Metropolitan Bank & Trust Co. (Metrobank) has been a premier universal bank since September 5, 1962. Over the years, Metrobank had created various loan solutions, including car financing, to fit the Filipino’s needs. However, can it cater to all car buyers?
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Metrobank Car Loan Eligibility
Metrobank Car Loan is available to Filipinos ages 21 to 65 years old upon the maturity of the loan. This means that you have to be younger than 65 years old if you apply for the loan. Another requirement is the borrower’s tenancy. If you are renting or in a temporary residence, you must be occupying the housing unit for at least 5 years. Also, you need a landline. This can be a bit of a problem as most Filipinos do not have landline, especially if they are renting.
Also, Metrobank requires their car loan applicants to be a permanent employee and must have been employed for at least two years in the present company.
Interest Rates and Loan Tenure
The Metrobank Car Loan has flexible terms from 12 months up to 60 months. Choose the right term that will fit your financial status. Longer terms have higher interest rates though it may look attractive as it has lower monthly amortization. Focus on the interest rate and your financial capability when deciding for the loan term.
Also, if you want a lower interest rate to maximize your chance to save up, consider when you are going to pay your first amortization. Lower interest rates are offered if you pay your first amortization upon booking of the loan. This is called OMA or One Month Advance. If you pay the first amortization one month ahead and every month after wards, you will get a bit lower interest rate. It may not seem much, but you could save a couple of thousand. In Arrears is paying your first monthly amortization a month after booking the loan.
However you plan to pay,it must give you the convenience to still afford your necessities in life. Also to prevent unnecessary fees, make sure that you pay your amortizations diligently.
When applying for a loan, it is important to know how much you can borrow. With Metrobank car loans, you can borrow at least P250, 000 up to 80% of the car’s net selling price. It is better to pay as much downpayment as you can. This way you will have lower amount to borrow, and possibly at a shorter term.
You can apply if you are purchasing a passenger car/van, light commercial vehicle, or a sports utility vehicle. Metrobank does not finance used units and China-made cars.
Car Loan Fees
When people buy a car, they usually forget that there are a lot of other fees to pay aside from the car’s value itself. There is a handling fees, OSA (Outside Service Area) fee (if applicable), notarial fee, annotation fee, encumbrance fee, Register of Deeds fee, and the Document Stamp fee. The last two mentioned fees will depend on the total amount of the loan. If you do not understand some of the fees, ask someone to explain it to you and give you a more specific payment breakdown.
It is vital to pay your monthly amortization diligently. You can pay through Auto Debit Arrangement (ADA) which allows the bank to deduct the fee from your account. Make sure that your account has sufficient funds every billing cycle. You can also repay through Post- Dated Checks (PDC’s). Ensure that the check will not bounce, as this is grounds for legal actions. Be responsible with handling your loan to avoid penalties and losing your new ride.
Metrobank Contact Number
Customer Care Associates are only available during weekdays at 8:30am to 5:30pm.
If you want to get more details, you can log online and search:
Metrobank allows you to apply online. Expect for a call or email to know your loan status. You can also personally submit your application form and requirements personally at any Metrobank branch.
This car loan do not finance used vehicles. If you plan to buy a used car, no matter how short is the mileage, and the condition of the car as a whole, Metrobank will not cater you. The bank recently announced that it will not finance used cars and Chinese made vehicle for discrete reasons.
If you are looking for a short term loan for your sudden car needs and repairs, you can get it from Cash Mart. Cash Mart offers flexible loans online. There is no need to apply personally. Process your loan in just a day, visit cashmart.ph today.