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UnionBank auto loan for february 2024

UnionBank
Get an auto loan at UnionBank. On 22.02.2024 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:
18.10.2022
05:28
UnionBank
Auto Loan
Rating by Finanso®
i

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 ₱200,000
Rate
i

Effective interest rate on the product

5.68% - 31.76% per year
Term
i

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!

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More
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review
UnionBank auto loan for february 2024

UnionBank auto financing provides loans for both new and used automobiles. The minimum down-payment rates for brand-new and used vehicles are 20% and 30% of the loan amount, respectively. At the same time, the minimum loan amount is ₱200,000, and the maximum car loan amount is up to 80% of the vehicle's selling price.

Borrowers can benefit from UnionBank auto loans' flexible loan payment periods. If you buy a used car, your payment options are 12, 18, 24, 36, and 48 months. Those planning to purchase new vehicles can also benefit from the financing choices, up to 60 monthly payment arrangements.

How to apply for a UnionBank auto loan?

You can apply for a UnionBank auto loan online by following the steps below:

  1. Visit the official website of the UnionBank of the Philippines.

  2. Navigate your mouse to Personal and then drag it to Loans. Click on Auto loan.

  3. Scroll down and click on Apply now. The online application procedure will include calculating your budget, entering the necessary vehicle and client information, and submitting your application.

    1. Indicate your budget, downpayment, and term preference. Include the make and model of the vehicle you want to buy. Click on Apply to begin filling out the application form.

    2. After submitting your application, you must wait for UnionBank to contact you regarding your application. Bear in mind that there are fees to be paid when applying for a car loan.

Requirements

Below are some basic requirements before you can apply for a UnionBank auto loan:

Eligibility

  • Applicants must be between the ages of 21 and 65 at the time of loan application.

  • Applicants must have been continuously employed for at least one year.

  • Self-employed applicants must have been in business for at least two years.

  • OFWs must have a first-degree relative resident in the Philippines as a co-maker and be under age 65 by the loan's maturity date.

Documental requirements

Individual

  • Filled application form​

  • Two valid government-issued ID cards​

  • Income tax return​

  • Certificate of employment for employed applicants

  • If business engaged:

    • Certificate of business registration

    • Business permit​

    • Last three months' financial statement

  • Bank statements​

  • Proof of other income sources​

  • Identification papers, for example:

    • Driver's license

    • SSS/GSIS cards

    • Company ID cards

    • Passport, etc.

  • For OFW applicants:

    • ​At least one government-issued valid ID card

    • Consularized certificate of employment compensation, COEC with original six-month remittances.

Corporate

  • Filled application form​

  • Financial statements for the last three years

  • Income tax return​

  • Articles of incorporation​

  • List of the corporation's significant stockholders, addresses, and ownership​ status

  • List of principal officers, their positions, and their addresses​

  • List of corporate beneficial owners and attestation of beneficial ownership declaration​

  • Company profile​

  • Business plan.

  • Trade references must have at least three major suppliers and three major clients​

  • Bank statements.

Pros and cons

Below are some pros and cons of the UnionBank auto loan.

Pros

  • The bank offers a loan term of up to 60 months.

  • Brand new cars and second-hand ones can be financed.

  • They offer a downpayment of up to 80%.

  • They provide interest rates as low as 6.56% per annum.

  • There is also an option for a fixed interest rate.

  • Applications can be made online.

  • Loan payments can be paid stress-free through automated debit arrangements.

Cons

  • The application might take time before it is approved. This also depends on the document you submitted.

  • The loan has a long list of requirements.

How to repay UnionBank auto loans?

UnionBank auto loan borrowers can choose from three payment options. They can pay their monthly amortizations at any UnionBank branch or by issuing UnionBank post-dated checks. Borrowers can also use the auto-debit arrangement (ADA) function, which requires them to designate their accounts and define the amount and payment schedule. The payments will be withdrawn automatically from their UnionBank savings or checking accounts monthly.

FAQ

What type of automobiles can I purchase with a UnionBank auto loan?

You can purchase new or used cars or light trucks.

What are the Unionbank auto loan interest rates?

There is a distinction between a conventional payment rate and an OMA (one month advance) installment rate. If you pay your loan amortization on time, you will be charged the usual interest rate. If you pay 30 days before your initial due date, you will be charged the OMA. The difference between the two is usually around 1% to 2%. It may appear insignificant, but when applied to your loan, you will be able to save money. The minimum standard interest rate for UnionBank auto loans is 6.56% and for OMA is 6.58%. Also, the maximum standard interest rate is 31.76% and for OMA is 30.57%.

Is there any promo that comes with the UnionBank auto loan?

Yes. For brand new autos, a total of ₱10,000 in free gas is provided, but a minimum of ₱500,000 must have been borrowed. If you do not pay on time, you will lose the promotion. When getting a vehicle loan, evaluate its flexibility and your options, not just the promotional rate. To minimize bill shock, clarify other fees and penalty conditions.