China Bank Car Loan: Questions You Need to Ask
How do you plan to pay for your car?
There are many ways to pay off your new car.
Of course, the best way is to pay the whole price in cash. Why? Because there are no monthly installments to worry about, no interest rate, and other fees to pay.
Unfortunately, paying in cash is not possible for most of us. First, it is hard to let go of such a huge chunk of cash from your savings! And you might suddenly need cash for emergency situations.
Another way to pay off your car is, of course, through a car loan. Banks offer auto loans with various features. China Bank has its own auto loan too.
And here are some questions you should ask first before getting a car loan to buy your first ride.
What is China Bank AutoPlus?
China Bank AutoPlus helps you bring home your preferred ride. Its loan process is easy and affordable. Thanks to its very low China Bank Car Loan rates, you can enjoy it. Also, the auto loan allows you to have a minimal monthly amortization. Plus, it asks for a very low down payment. Most importantly, it offers longer payment terms.
In addition, you can use the China Bank Auto Loan Calculator to understand more of your car financing needs.
What is the China Bank Car Loan Eligibility?
One of the first things you have to check is the car loan’s eligibility. This can save you a lot of time. With the eligibility, you can easily know if you can qualify for the loan before starting your actual application.
China Bank requires car loan applicants to be of legal age, have a regular income source, and have good credit standing. This means you must have handled your past debts or loans diligently.
Unfortunately, the specific figures for the eligibility are not noted on China Bank’s website. This means you have to call the bank for these details.
What are the China Bank Auto Loan Requirements?
Banks are strict with the required documents for loan applications. This is because banks are risk-averse and want to ensure you are creditworthy.
Most Filipinos dread paperwork as it usually takes too much time. Nevertheless, the bank has a strict policy that you must comply.
China Bank requires a Certificate of Employment that states the length of service and monthly compensation. If you are self-employed, you will need to present your Latest Income Tax Return (ITR) with a Statement of Assets and Liabilities. If applicable to your status, you will also need a photocopy of the Business Registration Papers.
You will also have to submit your Community Tax Certificate or cedula.
How can you use China Bank Car Loan?
The purpose of bank loans also differs for each bank. With China bank, you can use its car loan for purchasing an either new or second-hand vehicles. You can also reimburse the newly purchased car.
China Bank Car Loan can also be multi-purpose depending on your need.
What is the China Bank Car Loan Payment Method?
Automatic Debit Arrangement is the only payment method accepted by China Bank. You must meet the monthly repayment on the due dates because you do not want to be charged with penalties.
Just as with other banks, the payment method lacks flexibility. If you are not a China Bank account holder, you have to open one for the car loan and ensure that it has a sufficient amount to meet the monthly payments.
What is the China Bank Car Loan Terms?
You can get a loan that you can repay in 12 months up to 60 months, depending on if you are buying a brand new car or a used one. The older the used car, the shorter term you will be given.
Can foreigners get a loan?
Yes, provided that they have proper documentation. A foreign applicant must submit an Alien Certificate of Residence, passport, valid IDs, and other documents.
Final Thoughts on China Bank Car Loan
There are a lot of loans offered for our every need. And though they are all loans, they have various features and purposes. Car loans are not an exemption.
Do not hesitate to ask questions and negotiate when choosing the best car loan to fit your needs. A car loan can help you get your dream car, but it can also bury you in debts if you are not careful with choosing and handling it.
Make a checklist of what you should consider, such as the flexibility of payment methods, loan terms, and interest rates.
Take the time to shop around and remember not to just take up the first offer you get.
If you are just looking for a loan to have your car fixed, you can smoothly get a loan from the best online lending company -Cash Mart.