Bank of Commerce auto loan for june 2023

Buying a car is something many Filipinos want to tick off their bucket list. Having your first set of wheels indicates you're well on your way to being a full-fledged adult. But you'll need money — a lot of it — for one of the most significant investments ever.

You may not be generating enough money as a worker or an entrepreneur to drive your desired automobile out of the dealership and into your yard. The cheapest vehicle on the market now costs more than ₱500,000. Even if you have that much money in the bank, you'd never spend it all on a whim. Because, sure, you are a responsible adult with expenses to pay and maybe mouths to feed.

The Bankcom auto loan is one of the many vehicle finance plans in the Philippines that allow consumers to purchase their ideal car without having to pay for it entirely in cash. They should be on your list when looking for finance for a new automobile since they are a reliable loan provider with the appropriate answers for you. The bank promises to help you get a loan that is tailored to your specific needs. You only need to inform them of your objectives and collaborate to discover an economical solution that meets your requirements. The bank's only loan purpose is the purchase of a new car; the minimum loanable amount is ₱100,000, and the loan term ranges from 12 to 60 months.

How to apply for a Bankcom auto loan?

The procedures for obtaining a Bankcom auto loan are detailed below. To ensure a successful application, please follow the guidelines below:

1. Visit the Bankcom official website.

2. Click on Products, Personal, and then Loan products.

3. Go down and click on Loan products on your left side.

4. When that opens, click on Auto loans.

5. Go down and click on Apply now. This will lead to a PDF containing the loan application form.

6. Download and print the application form in coloured format, fill it out carefully, and make sure you tick all necessary boxes.

7. Go to a Bankcom branch with the completed application form and other required documents to complete your application.

Requirements for Bankcom auto loans

Below are the requirements in order to stand a chance of being approved for a Bankcom auto loan.

Eligibility requirements

• Must be at least 21 years old and not older than 65 upon loan maturity.
• Must be Filipinos, foreigners with lawful resident/immigrant visas (permanent residents), or some non-immigrants and diplomatic personnel (temporary residents) subject to specific restrictions and conditions.
• Must be employed for at least two years.
• Those in business must have been profitable in the last two years.

Documentary requirements

General

Applicants must have:

• A fully completed Bankcom auto loan application form.
• A valid ID photocopy (individual if employed or self-employed / approved signatories if corporation or partnership).

• A list of accepted forms of identification: Driver's license, passport, SSS ID, corporate ID (if in the top 5,000), postal ID, and PRC ID.

• A photocopy of your deposit slips or bank statements (6 months).

• A billing statement (mobile phone, utilities, and so on) (latest one month).

• A dealer's quotation for a car (if available).

For employed applicants

• An Income Tax Return (ITR) copy with BIR or banking stamp (latest one year).
• A letter of employment outlining the applicant's position, pay, and tenure of work with the organization (original copy only).
• A pay stub copy (last three months).

For self-employed applicants

• A copy of the business registration paperwork filed with the DTI (if sole proprietorship) or the SEC (for partnership or corporation).
• A duplicate of the consolidated financial statements (for the last year).
• An Income Tax Return (ITR) copy with BIR or a banking stamp (for the previous year).

Oversea Filipino workers (OFWs)

• An employment certification showing the applicant's position, pay, and period of stay in the organization (original copy/photocopy).
• A work contract that specifies the start date, contract expiration date, and remuneration information (for land-based OFWs, the agreement must not have expired, and for sea-based OFWs, the agreement must be the most recent).
• A proof of remittance or allotment papers - copies of the most recent three months.
• A payslip or similar - a photocopy of the most recent month.

Pros and cons

Below are the pros and cons of the Bankcom auto loans.

Pros

• The Bankcom auto loan interest rate is one of the most competitive in the Philippines.
• The bank does not take much time to review loan applications and get back to applicants.

Cons

• The application process cannot be finished online.
• They will investigate your credit history, and it may have an effect.

How to repay a Bankcom auto loan?

This loan includes several repayment options, the easiest of which is the automatic debit plan. This will be worked out as part of the loan application procedure. To avoid missing a payment, the borrower must enter their amortization date and ensure they have sufficient funds in their Bankcom savings account.