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BDO Unibank Auto Loans finance the purchase of a brand new or pre-owned car, whether for your personal or business use. It offers competitive rates, online application, and approval within 24 hours. The maximum loan terms for new cars are five years for personal use, three years for business use, and for pre-owned vehicles — 4 and 2 years, respectively.
BDO Deals On Wheels Promo offers will give you lower rates, waived fees, free first-year motor insurance, Preventive Maintenance Service (PMS) Voucher, and BDO Rewards Bonus points.
Types of BDO Unibank Auto Loans
- Brand new car financing
- Reimbursement of new vehicles. A car should not be more than one month old and with a mileage of fewer than 2,500 kilometers
- Purchase of pre-owned vehicles not older than six years upon loan maturity.
You may also choose loan options such as:
- Low Downpayment to maximize the loan amount. Generally, BDO Auto Loan down payment varies between 30-50% for used cars and 20-40% for brand-new vehicles.
- All In Financing includes chattel mortgage fees and first-year motor insurance premiums in your monthly installments.
- Multi-Year Motor Insurance Coverage allows you to pay an Insurance premium covering the loan term upfront or include it as part of the amount to be financed.
How to apply for a BDO Unibank Auto Loan?
You can apply online through BDO Loans Centers or BDO Branches. Prepare all required documents, such as ID and Proof of income.
To apply online
- Visit the BDO website, select «Auto loan» and click «Apply now».
- Select your type of application: Individual/Sole Proprietorship or Partnership/Corporation
- Fill out the borrower's information: name, civil status, citizenship, mobile number, address, and email address.
- Input loan information: refinancing or purchase personal or business use, new or used car, vehicle brand, model, price, down payment, loan amount, and term.
- Fill out the borrower's employment or business information: employment type, country, employer name, address and phone, years of employment, and position.
- Enter your gross monthly income.
- Add a co-borrower if necessary.
- Enter financial information: deposits and loans bank name, type, and monthly payment.
- Review and submit the application.
A BDO Account Officer will contact you and be ready to provide needed Proof of income and other documents.
Requirements
To be eligible for BDO Unibank Auto Loan, you must:
- Be at least 21 years old but not exceeding 70 years old at the end of the loan term
- Be a Filipino citizen or Foreign Nationals
- Have a minimum gross income of Php 50,000 per month or its equivalent in US Dollars
- Have a stable source of income from employment or business
- Provide a filled application form
- Be employed over two years with the current company or have at least two consecutive profitable years of operation
- Provide a photocopy of one valid ID or Alien Certificate of Registration with Work Permit
- Provide Income Documents (different for locally/ internationally employed, self-employed): Certificate of Employment with Salary, Photocopy of Audited Financial Statements, etc.
Pros and cons
Pros
- Flexible payment options
- New and used car financing
- Online application
- Attractive promo offer
- Online account to review loan details
Cons
- A lot of requirements to meet
- Credit card or deposit is obligatory to use the BDO online banking
- Car insurance is needed
How to make a payment?
Automatic Debit Arrangement (ADA) automatically deducts your fixed monthly loan repayments from your enrolled BDO Account on every due date. Payments cover your principal loan amount and the interest incurred.
You could also make payments via Remittance to your BDO Account and via Telegraphic Transfer through SWIFT Code.
For any questions, call BDO Customer Contact Center at (02) 8631-8000.