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Getting a new automobile could be easy if you have the appropriate partner, which is where Metrobank comes in. Some of the reasons you should get a car loan from Metrobank are that they offer personalized services that correspond to your goals, priorities, and budget, that you can extend your repayment period to up to five years (the maximum loan term offered by the bank), and that the rates on this loan are among the most competitive in the sector.
How to apply for a Metrobank auto loan?
To apply for a Metrobank auto loan, follow the steps below:
Highlight your mouse to Upgrade, and click on Car loan under Loans.
Scroll down a bit and click on Apply now.
Click on Access your readiness and select if you are a Filipino or a foreign national.
Click on the forward arrow and type in your date of birth.
Select the car of your choice and click on the forward arrow when satisfied.
Use the loan calculator to see what the terms of your loan might be like. Click on the forward arrow to access the application page when done.
Your loan qualification and vehicle type have been filled out already. Scroll down to fill in your personal details.
Go through the terms and conditions and tick the box if you agree.
Enter the CAPTCHA text and click on Proceed when done.
Follow the subsequent steps to complete your application.
Requirements for Metrobank auto loan
When a borrower knows all the requirements, applying for a loan becomes easy. Some of the essential requirements and qualifying criteria that every borrower must meet before applying for a Metrobank car loan are listed below.
Eligibility
- Be between the ages of 21 and 65 upon loan maturity.
- Be a Filipino citizen, a foreigner who has lived in the Philippines for at least 12 months, or a foreigner who is co-creating with a Filipino.
- Be a salaried employee or self-employed.
- Be a locally employed individual with regular or continuous status at the moment of application.
- Have a monthly gross income of at least ₱40,000.
Documentary requirements
- Valid government-issued identification.
- Latest income tax return or proof of employment with pay, job, and duration of service data (including an HR contact number).
- An official receipt for SIRV/I-Card/ACR (for non-Filipino applicants).
- Financial statements/bank statements (for businesses).
- COEC with an employer email address for land-based OFWs or current POEA contract for sea-based OFWs exclusively.
Pros and cons of Metrobank auto loan
Before applying for this loan, it’s safe to weigh in on these honest benefits and drawbacks.
Pros
- The loan application can be started and completed online.
- The loan application status can be tracked online.
Cons
- The loan does not finance used cars.
- The loan does not also finance Chinese-made cars.
How to repay the Metrobank auto loan?
It is critical to pay your monthly installment on time. You can pay by Auto-Debit Arrangement (ADA), which authorizes the bank to debit the charge from your account. Ensure that your account has enough cash each billing period. You can also pay back via Post-Dated Checks (PDCs). Check that the check does not bounce, as this is cause for legal action. Be careful with your loan to prevent fines and losing your new car.