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With a BPI auto loan, you can purchase a new or used car with an opportunity to use your savings on a BPI savings account as a holdout to serve as the down payment. If you don't have a BPI banking account, you will have to upload some documents, depending on your income source. Flexible repayment options and included insurance premium solutions are available. The minimum loan amount is P500,000.
Types of BPI Auto Loans
- BPI Auto Loan offers loan terms from 12 to 60 months; a down payment of 15 — 70% of the vehicle selling price is necessary. Loan payments are fixed monthly repayments without any price increases. Available for both new and pre-owned cars, big bikes, and trucks.
- Zero Cash-Out auto loan does not require you to withdraw your cash for a down payment: a minimum of 20% of the vehicle's selling price will be held from the client's Time Deposit, Savings, or Current account as the down payment. You won't lose your interest, as well. A loan term is 60 months.
This car loan is available for individual applicants who want to buy a new passenger car for personal use.
- The Step Up PayPlan auto loan allows a borrower to control loan payments: pay less during the early years of the loan term and slowly increase payments amount for the following years. As a result, the amount of the monthly repayment can be 10% lower than the monthly amortization of a regular Auto Loan. This loan is available for individual applicants who borrow a new passenger car for a 5-year term with a minimum down payment of 15%. The loan amount can reach up to P800,000.
- A Multiyear Protect auto loan lets a borrower pay a car loan and insurance premium in one fixed monthly payment with a Zero Cash-out on insurance. An individual applicant may borrow a new passenger car for 36 — 60 months.
How to apply for a BPI Auto Loan?
- Visit the BPI website and click the «Apply now» button under the chosen product.
- Fill out the application form. Input vehicle information: condition (new or used), name, model, year, price, the amount of down payment, term in months from 12 to 60, and preferred dealer. You will see a potential loan amount.
- Enter the borrower's information: name, date of birth and civil status, home address, mobile number, email address, income, and employment details.
- Provide the details about your spouse or co-borrower: personal information, address, email, phone number, income, and employment information.
- Enter an account number if you are an existing BPI / BPI Family Savings Bank customer. If you don't have an account with BPI, provide your ID and income documents.
- Select if you are related to BPI, its subsidiaries, and affiliates. Review the Terms and conditions.
Applications are processed during business hours: from 8:30 am to 5:30 pm, Monday — Friday.
Also, you could apply via a BPI or BPI Family Savings branch.
Requirements
To be eligible for a BPI Auto loan, you must:
- Be a Philippines citizen or provide a co-applicant who is a Philippines citizen and is in the Phils
- Have a BPI/ BPI Family Savings Bank account or be ready to add two valid IDs and income verification documents: 3 months' payslips, the Latest Income Tax Return, a Certificate of Employment for locally employed, and special documents for ex-pats, self-employed and doctors.
- Have a minimum monthly income of 30,000 (for a Multiyear Protect — 40,000).
Pros and cons
Pros
- Down payment could be held out from the deposit account
- New and used cars
- Various loan terms
- Online application is available
- Spouses may fill out one application
- Flexible payment plan with lower payments at the start
Cons
- Must provide income-supporting documents
- Minimum income required
- Online application review during business hours only
How to make a payment?
Monthly payments are automatically deducted from your BPI or BFSB deposit account through an Automatic Debit Arrangement (ADA). You may always view your next due date and amount and make a payment via BPI Online. If you apply for a Multiyear Protect, your insurance premium will be debited from the preset account, with a loan payment and any applied fees. You may also pay at any BPI branch.