AUB vehicle loans are available for both new and old vehicles. For both new and used automobiles, the minimal down payment is 20% and 30% of the loan amount, respectively. At the same time, the lowest loan amount is 200,000, and the maximum car loan amount is up to 80% of the selling price of the vehicle.
Borrowers can benefit from the varied loan payment terms offered by AUB auto loans. When purchasing a used automobile, you have the option of making payments over 12, 18, 24, 36, or 48 months. Those looking to acquire a new vehicle may also take advantage of the financing options, which include up to 60 monthly payment plans.
Types of AUB vehicle loans
The bank has auto financing for three automobiles:
- Auto loan
- Big bike loan
- Truck loan
How to apply for AUB vehicle loans?
To apply for AUB motor vehicle loans, carefully follow the processes outlined below:
- Visit the AUB website.
- Click on Loans and then Motor vehicle loans.
- Go down and click on Apply now. Print out the application form that will be displayed and fill it up.
- Gather all required papers, including the loan application form, and go to the nearest AUB branch.
- You will be attended to. To apply for the loan and receive payment, carefully follow all of the instructions.
Requirements for AUB motor vehicle loan
Check out these eligibility requirements to see if you qualify for a motor vehicle loan.
Basic requirements for individual borrowers
- The filled-up application form.
- Two valid government-issued IDs.
- The latest income tax return and BIR 2316.
For employed applicants
- Duly filled application form that was downloaded online.
- Two government-issued IDs with a clear signature.
- Latest BIR form 2316 or income tax return (ITR).
- Last three months' payslip.
- Certificate of employment (COE) showing salary, position in an office, and length of service.
- Proof of billing address.
For self-employed applicants
- Duly filled application form that was downloaded online.
- Two government-issued IDs of the owner and spouse.
- Business DTI registration.
- Business G.I.S. (general information sheet).
- Articles of incorporation and by-laws with SEC registration certificate.
- Audited financial statements for the last two years with the most recent income tax return.
- Bank statements for the past six months.
Basic requirements for corporate borrowers
- Duly filled application form that was downloaded online.
- SEC certificate of registration.
- Latest articles of incorporation and business by-laws.
- Latest general information sheet (GIS).
- The latest audited financial statements (AFS) stamped received by the BIR and SEC.
- Latest income tax return (ITR).
- Bank account statements for the last six months.
- Two government-issued IDs of signatory/ies.
Basic requirements for partnership
- The filled-up application form.
- Two co-borrowers or signatory’s valid IDs.
- Recent Company and Co-Borrower Income Tax Return (BIR 2316).
- A pair of original, notarized partnership resolutions (bank format).
Please, visit the AUB website for complete requirements for each motor vehicle loan.
Pros and cons of AUB motor vehicle loan
Weigh these advantages and disadvantages to determine if this is the best auto loan for you.
Pros
- There is a longer payment period. Therefore the monthly payment is at its smallest.
- They offer cheap lending rates and small down payments.
Cons
- There isn't much information on loan terms and costs, so you'll have to go to the bank to find out.
- You can’t complete your application online.
How to repay the AUB motor vehicle loan?
Like home loan borrowers, AUB motor vehicle loan borrowers have three payment options. Monthly payments can be made at any AUB branch or by issuing AUB post-dated checks. Borrowers can also choose the auto-debit arrangement (ADA), which requires them to enter their accounts and the amount and payment schedule. The payments will be withdrawn automatically from their monthly AUB savings monthly r checking accounts.