Details about the BPI Auto Loan Interest Rates Clients Must Be Aware Of
BPI AUTO LOAN INTEREST RATES – Here are the interest rates implemented by the Bank of the Philippine Islands under the loan offer.
Are you looking for a bank that can finance your car purchase? If you want a trusted one that has proven its name for decades already, you may turn to the Bank of the Philippine Islands.
The BPI Auto Loan offer can finance both a brand new and a second hand car purchase. It is open for individuals who are at least 21 years at the time of the loan application and not more than 70 years old upon the loan maturity with a stable source of income.
Under the loan offer, the loan for the financing of a brand new vehicle is payable for up to seven (7) years or 84 monthly installments thus you can really opt for light monthly installments. For the financing of a second hand vehicle purchase, the loan is payable for up to five (5) years or 60 monthly installments.
The Bank of the Philippine Islands has set different BPI Auto Loan interest rates among the brand new and second hand car purchase financing. Here are the interest rates implemented by the bank if the vehicle involved in the loan is brand new:
| Term | Add-on rate | Effective rate |
| 12 months | 5.43% | 9.88% |
| 18 months | 7.73% | 9.55% |
| 24 months | 11.30% | 10.50% |
| 36 months | 17.76% | 10.94% |
| 48 months | 24.13% | 11.03% |
| 60 months | 31.01% | 11.19% |
| 72 months | 38.42% | 11.37% |
| 84 months | 46.39% | 11.58% |
In case the car to be financed by BPI is a second hand vehicle, here are the BPI Auto Loan interest rates to be implemented:
| Term | Add-on rate | Effective rate |
| 12 months | 7.89% | 14.26 % |
| 18 months | 11.87% | 14.50% |
| 24 months | 16.08% | 14.75% |
| 36 months | 24.80% | 15.00% |
| 48 months | 34.20% | 15.25% |
| 60 months | 44.32% | 15.50% |
There are two (2) ways in applying for the BPI Auto Loan offer — over-the-counter or online. You can choose which set of steps are more convenient and easier for you.