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10 Important Things You Need to Know About BPI Auto Loan

Filled under: Borrow Car 

Updated February 9, 2017

Discover the pros and cons of BPI Auto Loan.

BPI auto loan is part of the BPI lending portfolio which integrates various networks and technology to give their clients faster service with a wide range of options. Known for having transparent terms and competitive auto loan packages, it has been one of the most sought after auto loans in the country.

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BPI Car Loan Requirements

Suppose you are now ready to have your first car, then either you pay the ride in cash without any worries of monthly amortization or choose an auto loan that you think you can handle with ease. If you choose BPI Auto Loans, then you must be a Filipino citizen or a foreign resident who can present a Filipino co-maker. The Filipino co-maker must have stable income and of legal age. Those ages below 18 are still too young to avail the loan, while applicants who are above 70 years old are required to have a co-borrower below 70 years old.

The BPI Auto Loan is available for both employed and self-employed with a monthly family income of at least Php 30,000.00 and has the intent to borrow at least Php 200,000 to pay for a vehicle.

BPI Car Loan Calculator

Each bank has its own way of calculating loan amortizations. It is important to check out BPI's auto loan calculator to have an idea on your loanable amount depending on your salary, ineterest rate, loan term, and downpayment.

bpi-auto-loan-calculator

  • BPI Auto Loan Interest Rate

The BPI Auto Loan has competitive interest rates which may vary depending if you are going to purchase a brand new vehicle or a used one. Used cars tend to have higher interest rates as banks see them to have higher credit risk than new cars. In case of repossession, the brand new car will yield more returns than a used one.

If you pay on the agreed due date, your loan will be charged with 4.77 to 27.28 percent for brand new cars and 7.72 to 44.17 percent for used cars. Fortunately, should you start your repayment 30 days before your actual due date, the charged interest rate will be lower.

In Arrears In Advance
Brand New Car 4.77 to 27.28% 4.10 to 26.28%
Used Car 7.72 to 44.17% 6.57 to 42.39%
  • Tenure

Not all banks offer auto loans for used cars and trucks. With the BPI Auto Loan, you can have more options not only with the vehicles that you can choose from, but also with the offered tenure. You can get an auto loan stretching as long as 6 years for brand new cars and up to 5 years for used cars. If you are an entrepreneur, you can take advantage of this auto loan and get a brand new truck which you can pay in installments for 3 years.      

  • Down Payment

When you are getting an auto loan, you also have to consider the downpayment you ought to pay upfront. After paying the downpayment, the cash you are required to produce, the bank will pay the rest of the amount. Then you have to pay the bank in installments topped with an interest rate. BPI requires the auto loan applicant to shoulder the downpayment of at least 20% for brand new cars and 30% for both used cars and brand new truck.

  • Loanable amount

You can actually borrow as low as Php200,000.00 up to 80% of purchase price for brand new cars and 70% for used cars and brand new trucks. Also, your loanable amount is based on your income and creditworthiness as estimated by the bank’s credit investigation staff.

BPI Car Loan 2nd Hand Appraisal Fee

Should you choose to buy a used car, BPI will require a professional appraisal. If the car can be brought at the head office, you only have to pay Php1,000, but if the appraisal takes place on another location, then you might have to pay PHP1,500 and higher. The appraisal will determine the value of the vehicle since vehicles depreciate overtime.

Loan Term

While thinking of getting a car loan, do not forget to consider the nember of months you are willing to strech your loan. It is better not to look at the amount of repayment every month, but to make your own calculations with the online loan calculator.

Mode of Payment

There are five flexible ways you can do your repayment: Over-the-Counter, Auto Debit Arrangement (ADA), online through www.bpiexpressonline.com, with a call to BPI hotline 89-100 or via BPI Mobile text facility. You can even monitor your repayment through BPI Express Online. Should you miss your repayment, you will be charged with an additional 5%.

Benefits

Covers a wide range of cars

BPI has partnered with over 300 auto dealerships. It has also created a user friendly platform in its website where you can actually choose from a wide range of cars and brands. From there, you can also easily know if you can afford the ride with your eligibility and current income. Depending on your preferences, you can get a brand new car, a used car not older than 5 years or a brand new truck. BPI also finance brand new imported cars.

Fast process

You can actually take a self- assessment in less than a minute to know if you are eligible for an auto loan. Once you are pre-qualified for a loan you can start your online loan process and get an approval in 3 to 8 hours provided that you have completed the requirements.

Convenient repayment method

There are actually five ways to repay your auto loan. You can use Auto Debit Arrangement (ADA) so there is no need to worry if you are forgetful of important dates. The bank will automatically deduct the amortization amount from your bank account to pay your loan. You can also repay through online, text, call and over the counter (cash or check).

With incentives and freebies

Sometimes BPI introduces perks such as a free one month amortization. The perks are only offered for a certain period of time. Before you get an auto loan, check if the bank as a current promo you can avail.

Downsides

Needs co-makers for certain clients

According to the eligibility requirements, foreigners and those older than 70 can actually avail its auto loan, however there is a need to present a Filipino co-borrower who can also meet the set of requirements.

 

Only accredited insurance companies are accepted

If you have chosen an insurance company which is non-BPI accredited, then you need to ask for the bank’s approval. Should the insurance get denied, you cannot refund the paid documentary stamps.

Should you need more cash to drive your ride home, you can get it from Cash Mart today.

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