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What You Need to Know About the BDO Auto Loan
Have you been imagining yourself driving that dream car of yours for quite some time now? Are you always passing by the display window, gazing at that car for a long time and then shaking your head because you can’t afford it? Well, it’s about time you considered going for a BDO auto loan to finally make this dream come true.
Remember that everything begins with a desire. And if you have the means to pay for the loan, why not apply now and move one step closer to your dream car? Enjoy the benefits of having your very own car right this moment because it’s not just a luxury these days, but a necessity. And if you simply intend to replace your old vehicle, still this can be wiser than having to spend so much for repairs every now and then and go through all the hassle in the process.
The BDO Auto Loan at a Glance
Whether you’re contemplating buying a brand-new car or a second-hand automobile, BDO Auto Loan can assist you. The starting minimum loan amount for a brand-new vehicle is P100,000. Meanwhile, if you’re thinking of getting a used car, you can loan up to 70% of the selling price or the appraised value based on which is the lower amount.
You’ll certainly be happy with the flexible financing options from which you can select one that is most suitable and comfortable for you. For a brand-new car, the minimum down payment is 20%. And for a used car, the down payment is 30%. You can also avail of different payment options depending on what you can afford. Choose from 1 to 6 years for a brand-new car and between 1 to 4 years plan for a used car. Now if you were able to save up some amount that goes beyond the down payment, then this will make your monthly amortization significantly lower.
You may opt for all-in financing too, wherein even the costs of the chattel mortgage fees, 3 years LTO registration, and first year car insurance premium can all be included so that you won’t have to shell out any cash for these.
What’s more, you can also earn points from your financing deal and redeem these points at any SM department store.
Application Requirements for a BDO Auto Loan
So how do you apply for a BDO auto loan? First of all, you need to pass the age requirement which is 21 to 65 years old. You cannot go beyond 65 by the time the loan matures. This loan is available to both Filipinos based in the Philippines or abroad and to foreigners who are also based in the country. In addition, the minimum gross family income requirement is P50,000 and you have to be employed or self-employed with good credit standing.
For the pre-approval, all you have to submit is the application form. And then for post-approval, you ought to present a valid government ID for your identification. However, if you’re a foreigner, there are more documents to show such as your Alien Employment Permit, ACR with Icard, and Special Investor’s Resident Visa (if applicable).
When it comes to income documents, it’s quite easy if you are locally employed because you just need to show a certificate of employment that contains your compensation information as well as your latest income tax return (ITR) or full month payslip with tax identification number (TIN).
What if you have your own business or you’re a self-employed professional like doctors and lawyers? You can then submit just a photocopy of your DTI-issued Certificate of Registration, along with your latest audited financial statements and ITR over the last two years. It would be good to also provide at least three business references who can be clients or suppliers. And if you’re a non-BDO depositor, you must submit a bank statement that shows transactions over the last 3 months.
In case of partnership and corporation businesses, complete corporate papers have to be supplied— Articles of Incorporation, SEC Certificate of Registration, and By-Laws). Again, it’s important to provide your latest audited FS and ITR over the last two years and also the Secretary’s Certificate /Partnership Resolution. Lastly, an additional covenant form for signature is also required.
Apart from these income documents, you have to note if you prefer giving post-dated checks or if you want to have an auto-debit arrangement for the loan.
Other Pertinent Information You Need to Know
Which type of vehicles can you avail the BDO loan for? For brand-new vehicles, you can choose from different passenger cars, vans, SUVs, AUVs, and LCVs. When it comes to used vehicles, there are no specific types indicated but what’s important is that they are not supposed to go beyond 6 years old upon loan of maturity.
Being aware of such information will enable you to prepare adequately if you’re serious about taking this BDO auto loan. If you have further questions and concerns, you should visit a branch near you or call up the BDO hotline number 631-8000.