Is PSBank Auto Loan the Best Car Loan to Get Your Dream Ride?
Getting a car is not all about the car itself. A huge chunk of this financial journey must be on finding the best auto loan.
Is PSBank auto loan the best choice for you?
Check out the Eligibility
This auto loan is for Filipinos who are at least 21 years old and up to 65. It has a wider range than most of the banks in the Philippines. Even foreigners can apply for the PSBank auto loan, but they must have at least three (3) years of residency in the country.
PSBank Car Loan requirements involve your source of income. The employed borrower must have been in the company for the last two years. This is longer than what other banks require. On the other hand, self-employed must have a business that has been profitable for the last two (2) years. Overall, the gross family income must be P30,000 or higher. You can include your spouse’s salary.
With the use of a calculator, you will be able to make a more informed decision. You can easily see the possible amount of your monthly amortization, the required down payment in cash, and the number of repayments according to months.
Loan calculators are very useful as you can see if you can pay the monthly amortization with ease. Remember that a loan must not put you in financial disaster. An auto loan is a tool to help you get a car without getting into a financial dilemma.
However, the PSBank auto loan calculator has its limitations. It does not show the total amount of your loan, including the interest charged according to the corresponding loan term. Also, the PSBank Auto Loan rates are not shown.
PSBank Auto Loan Fees and Charges
Aside from the basic amount you have borrowed and the interest charge, there are other fees you need to consider:
- Chattel Mortgage Fees,
- Also, it requires insurance fee
- RD Registration fee, and
- LTO Encumbrance fee.
These are the basic fees. There are additional fees depending on situation,
- If you want to extend your due date, you need to pay the Due Date Extension Fee.
Outstanding Balance x Rate x number of days
- The service fee for the LTO Registration costs P50, with an additional P300 as a notary fee.
- Change of collateral has a fee of P5,000
- The conversion of unit has a fee of P10,000 if you want to change your vehicle into a PUV.
- Late submission of insurance policy renewal documents will have a fine of P1,000.
PSBank Car Loan Delayed Payment
- PSBank Car Loan late payment penalty fee is unpaid monthly amortization plus an additional 5% of the amount due.
- If you fail to pay the monthly amortization for certain months, your loan will be considered a default.
- In case of default, you will be charged a collection fee amounting to 3% of the amount due.
- You will need to pay an additional 10% of the amount due as the attorney’s fees. This is if there has been no legal action filed against you.
- In case a case is filed, you need to pay a fee equal to 25% of all amount outstanding as the attorney’s fees. This fee is apart from the other expenses you need to pay due to litigation.
Having a car loan is a serious financial responsibility. Not choosing the right one will be your financial downfall. In addition, use the PS Bank Auto loan calculator and ask for clarification when you don’t understand something. Or better yet, take a personal loan from a trusted licensed moneylender like Cash Mart. It has a fast loan approval that you can spend on purchasing a brand-new or used vehicle.