Which bank is best for a Car loan in the Philippines

0
118

As we adjust to the new normal, owning a car appears to be the most convenient and secure option for getting around. As a result, finding the finest Philippine bank for a car loan is critical.

Nobody can find a bank or auto loan that is perfect for them all. In the Philippines, car purchasers can choose from a wide range of options and promotions offered by auto loan providers to meet their specific demands. You need to think about what kind of car you want, your budget, and your qualifications before making a purchase.

Before you apply for a car loan, it’s important to do some research and comparison shopping to find the best deal. That’s why we’ve compiled a list for your convenience.

Car loan in the Philippines
Car loan in the Philippines

AUB

Loans for new or used cars are available from AUB regardless of your budget or credit history.

  • Features of AUB’s Car Loan Program Not less than $200,000
  • Contact your local AUB branch for the best interest rate on a car loan.
  • A maximum of 60 months may be used for repayment.

BANK OF COMMERCE

Bank of Commerce’s automobile loan options come with reasonable terms, so you can travel with your family in comfort. You’ll be paying a monthly amortisation of roughly 17,500 if you take out a car loan of 1 million for 60 months, according to its car loan calculator.

Bank of Commerce’s Most Important Auto Loan Options

  • Only brand-new automobiles are permitted.
  • The minimum loan amount is 100,000
  • 20% to 45% of the purchase price
  • 24 per cent to 27.54 per cent: interest rate
  • How long it takes to pay back: from 12-60 months

BPI

 Check out the BPI Auto Loan if you’re seeking the best vehicle loan in the Philippines. It’s fast and straightforward to get a BPI Auto Loan to buy a new car. Then there are the discounts and promotions that you can take advantage of. A 60-month auto loan with an $18,000 monthly amortisation can be obtained with as little as a 15% down payment.

Key Car Loans Aspects of the BPI

  • Type of vehicle: Automobiles for personal or commercial use, new and used.
  • Up to a five-year-old automobile is the maximum allowed age.
  • A monthly salary of at least $40,000 is required to support a family of four.
  • The minimum loan amount is 200,000 yen.
  • 15% to 50% of the purchase price
  • APR (adjusted for inflation): BPI auto loan rates can be seen here.
  • 87-10.43 per cent are behind on their payments.
  • 21 per cent to 10.45 per cent with a one-month advance
  • How long it takes to pay back: from 12-60 months
  • As soon as three to eight hours for approval

Owning a car allows you to avoid the tedium of public transportation on a regular basis. It will also protect you and your family from the pandemic’s dangers. A car loan in the Philippines is an excellent investment, and selecting the finest bank for your needs is a surefire way to receive the best deal possible.

Always evaluate your options when searching for the best vehicle loan rates. You don’t want to end up paying more than you need to. Spend some time looking for coupons and deals that can help you save a lot of money.