BPI Auto Loan Ready To Get You the Car of Your Dreams
BPI Auto Loan Ready To Get You the Car of Your Dreams
Guide on BPI Auto Loan Offer’s Impressive Features
BPI AUTO LOAN – The Bank of the Philippine Islands has an Auto Loan offer that is packed with excellent features.
In the country, one of the most reputable entities that provide loans is the Bank of the Philippine Islands. More popularly called BPI, it is one of the longest-operating banking companies in the country which is in the service of the Filipino people since 1851.
Through the years, BPI continuously grew its offers which include different types of bank accounts, credit cards, loans, insurance policies, investment products, and a lot more. It has multiple loan offers including the BPI Auto Loan.
Through the Auto Loan offer, the bank wants to turn your dream into a reality. It is open to finance any of the following purposes:
- purchase of brand new car
- purchase of second-hand car
- truck acquisition
- bike acquisition
- multi-purpose loan using your car as the collateral
Under the BPI Auto Loan offer, there are varying loanable amounts depending if the vehicle is brand new or pre-owned. Here is a guide on how much you may borrow under the loan offer:
Brand New
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 85% of the purchase price of the vehicle
Pre-Owned Car
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 70% of the purchase price of the vehicle
Under the loan offer, you may avail the zero cash-out offer, the StepUp PayPlan which allows you to start with low monthly installments, or incorporating your insurance fees in your loan.
With regards to the interest rates under the loan offer, there are varying interest rates set by the Bank of the Philippine Islands Here are the interest rates for brand new cars:
| Term | Add-on rate | Effective rate |
| 12 | 5.43% | 9.88% |
| 18 | 7.73% | 9.55% |
| 24 | 11.30% | 10.50% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.03% |
| 60 | 31.01% | 11.19% |
| 72 | 38.42% | 11.37% |
| 84 | 46.39% | 11.58% |
With regards to the interest rates for the second hand cars, it is dependent on the chosen loan term with a maximum of up to 60 monthly installments or five (5) years repayment. Here is a guide on the interest rates for pre-owned vehicle purchase financing:
| Term | Add-on rate | Effective rate |
| 12 | 7.89% | 14.26 % |
| 18 | 11.87% | 14.50% |
| 24 | 16.08% | 14.75% |
| 36 | 24.80% | 15.00% |
| 48 | 34.20% | 15.25% |
| 60 | 44.32% | 15.50% |
Aside from the eligibility requirements, there are documentary requirements set in applying for the Auto Loan offer of the Bank of the Philippine Islands. The required documents vary among the employed and self-employed individuals.
Aside from BPI, another banking giant with a car loan offer is the BDO Unibank. Its offer is also packed with excellent features.
