Features of BPI Auto Loan Multiyear Protect Deal Offer for Qualified Clients
BPI AUTO LOAN MULTIYEAR PROTECT – Here is a guide on the offer of the Bank of the Philippine Islands regarding the insurance cost.
Truth be told that in buying a car, there are several other costs that you must be prepare of aside from the selling price of your target vehicle. These additional costs may include the chattel mortgage fee, the insurance coverage of the vehicle, the documentary stamp tax (DST), and the processing fee.
Undeniably, the insurance cost may also require you to prepare thousands of money — which can be another financial challenge on the part of the loan applicant. Meanwhile, it is important for your vehicle to be insured for the safety of the car as well as the welfare of everyone who gets to ride it.
In the country, one of the Auto Loan providers is the Bank of the Philippine Islands or more popularly called BPI. It is open for individuals who are at least 21 years old at the time of the loan application but not more than 70 years old upon the loan maturity and earning a minimum household income of Php 40,000.
BPI offers different amazing deals under its loan offer. If you want your insurance cost to be paid in monthly installments, too, you may have it under the BPI Auto Loan Multi-Year Protect.
The said BPI Auto Loan offer is available under the financing of brand new passeger cars. This offer allows you to get your dream car insured without shelving out a huge amount of money for the insurance cost.
According to the bank, the monthly installment for the insurance premium will be added on your car loan’s monthly due. The maximum loan term is 60 months.
Under the BPI Auto Loan Multiyear Protect offer, the insurance coverage is 24/7 without the hassles on renewal processing. Furthermore, through the deal, you are protected from balloon payments and additional expenses when a road accident unfortunately takes place.
Here is a guide on the comparison of the features between the BPI Regular Loan and the BPI Auto Loan Multiyear Protect:
| Specifics | Regular Auto Loan | Multiyear Protect |
|---|---|---|
| Amount of monthly payment/ Amortization | Loan monthly amortizations are fixed and in equal amounts for the entire loan term with no annual price increase | Auto Loan amortization and insurance premium’s monthly payments are combined for fixed equal monthly payments for the entire duration of the loan term |
| Product benefit | Set aside a specific fixed amount for your monthly amortization from the start of your loan up to its maturity | Divide the insurance cost in affordable monthly payments instead of a lump sum payment |
| Type of vehicle to purchase | Brand New or Second-Hand Passenger Vehicle Can be used to purchase Big Bikes or Trucks | Brand New Passenger Vehicle |
| Term of duration of loan | 1,2,3,4 or 5 years | Can opt for 3,4, or 5 years loan term |
| Motor insurance | With downpayment requirement for loan availment and car insurance is paid in lump sum every year | Full insurance coverage throughout the loan term without yearly lump sum payments |
| Initial cash out | Standard cash-out for Insurance Premium and Chattel Mortgage | Zero cash out on insurance |