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Types of AFPSLAI auto loans
The AFPSLAI auto loan is divided into two: the AFPSLAI vehicle loan and the pre-owned vehicle loan.
- The AFPSLAI Pre-owned Vehicle Loan. This loan supports the purchase of pre-owned automobiles such as sedans, SUVs, AUVs, Vans, LCVs, high-end motorbikes, and other vehicles of a similar nature from an approved dealer or an independent seller. The minimum loanable amount is ₱200,000, and the maximum loanable amount must be equal to the lower of the three (subject to a maximum of ₱1.2M) of the selling price, 70% of the assessed value of the collateral, or the amount appropriate to the borrower's payment ability. The loan length ranges from 12 to 60 months. Furthermore, the maximum term will be controlled depending on the age of the vehicle being financed, with the subject vehicle not older than 10 years at the time of maturity.
- AFPSLAI Vehicle Loan. The loanable value of this loan is up to 70% of the vehicle's selling price, subject to the borrower's ability to repay. This means the borrower must pay at least 30% of the vehicle's selling price straight to the auto dealer (as equity). Furthermore, the loan length ranges from one to six years.
How to apply for an AFPSLAI auto loan?
Below is a step-by-step guide on how to apply for this loan.
For Pre-owned Vehicle Loan
Visit the AFPSLAI branch that is most convenient for you.
Submit a loan application form, promissory note, ATD, MRI, comprehensive insurance application form, and the needed appraisal cost.
The loan specialist will proceed and process the loan if all required papers are supplied.
The loan specialist will manage everything with the car/vehicle dealer.
The car will next be appraised and subjected to a credit evaluation (background check and credit inquiry) by AFPSLAI.
Following loan approval, the loans specialist will notify the certified vehicle dealer of the approval and manage the car's release following the issue of the letter of guarantee.
The borrower must sign the chattel mortgage deed (which must be notarized) and pay the MRI, comprehensive coverage, DST, chattel mortgage, and impediment fees.
Finally, the loan dealer will print the loan discharge sheet and transparency declaration (LRS or drawdown) for the borrower's member approval.
The car will subsequently be released to the borrower by the auto dealer.
For Vehicle Loan
Visit the AFPSLAI branch closest to you.
Request a vehicle loan application form, and then complete and submit the loan application form and conditions.
A loan specialist will proceed with the loan procedure if the provided papers meet all requirements.
The loan specialist will manage everything with the car/vehicle dealer.
The car will be appraised and credit evaluated by AFPSLAI (background check and credit investigation).
The loan specialist will compute the single borrower's limit to establish the borrower's maximum loanable amount.
Following loan approval, the loan specialist must submit loan release conditions.
The borrower will receive loan money if all loan release procedures are met.
Requirements
Below are the main requirements for the AFPSLAI auto loans:
Main requirements
- Fully filled-up loan application form and promissory note.
- One recent 1x1 passport photo.
- Marriage contract with service ID/pensioner ID and AFPSLAI ID (for married applicants).
- One photocopy of the applicant's legitimate identification (for individual applicant).
- OR/CR of the relevant car.
- Receipt the dealer's 30% equity payment (after the loan has been approved, before releasing funds).
Documentation
- The unit's LTO stencil (if through CCA).
- CCA/SDA passbook and deed of assignment.
- Authority to withdraw from CCA/SDA (for payment via CCA/SDA auto-debit).
- Two most recent genuine or printed online payslips and ITRs for the previous two years.
- Pension certification (for salary/pension deduction payments).
- Payslips for the last three months.
- COE and ITR for the previous two years (for compensation that will be through PDCs for employed associate members).
Pros and cons
Below are some perks and concerns of AFPSLAI auto loans.
Pros
- They offer two excellent auto loan options.
- There is a loan calculation on their website, which will help you forecast your loan terms.
Cons
- The loan application is offline.
- They are not open about the interest rate, meaning you can only know after applying for a loan.
How to repay an AFPSLAI auto loan?
Acceptable payment methods include salary/pension deduction and auto debit from the borrower's CCA/SDA02 account. This implies that auto debit must be enabled during the loan application process.