail of its auto loan promos.

 

Auto Madness ends on Oct. 15, so there is still a lot of time to shop for the best deal in the bank’s longest-running campaign, giving car buyers the best loan package with BPI’s low loan rates, free comprehensive insurance, and over 500 car models to choose from.

 

In the coming weeks, visit the BPI Auto Madness events happening in strategic locations around the country: Centrio Mall in Cagayan de Oro City, Robinsons Place in Dumaguete (Oct. 1 to 4), BPI Vigan (Sept. 21 to 25), BPI Plaridel-Roxas City (Sept. 24 and 25), BPI Kuliat-Angeles City (Oct. 5 to 14), BPI Tarlac Highway-Tarlac City (Oct. 7 to 14) and BPI Candon City (Oct. 12 to 15).

 

BPI’s extensive website menu, accessible 24/7 at www.bpiautomadness.com, also allows loan applications online for buyers who are out of the country or who do not have time to visit the mall tour displays. All the participating car brands and special car offers can be accessed anytime and anywhere through any web-enabled smartphones, PC, tablets or laptop for truly convenient car shopping.

 

Some tips when applying for an auto loan:

 

1. While BPI Family gives out one of the most competitive interest payments in the market, one should still exercise prudence and due diligence before taking out on an auto loan to make sure your dream car will not turn into a nightmare.

 

2. There are several considerations in choosing the right auto loan package. First, you need to make sure you choose the right car for you. Second, you need to find the right balance between your equity (down payment) and amount to be financed, including how much your monthly amortization will be.

 

It pays to shop around first, and by doing some research, you would be able to come up with a package that is suitable for your lifestyle and cash flow.

 

3. Make sure to check the terms and conditions of your auto loan. A low down payment scheme could result in higher monthly amortization.

 

You need to figure out how much you will spend for it in the long run. Make sure you have enough buffer income for emergencies on top of paying off your usual expenses.

 

4. Aside from the loan payment and initial down payment, you have to check what other fees you need to pay, like how much you have to allot for insurance and the one-time chattel mortgage fee banks charge for obtaining a loan.

 

5. Make sure you have car insurance so in the event the vehicle is stolen or damaged, you are still covered. Remember, you are still responsible for paying off your loan even if you suffer a total loss in the event of a bad accident or if the car gets stolen.

 

6. By looking at your projected income and expenses in the coming years, you should be able to determine your cash flow, then intelligently and realistically come up with the right loan package that would suit your income vis-à-vis your expenses.

 

7. Once the loan is approved and all the paperwork is done and the car has been released, it is important to note that the monthly payments should be diligently made to avoid complications and running behind amortization payments.

 

Be a responsible borrower

 

Since loan payments are recurring each month, missing one payment will not only pile up but greatly hurt your credit standing. This could eventually lead to having your vehicle repossessed if you miss more payments and could not keep up.

 

Some banks like BPI would offer automatic payment transfers that are linked up to your bank accounts. While this is convenient, just make your that you monitor your bank statements regularly.

 

Being a responsible borrower also means you have to plan for rainy days. Your financial situation may change over time.

 

In case you suffer from a financial setback like the loss of a job, and you cannot keep up with your payments, make sure you contact your lender right away and try to work out a revised payment plan.

 

It is always good to be upfront about your financial situation rather than to hide it, so you can have the chance to negotiate for a softer payment scheme until you get back on your feet.

 

For more information on how to own a car, log on to www.bpiautomadness.com.