Those planning to enjoy the various vehicles on display and at the same time have the intention of buying a new ride at the Manila International Auto Show (MIAS) from March 30 to April 2 would be glad to know that auto loan partner and major presenter BPI Auto Loans will be present at the venue to offer fast and hassle-free auto loan application.
The 2017 MIAS to be held at the World Trade Center in Pasay City.
The BPI Family Auto Loan provides car buyers access to loan application online 24/7, making it one of the most convenient and affordable means for one own his or her dream car.
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 brand new trucks.
For brand new cars, terms of payment can stretch for as long as six years while it can be as long as three years for new trucks.
Check the terms
BPI Family Auto Loans reminds that when deciding for the right auto loan package, make sure to check the terms of the auto loan, which will determine how much you will pay now and how much the auto loan costs overall by the time you finish paying it off.
Also, make sure you have enough buffer income for emergencies on top of your usual expenses.
This is because if you choose a more expensive car because of the low downpayment, this will likely increase the total cost of your auto loan, which usually has an “upside-down” effect (meaning you owe more on the vehicle than it’s worth) for years to come.
Remember: it does not mean that a low downpayment is the answer to choosing a car that is beyond your paying capacity. You still need to compute the monthly amortization and how much total you will spend for it.
Loan calculator
In this regard, BPI Family Auto Loans website has a “loan calculator” that allows you to compute for the monthly amortization by choosing how much downpayment you are willing to put up.
This same loan calculator also allows you to choose different car models, find the right balance between your equity (downpayment) and amount to be financed, and more importantly, enables you to first look into how you will finance your car purchase before actually going out to shop for a new car.
Diligent monitoring
Once the loan is approved and all the paperwork is done and the car has been released, it is also important to note that the monthly payments should be monitored diligently to avoid complications.
Never run behind amortization payments.
BPI Family Auto Loans also reminds that for other prospective buyers and loan applicants who may be based in the province, working abroad, or were not able to decide during the four day automotive spectacle, they can simply log on to www.bpiautoloans.com to start shopping for the dream car and compute for the best financing options.
With the online auto loan applications, families with qualified family members working or based overseas can just finish their application online and still be able to buy a brand new car at their fingertips.
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