Features of BPI Auto Loan Step Up PayPlan Deal Offer for Qualified Clients
BPI AUTO LOAN STEP UP PAYPLAN – Here is a guide on the Step Up PayPlan offer of the Bank of the Philippine Islands.
Nowadays, more and more people are determined to get a car of their own and enjoy its benefits. However, truth be told that it is really a financially-challenging goal for a lot of people. Meanwhile, there are options that can help you achieve your dream car the soonest time possible.
Among these options are the loans and one of the popular and trusted loan providers in the country is the BPI Auto Loan. It can finance the purchase of both brand new and pre-owned vehicles.
The Bank of the Philippine Islands did not settle with just putting high loanable amounts, flexible payment terms, and competetive rates features under its Auto Loan offer. It also wrapped it with amazing deals.
Aspiring loan applicants may choose to apply for the loan offer and avail the freedom to start with low monthly amortizations. It is possible through the BPI Auto Loan Step Up PayPlan.
Under the BPI Auto Loan Step Up PayPlan, you may start with a low monthly amortization on the first year and let your monthly due gradually increase in the succeeding years giving you the time to adjust your finances.
Under the Step Up PayPlan offer, the loan amortization on the first year can be 10% lower compared with the monthly due under the regular Auto Loan offer of the bank. Also, instead of a 20% downpayment, under the offer, the bank only requires a downpayment that is 15% of the selling price of the car.
To see things clearer on how the BPI Auto Loan Step Up PayPlan works, here is an example for a loan account that is worth Php 800,000 at an interest rate of 10.93% to cover each of the 60-month term:
| Term | Regular Auto Loan | Step Up PayPlan |
|---|---|---|
| Year 1 | 17,367 | 15,754 |
| Year 2 | 17,367 | 16,384 |
| Year 3 | 17,367 | 17,367 |
| Year 4 | 17,367 | 18,756 |
| Year 5 | 17,367 | 19,674 |
Here is a more detailed comparison between the regular Auto Loan and the Step Up PayPlan offer:
| Specifics | Regular Auto Loan | Step Up PayPlan |
|---|---|---|
| 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 monthly amortization varies every year, starting with the smallest value on the first year, and slowly increases on each succeeding year |
| Product benefit | Set aside a specific fixed amount for your monthly amortization from the start of your loan up to its maturity | Have control over the initial Auto Loan amotizations so you can manage your funds well |
| 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 | 5 years |
| Motor insurance | With downpayment requirement for loan availment and car insurance is paid in lump sum every year | |
| Initial cash out | Standard cash-out for Insurance Premium and Chattel Mortgage | |
Are you worrying about not being financially prepared to cover the insurance cost? You may have it paid in monthly installments under the BPI Auto Loan Multiyear Protect.