With the Eastwest Bank auto loans, anyone can quickly own a brand new or used car just by applying for this loan. The bank offers borrowers low down payment options, competitive interest rates, low monthly payments, different financing plans to select from, and simple payment options. The minimum loanable amount is ₱200,000, and the maximum amount is 80% of the car’s appraised value. The Minimum required down payment is 20% of the car’s value, and the loan term ranges between 12 to 60 months.
How to apply an auto loan?
Follow the steps below to apply for an auto loan:
Choose a car to purchase.
Visit the Eastwest Bank official website.
Click on the three parallel lines by the top left-hand side of the website.
Under Personal online banking, click on Loans and then Auto loan.
When the new page opens, click on Apply now.
Fill out the application form and read the terms and conditions before proceeding.
Make scanned copies of all the supporting documentation needed and upload them where necessary.
Submit the online application form and wait for their confirmation. They will take care of everything.
Requirements for Eastwest Bank auto loans
Applying for a loan becomes easier when the borrower is already aware of all the prerequisites. Below are some of the mandatory requirements and eligibility criteria every borrower must follow before applying for an auto loan.
Eligibility
Personal
To be eligible, personal applicants must:
Be between the ages of 21 and 70 at the time of loan maturity.
Be a Filipino citizen, a foreigner resident in the Philippines for at least one year, or a foreigner with a Filipino co-maker.
Be a salary earner or self-employed.
Be a locally employed applicant and must have a regular or permanent status at the time of application.
Have a gross monthly income of at least ₱60,000.
Corporate
To be eligible, corporate applicants must:
Have a registered business entity that has been functioning financially for at least three years
Have a gross monthly income of at least ₱200,000.
Documentary requirements
Individual
Filled application form.
Two valid government-issued ID cards.
Income tax return.
Certificate of employment for employed applicants.
If business engaged:
Certificate of business registration.
Business permit.
Last three months' financial statement.
Bank statements.
Proof of other income sources.
Identification papers, for example:
Driver's license.
SSS/GSIS cards.
Company ID cards.
Passport, etc.
For OFW applicants:
At least one government-issued valid ID card.
Consularized certificate of employment compensation, COEC with original six-month remittances.
Consularized certificate of employment compensation, COEC with an original six-month payslip.
Corporate
Filled application form.
Financial statements for the last three years.
Income tax return.
Articles of incorporation.
List of major stockholders of the corporation, their addresses, and ownership status.
List of principal officers, their positions, and their addresses.
List of corporate beneficial owners and attestation of beneficial ownership declaration.
Company profile.
Business plan.
Trade references must have at least three major suppliers and three major clients.
Bank statements.
Pros and cons
Check out these honest pros and cons before applying for an Eastwest Bank auto loan.
Pros
The loan application can be made online.
The bank covers up to 80% of the car’s value.
The loan is for brand new vehicles and second-hand ones.
The loan can be approved within a week.
The bank offers loan terms of up to 60 months.
Cons
The bank requires you to attach collateral if you want to apply for this loan.
The bank offers higher interest rates if you compare it with other competitors.
How to repay?
The loan can be repaid through any of the following methods:
Eastwest online. Eastwest online is accessible to Eastwest deposit account holders who wish to make their auto loan payments online at www.eastwestbanker.com. Direct debit payments received before the cut-off time (8 p.m.) are posted within 24 hours. Your loan balance will be updated the next business day.
Eastwest automatic debit arrangement. You can utilize the automatic debit arrangement if you have an Eastwest deposit account.
Eastwest ATMs. Eastwest ATMs accept direct auto loan debt payments if you have an Eastwest or Bancnet member bank ATM account. Simply follow the on-screen directions. Payments received before the cut-off time (midnight.) are posted the next banking day. Your loan balance will be adjusted two banking days after payment is received.
Eastwest rural bank stores. Eastwest rural bank locations only accept cash payments. Payments made during store hours (Monday through Friday) are posted the next banking day. After two banking days from the date of payment, your loan balance will be revised.