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Sterling Bank of Asia auto loan for march 2023

Sterling Bank
Get an auto loan at Sterling Bank of Asia. On 27.03.2023 there are 1 options are available to you. Increase your chances of getting a loan - fill out an online application with a free credit rating check.

Offers: 1

Updated:
14.10.2022
08:06
Ultima Auto Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from ₱100,000
Rate
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Effective interest rate on the product

depends on the loan term and amount
Term
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Loan term for the financial product

12 - 60 months
Submit your loan application online
Submit your loan application online

Take advantage of our auto loan selection system with a free credit check!

Sterling Bank auto loan calculator

The best auto loan calculator
Auto loan amount
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Specify the desired loan amount

PHP
PHP
50000 ₱
5000000 ₱
Auto loan amount
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Auto loan amount

PHP
PHP
50000 ₱
5000000 ₱
Down payment
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%
0
90
Your loan amount
Loan term
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months
days
3
120
Annual interest rate
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1 %
50 %
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Auto loan application

Auto loan amount
i

Specify the desired loan amount

50000 ₱
5000000 ₱
Auto loan term
i

Specify the loan term for the calculation

1
120
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Loan amount
0 ₱
Loan term
0 month
Loan comission
19 497
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Other types of auto loans

How to get an auto loan

Fill out your application
Fill out your application
On our website you can fill out a short application form for an auto loan.
Pass a credit check
Pass a credit check
We will offer you to check your credit score online for free.
Send your application online to the suggested companies
Send your application online to the suggested companies
After checking your credit rate, you will be able to send your loan application to the appropriate companies.
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Wait for a response from the lender
If necessary, the lender will contact you to clarify the details.
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Finbro
5
user_134660
user_134660
04.02.2023 at 11:20
Great Online Loan. Low interest. No hidden charge. Full amount receive. Mababait at magagalang mga staff.
Review
TALA
4
Analyn T
Analyn T
06.12.2022 at 16:45
I get Tala loan easily, choose the date to pay. I recently tried another lenders but they send me a fixed date when I must pay...
Review
BillEase
5
Albert T
Albert T
02.12.2022 at 09:25
The best interest – lower than other companies. I've been using Billease for 2 years, and want to say thanks. You may use it with no fear to pay for you smartphone or smth.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
Sterling Bank of Asia auto loan for march 2023

Having your own vehicle provides you with a degree of comfort during your commute. With the Ultima Auto Loan's flexible terms, easy payment options, and fast processing, the bank is helping individuals in purchasing a new or used car.

The loan amount varies from ₱100,000 to the appraisal value of the vehicle. It offers flexible loan terms of 12 to 60 months for a new car and 12 to 48 months for a used one after the loan is approved. The interest rate depends on the loan term and amount.

Types of Sterling Bank auto loans

Truck loans

With this loan, you can intensify your company’s logistics by purchasing delivery vehicles with larger payloads. The Sterling Bank truck loans can be used to buy four- to six-wheeler trucks so that your business can thrive.

Harley Davidson motorcycle loan

This loan allows you to be a certified Harley Owner Group. Sterling Bank of Asia offers competitive financing options on a wide range of Harley Davidson motorcycle models.

Second-hand vehicle loans

If you are looking for great deals on second-hand vehicles, Sterling Bank of Asia offers used car loans that are available for bidding. You can visit their warehouse now or their website to see the list of second-hand vehicles for sale.

How to apply an auto loan?

  1. First of all, check for your eligibility, and if eligible, continue to the next step.
  2. Gather all the documents you will need to submit when applying for the loan. The documents you need to submit may vary depending on your job situation.
  3. Submit all of the required documents to a Sterling Bank of Asia branch. Ask for a copy of the loan application form, or download it online from the bank's official website.
  4. Get your loan application form, documents and requirements checked and evaluated by the bank. Wait for the notice from the bank on if the loan application is successful or not.
  5. The loan amount will be paid directly to the company you are getting the loan from.

Requirements

To apply for a Sterling Bank auto loan, applicants must be older than 18, but not older than 65 years. The monthly amortization of the bought vehicle should not exceed 30% of the gross monthly income of the applicant/borrower. Apart from that, they have to submit the following documents.

For locally employed applicants

  • A duly filled-out application form
  • Photocopy of any two valid government-issued ID cards, one for the applicant and one for the spouse
  • Certificate of employment (this is accepted only from some selected companies)
  • One-month-old payslip and an income tax return

For self-employed/sole proprietors

  • A duly filled-out auto loan application form
  • Two government-issued ID cards (one for applicant and one for their spouse)
  • Bank Statements for the last three months
  • Trade References from three suppliers and three customers
  • Certificate of Registration of Business Name (for business owners)

For those employed overseas

  • A duly filled-out auto loan application form
  • Two government-issued ID cards (one for applicant and one for their spouse)
  • Latest COE from a manning agency which comes with salary and position
  • Remittance receipt or slip, bank passbook, bank statement, or any qualified equivalent (if applicable) are acceptable forms of proof of transfer

Some additional requirements for a second-hand vehicle

  • Original OR/CR, which must be under the borrower’s/ applicant’s name
  • A notarized deed of sale of the vehicle
  • PNP clearance which must come with Macro Etching
  • Three sets of LTO stencils

Requirements for corporation or partnership

  • A duly filled-out auto loan application form
  • Two government-issued IDs (one for the applicant & and one for the spouse)
  • Income Tax Return (ITR) and Audited Financial Statements (AFS) and must be for the last 3 years
  • Bank statements from a known bank for the last 3 years
  • Secretary's certificate
  • SEC Certificate of Registration (SCR)
  • Certificate of incorporation or partnership
  • By-laws (for a corporation)
  • Notarized Board Resolution (NBR) / Partnership Resolution (PR)
  • General information sheet
  • List of different partners (for partnership)

Pros and cons

Before applying for a Sterling Bank auto loan, it is advisable to check its pros and cons.

Pros

  • You can spread the cost of payment into multiple installments
  • The bank offers good appraisal value for cars.

Cons

  • The car loan for used cars come at a higher interest rates
  • The loan repayment terms require the borrower to pay all the dues even if the car stops working.

How to repay a Sterling Bank auto loan?

Sterling Bank auto loans can be paid off through Automatic Debit Arrangement (ADA) or over the counter – only at the branch where you obtained the loan and signed the contract. Using the Sterling Bank mobile app, you can track your loan and payments, while a 5% late payment penalty fee applies if you miss your payment.

FAQ

How long does the Sterling Bank application and approval process take?

Application and approval of the Sterling Bank auto loan will take 5 to 14 business days.

What is the best payment method for a Sterling Bank of Asia auto loan?

Post-dated checks are the best way to pay off your Sterling Bank of Asia auto loan debt.

How does the Sterling Bank loan calculator for car loans work?

For different terms, the Sterling Bank auto loan calculator gives you an estimate of the borrowing cost and the amount payable in installments. Enter the desired loan amount to determine the projected monthly amortization.