You can try out the China Bank AutoPlus if you are looking for an auto loan. China Bank AutoPlus makes it easier and more affordable to buy the vehicle of your choice. According to them, it comes with:
- Low-interest rates compared to its competitors
- Low monthly payments
- Low down payment
- Longer payment terms compared to its competitors
The bank also claims that AutoPlus goes beyond rates and conditions, adding value to each vehicle loan partnership by taking the time to comprehend your demands for auto finance. They claim to guarantee the following for you:
- Transparent transactions, meaning there are no additional fees.
- Quick processing, meaning that your loan could be approved in a few days.
- Low insurance premiums, which are offered by China Bank Insurance Brokers Inc., a subsidiary of the bank.
- Automatic debit arrangements to help make loan payments straightforward.
- Advisory services to help you buy your ideal vehicle. They claim to have connections with trustworthy auto dealers that can assist you in purchasing a car that matches your preferences and financial capabilities.
China Bank AutoPlus is available for more than simply buying a new or used car; you can use it to:
- Reimburse the price of a brand-new vehicle within 30 days of purchase.
- Utilize a loan against your vehicle for multiple purposes.
Types of China Bank auto loans
The China Bank AutoPlus is of two types: the individual and the partnership/corporate ones. The loanable values under the China Bank auto loan offers are not listed on the bank’s official website. The bank states that a loan for purchasing a brand-new car can last up to 60 months. It ranges from 36 to 48 months for used autos.
How to apply for a China Bank auto loan?
To apply for a China Bank AutoPlus, follow the steps below:
- Visit the China Bank website, scroll down, click on Customer loans, and then China Bank AutoPlus.
- Scroll down and look under Download forms. Click on the auto plus state of your choice (corporate or individual auto plus).
- The application form will be downloaded. Fill up the form and ensure you do not leave any blank space.
- Take the filled-up form and other needed documents to any China Bank branch closest to you or the China Bank consumer banking center near you to complete your application.
Requirements
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
- Employment certificate stating salary and tenure
- For self-employed applicants
- The DTI proof of registration
- Audited financial statements for the last 3 years
For foreign applicants
- Certificate of registration for aliens
For OFWs
- Certificate of employment stating salary and tenure / POEA contract
- Proof of remittance for the last six months
- Payslips for the last six months
- Seaman’s book if it is applicable
Basic requirements for corporate borrowers
- The filled-up application form
- Two co-borrowers or signatory’s valid IDs
- Recent company and co-borrower income tax return (BIR 2316)
- Two genuine secretary’s certificates have been notarized (bank format)
Basic requirements for partnerships
- 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)
Pros and cons
Weigh these benefits and drawbacks, which will help you decide if this is the best auto loan.
Pros
- There is a longer payment term, which means the monthly payment is at its minimum.
- They claim to have low-interest rates and low down payments.
Cons
- There is not much info about loan terms and fees, which means you will have to go to the bank to find these out.
- You can’t complete your application online.
- There is a long list of requirements.
- There’s not much info about eligibility on the website.
How to repay a China Bank auto loan?
Loan payment could be made over the counter at any China Bank branch closest to you or through an automatic debit arrangement which will be charged from your China Bank deposit account.