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?
- First of all, check for your eligibility, and if eligible, continue to the next step.
- 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.
- 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.
- 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.
- 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.