Guide on BPI Auto Loans Features & Application Process
BPI AUTO LOANS – Here are the important details and the amazing features of the Auto Loan offer of the Bank of the Philippine Islands.
Are you excited to drive your own car soon? In the Philippines, there are loan offers that can finance the purchase of vehicles. Through these, you do not have to wait for years before you can finally enjoy having your own wheels.
The Bank of the Philippine Islands is one of the banking entities with Auto Loans offer. Its loan offers can finance several purposes such as the purchase of the following:
- passenger car
- truck
- motorcycle
Let us start with the offer that most people apply for under the BPI Auto Loans — the financing of a passenger car purchase. The loan offer is open to finance the acquisition of both brand new and pre-owned vehicles.
BPI boasts its loan offer with low interest rates, affordable downpayment, easy and fast application process, and convenient payment options. Under the loan offer, here are the loanable amounts allowed by the bank:
Brand New Car
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 85% of the purchase price of the vehicle
Second Hand Car
- Minimum Loanable Amount — Php 200,000
- Maximum Loanable Amount — up to 70% of the purchase price of the vehicle
The minimum loan term under the offer is one (1) year. If the vehicle is brand new, the loan is payable for up to 84 monthly installments. For second hand vehicles, the maximum loan term is 60 monthly installments.
With regards to the interest rates under the BPI loan offer, the rates vary among brand new and secondhand vehicles. The interest rates also vary depending on the chosen loan term.
Brand New Car
| Term | Add-on rate | Effective rate |
| 12 | 5.43% | 9.88% |
| 18 | 7.73% | 9.55% |
| 24 | 11.30% | 10.50% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.03% |
| 60 | 31.01% | 11.19% |
| 72 | 38.42% | 11.37% |
| 84 | 46.39% | 11.58% |
Second Hand Car
| Term | Add-on rate | Effective rate |
| 12 | 5.43% | 9.88% |
| 18 | 7.73% | 9.55% |
| 24 | 11.30% | 10.50% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.03% |
| 60 | 31.01% | 11.19% |
| 72 | 38.42% | 11.37% |
| 84 | 46.39% | 11.58% |
The Bank of the Philippine Islands has set qualifications and documentary requirements among all its BPI Auto Loans. The financing of a passenger car purchase is open for both salaried and non-salaried individuals.
Aside from the financing of brand new and secondhand passenger cars, the BPI Auto Loans also include the financing of the purchase of trucks and bicycles.
The Bank of the Philippine Islands is also ready to finance the purchase of residential properties. In this case, you may turn to the BPI Housing Loan offer.
