Maricor Bunal
Owning a car means comfort, convenience and safety when travelling. BPI understands just that. And as a way of “making the best happen,” the bank now improves its car loan options to accommodate the needs of the Filipino people.
As one of the oldest banks in the country, BPI is also known for its strict guidelines and qualification requirements. And reasonably so because it also offers one of the most attractive rates and perks. Here are some tips you might like to apply if you like to apply for a BPI car loan:
Know the loan package option that best suits your budget and needs
BPI offers three types of car loans:
- Brand new vehicles
- Brand new truck and
- Second hand car.
Down payment varies for each of these types with the brand new vehicle as the lowest at 20% of the car’s purchase price and 30% for both the truck and pre-loved car. Brand new car loan is payable to up to 6 years while the maximum term for the other two options is 5 years.
Take the self-assessment test
This will allow you to clarify if you’re qualified for a loan. Once you’ve completed the test and you’re eligible, you can then choose the vehicle you wish to buy, lodge your personal information and compare rates.
Be realistic with your budget
With the self-assessment test, you’ll know the cost of the cars on the market today, allowing you to calculate how much you can afford. Before you sign the agreement, make sure to negotiate on the car’s Total Amount Repayable and choose the shortest tenure you can afford.
Submit all necessary documents plus the optional ones, if needed
BPI has a thorough process in checking the credentials of the borrowers. So to ensure your application will be approved, submit all the requirements detailed in their Pre-Processing Requirements Checklist, which include your income documents and application form, amongst others. If you’re running a business aside from your day job, for instance, show your company’s cash flow statement. Or if you’re a regularly employed applicant with freelance projects, show how much you’ve earned from those jobs.
Show off your positive credit history and earning capacity
Don’t hesitate to go beyond what the bank requires. Submit bank statements showing your multiple income streams. If you have good records with other banks, submit documents showing so to give BPI an assurance that you’re a responsible borrower.
Know your limits
Plan carefully how much you can allocate for loan payments every month. BPI sets its minimum income requirement at PHP 30,000. If you’re earning more than this salary range, feel free to adjust your monthly payments.
BPI car loan isn’t that very hard to get if you know how the bank’s process works. By keeping in mind the tips above, it will be easier for you to get through the pre-qualifying process and secure a car loan. To make your application even easier, contact Loansolutions PH for assistance and tips.
