BPI Auto Loans: Key Takeaways
- Eligibility: BPI Auto Loans are available for Filipino citizens, and foreign residents who have a Filipino co-maker. Applicants below 18 or above 70 years old have specific co-borrower requirements.
- Income Requirements: A minimum monthly family income of Php 30,000 is required.
- Loan Amount: The minimum loanable amount is Php 200,000. The loanable amount is based on income and creditworthiness.
- Loan Calculator: BPI offers an online auto loan calculator to help estimate loanable amounts.
- Interest Rates: Vary based on vehicle type (new vs. used) and payment method (in arrears vs. in advance). Used cars have higher interest rates than new ones.
- Tenure: Loans can stretch up to 6 years for brand-new cars and 5 years for used ones.
- Down Payment: BPI requires a 20% downpayment for new cars and 30% for used cars and new trucks.
- 2nd Hand Appraisal Fee: Used cars require a professional appraisal, with fees starting from Php1,000.
- Payment Methods: BPI offers five flexible repayment methods, including Over-the-Counter, Auto Debit Arrangement (ADA), and online methods. A 5% penalty is charged for missed repayments.
- Variety of Cars: Over 300 auto dealership partnerships, including options for used cars and trucks.
- Quick Approval: Online assessments and loan approvals within 3 to 8 hours.
- Convenience: Multiple repayment options including automatic deductions.
- Incentives: Occasional perks like free amortization for a month.
BPI Auto Loans
Navigating the world of auto loans can be tricky, especially for first-time car buyers. If you’re considering getting a car loan through the Bank of the Philippine Islands (BPI), here’s a comprehensive guide to help you understand BPI’s Auto Loan offerings:
1. BPI Car Loan Requirements:
- Eligibility: Filipino citizens and foreign residents with a Filipino co-maker are eligible. The Filipino co-maker must have a stable income and be of legal age. Those under 18 are not eligible, and applicants above 70 must have a co-borrower below 70.
- Income: Applicants must have a monthly family income of at least Php 30,000.00.
- Loan Amount: The minimum loanable amount is Php 200,000.
2. BPI Car Loan Calculator:
BPI offers a handy auto loan calculator on their website, enabling you to get an estimate of your loanable amount based on various factors including your salary, interest rate, loan term, and downpayment.
3. BPI Auto Loan Interest Rate:
Interest rates vary between brand-new and used vehicles. New vehicles tend to have a lower interest rate, with rates ranging between 4.77 to 27.28% if you pay in arrears and 4.10 to 26.28% if paid in advance. Used cars have interest rates of 7.72 to 44.17% in arrears and 6.57 to 42.39% in advance.
BPI offers loan tenures of up to 6 years for brand-new cars and up to 5 years for used cars. Entrepreneurs can benefit from the loan for brand-new trucks payable in installments for up to 3 years.
5. Down Payment:
The minimum downpayment is 20% for brand-new cars and 30% for used cars and brand-new trucks.
6. Loanable Amount:
You can borrow up to 80% of the purchase price for brand-new cars and 70% for used cars and new trucks. Your loan amount also depends on your income and creditworthiness.
7. BPI Car Loan 2nd Hand Appraisal Fee:
A professional appraisal is mandatory for used cars. The fee is Php1,000 if the car is brought to the BPI head office. Otherwise, the fee might be Php1,500 or more.
8. Loan Term:
Before deciding on a loan, consider the number of months you are comfortable with. Use online loan calculators to help determine your monthly payments.
9. Mode of Payment:
BPI offers five flexible repayment methods: Over-the-Counter, Auto Debit Arrangement (ADA), online payment, via call to BPI hotline, or through BPI Mobile text facility. Missing a repayment incurs a 5% penalty.
10. Benefits of BPI Auto Loan:
- Wide Range of Cars: BPI has partnerships with over 300 auto dealerships, allowing you to choose from various car brands and types.
- Fast Process: Eligibility assessments take less than a minute. Once pre-qualified, loan approval takes between 3 to 8 hours, provided all requirements are met.
- Convenient Repayment: Options include ADA, online, text, call, and over-the-counter payments.
- Incentives and Freebies: Occasionally, BPI offers perks like free one-month amortization.
In conclusion, BPI offers an enticing auto loan package with a variety of features catering to different needs. If you’re in the market for a car loan, BPI’s offerings are worth considering. Always do your research, assess your financial situation, and make an informed decision. Happy car shopping!