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AFPSLAI auto loan for december 2022 in the Philippines

AFPSLAI
Get an auto loan at AFPSLAI. On 03.12.2022 there are 2 options are available to you. Increase your chances of getting a loan - fill out an online application with a free credit rating check.

Offers: 2

Updated:
19.10.2022
10:44
Pre-Owned Vehicle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱200,000-₱1,200,000
Term
i

Loan term for the financial product

up to 60 months
Submit your loan application online
Submit your loan application online

Take advantage of our auto loan selection system with a free credit check!

Vehicle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱200,000-₱1,200,000
Term
i

Loan term for the financial product

up to 72 months

AFPSLAI auto loan calculator in the Philippines

The best auto loan calculator
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PHP
PHP
50000 ₱
5000000 ₱
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Auto loan amount

PHP
PHP
50000 ₱
5000000 ₱
Down payment
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%
0
90
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Loan term
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months
days
3
120
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50 %
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Auto loan application in the Philippines

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50000 ₱
5000000 ₱
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1
120
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Loan amount
0 ₱
Loan term
0 month
Loan comission
19 497
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Other types of auto loans

How to get an auto loan

Fill out your application
Fill out your application

On our website you can fill out a short application form for a loan.

Pass a credit check
Pass a credit check

We will offer you to check your credit score online for free.

Send your application online to the suggested companies
Send your application online to the suggested companies

After checking your credit rate, you will be able to send your loan application to the appropriate companies.

Wait for a response from the lender
Wait for a response from the lender

If necessary, the lender will contact you to clarify the details.

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Get your loan!

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BillEase
5
Albert T
Albert T
02.12.2022 at 09:25
The best interest – lower than other companies. I've been using Billease for 2 years, and want to say thanks. You may use it with no fear to pay for you smartphone or smth.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
BillEase
4.2
Evelyn M
Evelyn M
22.11.2022 at 10:10
Fast approval and great app. It is easy even for me and I'm not good with technology. I apply, approved and get my Php 2000 in 30 minutes.
Review
BillEase
3.2
Erwin P
Erwin P
17.11.2022 at 13:05
I decided to get a second loan, bigger one. But it takes me ages to apply. They already had my info and acc. Why so long? My sis says its the best lender… I dont know.
Review
AFPSLAI auto loan for december 2022

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

  1. Visit the AFPSLAI branch that is most convenient for you.

  2. Submit a loan application form, promissory note, ATD, MRI, comprehensive insurance application form, and the needed appraisal cost.

  3. The loan specialist will proceed and process the loan if all required papers are supplied.

  4. The loan specialist will manage everything with the car/vehicle dealer.

  5. The car will next be appraised and subjected to a credit evaluation (background check and credit inquiry) by AFPSLAI.

  6. 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.

  7. The borrower must sign the chattel mortgage deed (which must be notarized) and pay the MRI, comprehensive coverage, DST, chattel mortgage, and impediment fees.

  8. Finally, the loan dealer will print the loan discharge sheet and transparency declaration (LRS or drawdown) for the borrower's member approval.

  9. The car will subsequently be released to the borrower by the auto dealer.

For Vehicle Loan

  1. Visit the AFPSLAI branch closest to you.

  2. Request a vehicle loan application form, and then complete and submit the loan application form and conditions.

  3. A loan specialist will proceed with the loan procedure if the provided papers meet all requirements.

  4. The loan specialist will manage everything with the car/vehicle dealer.

  5. The car will be appraised and credit evaluated by AFPSLAI (background check and credit investigation).

  6. The loan specialist will compute the single borrower's limit to establish the borrower's maximum loanable amount.

  7. Following loan approval, the loan specialist must submit loan release conditions.

  8. 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.

FAQ

Is it possible for me to buy used cars with AFPSLAI auto loans?

Members may get a pre-owned vehicle through an AFPSLAI authorized car dealer or an independent seller, subject to evaluation by any of AFPSLAI's accredited appraisers.

Are there any restrictions on the car purchased with AFPSLAI auto loans?

The vehicle must not be older than ten years at the target loan maturity, as determined by the year model of the car as shown in the registration certificate. The maximum duration will be determined by the age of the vehicle being financed.

What are the fees involved in AFPSLAI auto loans?

The borrower will charge the following fees: appraisal fee, comprehensive coverage, mortgage redeemable insurance, stamp duty tax, impediment fee, and chattel mortgage fee.