Updated February 15, 2017
We all know Filipinos love cars!
Though we do not plan to buy one, if we see a showroom at the mall for some promo, we can’t help but check out the cars and its prices. There are people who would gasp at the prices of the newest cars and pickup trucks, however, thanks to car loans it has been made affordable.
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RCBC Auto Loan Requirements
RCBC Auto Loan is one of the car loans created to give Filipinos the chance to own a car despite lack of savings. To apply for a loan, you must 21 to 65 years old and a natural born Filipino citizen or a foreigner with Alien Certificate of Registration (ACR). Offered only to those with permanent status in a company and has been working for two years. If you are interested to apply, your income must be three times the monthly repayments. Submit your latest Income Tax Return, Certificate of Employment, and proof of billing together with your valid government IDs.
In case that you are self- employed, you need to submit your business registration, Income Tax Return, Audited Financial Statements and valid government IDs. Make sure that all of your documents are clear and consistent with one another.
RCBC Car Loan Calculator
By using the RCBC Savings Bank car loan calculator, you just have to key in the amount of the car you want to buy, the rate of downpayment you are willing to pay upfront and the loan term you want. Then, you will instantly see the total loan amount, your monthly amortization and the downpayment you are expected to pay in cash. The minimum loanable amount is P300, 000, and the maximum amount is 80% of the unit’s purchasing prize since you are expected to pay at least 20% of the price in cash.
You can use the RCBC MyWHEELS Auto Loan to purchase a vehicle. You have to pay the downpayment and the bank will pay for the rest of the amount. Take note that you are supposed to pay the downpayment upfront. The higher the down payment you provide, the easier it is to deal with the car loan.
RCBC Auto Loan Payment Methods
You have to repay the bank every month for the amount it has used to pay for your car. The maximum term is 60 months for the brand new cars and 48 months for the pre-owned units. It may also vary depending on the age of the used car. Pay according to your due date to prevent late payment charges and ruining your credit report.
Aside from the interest rate, you must also remember that you have to pay for the processing fees, the Comprehensive Insurance from Malayan Insurance Co.Inc., and the appraisal fee in case you are buying a used car. You can repay your loans through Postdated Checks or Auto-Debit from RCBC or RCBC Savings Bank account. Make sure that the account has enough cash to cover the amortization. If you failed paying for several months, the car will be repossessed by the bank since it had been used as the collateral.
RCBC Savings Bank Hotline
AUTO LOANS DEPARTMENT
555-8700 local 7234 ; 7229 ; 7231
RCBC Savings Bank delivers the car to your residential address the day your loan get approved. However, before you sign the contract, make sure that you have well inspected the car. It is not enough to go around it and check the hood. Have a privilege to drive it for a while and get a feel of it. Take note of every discomfort may it be too small or almost tolerable. In the long run, it may cause a nuisance.
You need the consent of your spouse. This means that if you plan to surprise your spouse, then this is not the best idea, or if you are not in good terms with your spouse, you will have a hard time applying for a loan. Also, if you have been moving every once in a while, it will be hard to get approved since the bank requires the borrower to be a living in a residential address for at least two years. If buying a used car, you have to take the unit at the branch office for appraisal. There are banks who send someone to appraise the unit where the car is located. Take time to consider if the RSB offers the best car loan for both your needs and wants.
Take time to research on other car loans before you finally decide which one to take. Remember that the loan will take months and possibly years. A rush decision might mean a long time of financial burden.