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Why China Bank Savings Auto Loan has Limited Reach?

Excited to finally drive your own car through the streets of Metro Manila?
If you have finally decided to get your car, you must also be ready to face the nitty-gritty of finding an auto loan aside from your car.
Yes, almost everybody dreams of having a car.
But only a few know the reality of how important it is to take time in finding the right auto loan until they are smack right at the face by outstanding monthly due way too much than they can handle.
Getting a car now at a more affordable price is easier than it used to. However, you could also easily make mistakes that may increase your monthly repayments if you are not careful in choosing your auto loan.
Take time to compare auto loans, including those from banks you don’t usually see as much as BPI and BDO. Some banks, such as the China Bank Savings, also have an auto loan that may prove to be a better choice.

Why China Bank Savings Auto Loan has Limited Reach?

China Bank Savings Auto Loan

CBS Easi-Drivin’ Auto Loan is offered to Filipinos and foreigners who have been living in the Philippines for the past two years with complete and legitimate immigration documents. You must be at least 21 to 65 years old throughout the tenure of the loan.

Unlike the other banks which usually focus on giving auto loans to individuals, CBS Auto Loan is also created for business entities such as corporations, single proprietors, and partnership for acquiring and refinancing vehicles.

Basically, the required documents have to prove that you have been regularly earning a consistent amount of income. Employed borrowers are usually required to submit the following:

  • A duly filled-out China Bank Auto Loan Application Form
  • Your latest Bank Statements or Passbook (3 months transactions)
  • Latest BIR Form 2316
  • Contract of Employment (COE)
  • Payslips for the last three (3) months
  • Proof of billing
  • A complete Deed of Undertaking for the car insurance coverage (only if applicable)

While the proof of billing does not prove the amount of your salary, it shows your address and payment behavior. If you are determined to get an auto loan (or any amount of loan), it is also vital to pay your bills on time to show that you are a responsible payer.
If you have your own business, you have to present the Latest Business Registration and BIR Form 1701/1700 in place of the BIR Form 2316 and COE or payslips. Meanwhile, if you are an entrepreneur, you should be ready to prove that your business has been regularly generating an income for quite some time.
Since the China Bank Savings Easi-Drivin’ Auto Loan is also available for corporate borrowers, they also have a list of requirements. That includes the following:

  • BIR Form 1702
  • SEC Certificate
  • Articles of Incorporation
  • By-Laws
  • Latest General Information Sheet
  • Company’s original proof of billing

Meanwhile, married individuals must submit a written consent of the spouse, except under the law’s conditions.

What to Consider with ChinaBank Savings Auto Loan?

When you are getting a loan, you must know how much you are really going to need to borrow. Too small will fall short, and you might have to take another loan, while too big of an amount will generate high repayment than necessary.
On the other hand, the maximum loan amount of CBS is up to P1,000,000. Such an amount is the same as most banks are offering. This means that you have to be ready to pay off 20% of the vehicle’s price upfront.
Another thing you have to consider is the loan term. Take your sweet time considering this point. The shorter the term, the lower the China Bank Savings interest rate, but expect higher monthly repayment. CBS Easi-Drivin’ Auto loan offers loan terms depending on the loan’s purpose and the vehicle’s age.
You may choose a loan term from 12 months up to 36 months. Be sure that you choose a loan term that best suits your capacity to repay the debt.
Before applying for a loan, you may personally go to a CBS branch and ask for a quotation first before applying for the loan. There is a danger of aggressively applying to multiple lenders, as this will be reflected in your credit report.
Banks will see this as a desperate move, and it is one reason why loan applications get declined.

RELATED ARTICLE: Guide to Buying a Car in the Philippines

China Bank Auto Loan Charges 

When we think of loans, the only charge we can point out is the interest rate. However, there are still other charges that exist within the realms of auto loans.
Remember that CBS Easi-Drivin’ Auto Loan is a secured loan with the financed vehicle used as your collateral. This is why you also have to pay for the documentary stamp, chattel mortgage fee, and motor vehicle insurance. Do not forget to ask the bank about the appraisal fee too.

Benefits of ChinaBank Savings Auto Loan

  • Easi-Drivin Auto Loan has a fixed rate interest rate that depends on the bank’s discretion. The advantage of the fixed China Bank Car Loan Rates is the ability to foresee your expenses and budget your finances without worrying if your interest rate fluctuates.
  • When you apply for the CBS Auto Loan, you have to ensure that your details are accurate and consistent with your submitted documents. Also, be sure that all of the documents are latest and valid to ensure that your loan process will only take a day.

The downside of China Bank Auto Loan

Unlike BPI, BDO, and other online lenders who offer an Auto Loan, China Bank Savings has only 160 branches nationwide. With that said, the Easi-Drivin’ Auto Loan product is only limited to the bank’s serviceable areas. If you live in a city with no CBS branch, you probably can’t avail of the loan.
On the other hand, if you need a flexible loan to be used for other personal purposes, there is no need to use your car as collateral. Just log in to and apply for an online personal loan to get the most convenient loan in the country today.