Security Bank auto loan for june 2023

With the Security Bank auto loan, you can buy a car quickly. Apply for a car loan that suits your lifestyle with a long list of payment terms to choose from and fast approval. The loan also comes with free one-year car insurance.

Types of Security Bank auto loans

There are two types of Security Bank auto loans:

Truck loans

If you are considering getting a truck for your business, be it a four-, six-, or ten-wheeler, the Security Bank truck loan may be a good option. You can enjoy reasonable rates, good payment terms, and loan approval as fast as one banking day.

Auto fleet financing facility

If you need vehicles to expand your business, be it trucks, vans, or sedans, the Security Bank auto fleet financing facility can acquire multiple vehicles. With the right collateral, this secured loan can finance at least three vehicles for a total of ₱8M.

How to apply?

To apply for a Security Bank auto loan online, follow the steps below:

• Visit the Security Bank official website, navigate to loans and click on Auto loan.

• Scroll down, and you will see Apply here, click and follow the instructions, fill in your correct details and upload the needed files, and click on Submit.

• You will be notified by email of your application status and may need to visit a bank branch to complete your application.

Requirements

Filipino citizens who live inside the Philippine borders with a qualified Filipino citizen guarantor or co-maker in place can apply for an auto loan. Filipino citizens who live outside the Philippine borders with a qualified Filipino citizen guarantor or co-maker in place, or Foreign citizens who reside in the Philippines with a positive endorsement from the company they are affiliated with can also apply for a loan. They must be between 21-65 years old. Their minimum joint monthly gross income of ₱40,000 (for a brand-new car) or ₱20,000 (for a used or pre-owned vehicle) with the spouse.

Required documents

Essential Requirements

• Application form for an auto loan that has been completed and signed in full

• Valid government-issued identification bearing the signature and a photo of the borrower, spouse, co-borrower, co-maker, or loan signatory

• Most recent evidence of billing in the borrower's name

Locally employed applicants

• A recent Income Tax Return (ITR) or BIR Form 2316 that has been legally stamped by the BIR, or pay stubs dating back at least three months

• Newest employment certificate with compensation

Oversea employees

• Most recent crew contracts (for seafarers/seamen)

• Most recent employment contracts with proper Philippine Consulate authentication (for OFWs)

• At least three months' worth of allotment slips as evidence of remittance

Self-employed/business owners

• BIR Form 2316, the most recent income tax return (ITR) (duly stamped by BIR)

• Statement of Assets and Liabilities and Most Recent Audited Financial Statements

• Income and Expense Statement

• Business registration certificate from the DTI (sole proprietorship) or SEC (partnership/corporation)

• The latest three months' worth of bank statements or a copy of your passbook

• Evidence of Other Income (Lease Contracts, Stock/Bond Certificates, Deposit Certificates, etc.)

Requirements for used, second-hand, or imported vehicles with collateral

• Bill of lading and importation documents, including evidence of payment of customs and duty taxes, as well as a copy of the LTO OR/CR under the applicant's or seller's name (for imported units only)

Pros and cons

It is wise to weigh the advantages and disadvantages of a Security Bank vehicle loan before deciding whether to apply for one. These are some genuine benefits and drawbacks of the loan.

Pros

• The cost of payment may be divided into several installments.

• The bank provides fair evaluation values for automobiles.

Cons

• Used-car auto loans have higher interest rates.

• Even if the car breaks down, the borrower is still required to make all payments under the loan payback terms.

How to repay a Security Bank auto loan?

You can track your loan and payments through their mobile app, while a 6% late payment penalty applies if you miss a payment. You can pay through these options:

• The regular straight financing plan

• The one-month advance payment

• The first net monthly installment will start when the item is delivered or released.

• The second net monthly installment must begin no later than 35 days after the delivery date (for new items) or the booking date (for 2nd hand).

• The due dates for subsequent amortizations will follow the date of the second amortization.