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China Bank Car Loan: Questions You Need to Ask

Filled under: Car 

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 paying for the whole price in cash. Why? Because there are no monthly installments to worry about and 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 some other more important reason.

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 question you should ask first.

Am I eligible?

China Bank Car Loan Eligibility

One of the first things you have to check is the car loan’s eligibility. This can actually 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, has a regular source of income, and with 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 in China Bank’s website. This means you have to call the bank for these details.

What are the required documents?

China Bank Car Loan Requirements

Banks are strict with required documents for loan applications. This is because banks are risk averse and they want to be sure that 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 Certificate of Employment which states the length of service and monthly compensation. If you are a self-employed, you will need to present your Latest Income Tax Return (ITR) with Statement of Assets and Liabilities. If applicable to your status, you will also need a photocopy of Business Registration Papers.

You will also have to submit your Community Tax Certificate or cedula.

How can I use China Bank Car Loan?

China Bank Car Loan Purpose

The purpose of bank loans also differs from each bank. With China bank, you can use its car loan for purchasing either new or second-hand vehicle. You can also reimburse the newly purchased car.

China Bank Car Loan can also be multi-purpose depending on your need.

How do I pay the monthly repayments?

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 like 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 make sure that it has sufficient amount to meet the monthly payments.

What are the terms I can choose from?

China Bank Car Loan Term

You can get a loan which 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.


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.

When choosing the best car loan to fit your needs, do not hesitate to ask questions and negotiate. A car loan can help you get your dream car, but it can also bury you to debts if you are not careful with choosing and handling it.

Make a checklist of hat 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 may want to consider unsecured personal loans.



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