Maybank auto loans will help you buy a truck or a new or used car. If you need money for personal or commercial reasons, you can use your car as collateral.
Types of Maybank auto loans
Car loans
The Maybank auto loan allows you to buy a new car with a 20% down payment and a maximum loan duration of up to 60 months. When purchasing a new automobile on a tight budget or to avoid number coding, an auto loan comes in handy. Number coding is a Metro Manila Development Authority (MMDA) scheme. It limits all utility vehicles from driving on public highways depending on the final number of the vehicle's license plate. Maybank PH lets you access the auto loan on used cars at a 30% down payment at a repayable period of 48 months.
Truck loan
Maybank will assist you with financing to acquire a 4-wheeler to a 10-wheeler, whether new, used, or surplus. The truck loan offers you 70% of the appraised value of your truck, repayable over 36 months. The bank will then process your loan in three days.
Auto loan refinancing
Maybank’s auto loan refinancing is available when you want funds for your business or personal requirements. For this loan, your car acts as collateral, even if it is nearly 10 years old. The highest loanable amount you can qualify for is 60% of the appraised value of your car, repayable over 24 months.
How to apply for a Maybank auto loan?
To apply for a Maybank auto loan, follow these steps:
Visit the bank's website.
Click Drive your dream car with the 1-day auto loan approval.
Click on Which car loan you need: used, new, truck, or auto loan refinancing.
Scroll down until you find Sounds Good! I'd Like to Apply Now!and click on it.
Click Proceed.
Enter your car details and click Calculate to check how much you will pay.
Fill in your full name, date, place of birth, and civil status, whether single, married, widowed, or separated.
Enter your home address, residential status, contact number, primarily your home's and mobile, local address, as well as an email address.
Then, answer all the questions as prompted and click Apply.
Maybank will take three days to approve your auto loan application.
Requirements for Maybank auto loans
General requirements
- Two valid IDs, including your spouse's or any other authorized signatory.
- Latest income tax return.
- Compensation certificate with income indicated if employed.
- SEC registration, by-laws, and articles of incorporation for corporations and partnerships; DTI registration for sole proprietorships.
- Provide the latest three months' bank statements if self-employed and the latest audited financial statements for corporate borrowers.
- Copy of LTO Registration, Original LTO Registration, and LTO Official Receipt of the vehicle for unit inspection and car history verification
Eligible applicants for an auto loan
- Between 25 and 60 years old, with no adverse records.
- An owner of a residence.
- Permanently employed for at least two years or own a business in operation for at least three years.
Eligible applicants for truck loan and auto loan refinancing
- Your business must be in operation for over three years.
- Your business should not have any adverse records.
Pros and cons of Maybank auto loans
Check out these honest pros and cons before applying for a DBP CRUISE loan.
Pros
- You can access funding to buy a new, second-hand car, or a truck for your business.
- Your loan approval time is just 24 hours.
Cons
- You risk losing your car if you default on payment.
How to repay a Maybank auto loan?
There are various channels to repay your auto loan. You can repay at any branch, Online Banking, or Maybank2u PH mobile app. You can also log in to your BancNet Online account and follow the instructions for making a payment. Other channels include GCash and at any UCPB branch over the counter.