Guide on EastWest Bank Auto Loan Features & Application
EASTWEST BANK AUTO LOAN – Here are the important details about the loan offer of EastWest Bank that comes with affordable downpayment.
Are you looking for a bank that offers low downpayment in financing a car purchase? In the Philippines, one of the banking entities with the said offer is the EastWest Bank.
The EastWest Bank is one of the banking institutions that is operating in the country for decades already since 1994. It was founded by the late business tycoon Andrew Gotianun and his wife. Its main office is in Taguig.
The bank has both personal and business offers which includes loans of different purpose. One of the offers is the EastWest Bank Auto Loan that is ready to finance the purchase of both brand new and pre-owned vehicles.
The bank boasts its offer with affordable downpayment, competetive interest rates, low monthly amortization, and multiple financing terms. Under the offer, here are the loanable amounts:
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 80% of the selling price of the vehicle
How much is the downpayment required under the loan offer? The EastWest Bank requires at least 20% of the selling price of the vehicle. The loan is payable for at least 12 months up to 60 months.
With regards to the interest rates implemented by the bank, there are varying interest rates among the brand new and pre-owned vehicle financing and depending on the loan term. Here’s a guide on the interest rates:
Brand New
| INTEREST PAYMENT | 12 Months | 18 Months | 24 Months | 36 Months | 48 Months | 60 Months |
|---|---|---|---|---|---|---|
| In Advance | 5.20% | 7.54% | 10.93% | 16.36% | 23.05% | 29.85% |
| In Arrears | 5.99% | 8.35% | 11.86% | 17.32% | 24.13% | 31.00% |
Second Hand
| INTEREST PAYMENT | 12 Months | 18 Months | 24 Months | 36 Months | 48 Months |
|---|---|---|---|---|---|
| In Advance | 6.04% | 10.16% | 14.93% | 24.08% | 34.25% |
| In Arrears | 7.19% | 11.45% | 16.37% | 25.68% | 36.04% |
It is important to keep in mind that the above-mentioned interest rates are not applicable for All-In promos of dealers, accounts that require a dealer’s premium, and accounts referred by agents with premiums.
The EastWest Bank Auto Loan is open for both individual and corporate applications. There are varying eligibility requirements as well as documents required in applying for the loan offer.
Aside from the EastWest Bank, another reputable banking entity with a car loan offer is Philippine National Bank. It also got impressive features under its offer.
