What is BPI?
BPI stands for the Bank of the Philippine Islands, it is the Philippines’ first bank and one of the largest in the country. It offers a wide range of financial products and services to corporate, retail, and individual clients, including checking and savings accounts, business loans, home loans, auto loans, credit cards, foreign exchange, and investment products. BPI also offers online banking and mobile banking services to its customers.
Auto loan BPI, how does it work?
BPI offers auto loans so that you can finance the purchase of a new or used vehicle. It could be a car, a motorcycle, a truck, or any type of vehicle that meets the minimum loan amount.
If you meet the eligibility requirements like age and monthly income, you can apply for an auto loan. You just need to provide proof of identity, proof of income, and other documentary requirements.
To apply for an auto loan, you can visit any of the 800 BPI branches nationwide or get in touch with accredited car dealerships. Alternatively, you can apply for a BPI auto loan online through the official BPI auto loan website .
The loan processing usually takes 1 to 3 days, and you will receive a notification once your application has been approved. If you’re wondering how to check your BPI auto loan status, just call the BPI auto loan hotline.
How much is the BPI auto loan?
The minimum amount you can borrow for a BPI auto loan is PHP 200,000. BPI auto loan package options typically allow a maximum loanable amount that is 20% to 30% of the downpayment, depending on the type of vehicle. Auto loan amounts are subject to credit approval, so they vary from one borrower to the next.
Interest rate
Auto loans from BPI start at PHP 200,000 and have terms of 12 to 60 months. The interest rate on a BPI Auto Loan varies based on the amount and the loan term. The add-on rate is anywhere from 5% to 27%, while the effective rate is 9%-12%. These rates are subject to changes depending on prevailing market rates and other factors.
How long does it take for the money to arrive?
BPI auto loan processing time is short and quick. It usually takes 1 to 3 days to process the loan upon receipt of documentary requirements. Once all approvals are received, the funds will be released to you or the accredited dealership.
Auto loan BPI benefits
Here are some of the benefits you can expect when you get an auto loan from BPI:
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You can borrow up to 100% of the car’s value, making it easier to get your dream car.
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The interest rate is fixed, so you know exactly what your payments will be each month and how long it will take to pay off the loan.
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BPI offers flexible payment terms, so you can choose the one that best suits your needs.
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You can apply for a loan online or in person at any BPI or BPI Family auto loan branch.
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You can avail of BPI auto loan promo, which includes discounts, longer loan terms, and higher loan amounts.
How to apply for a BPI auto loan?
To know if you are eligible to apply for a BPI auto loan or a BPI Family Savings Bank auto loan, check out if you meet the eligibility and pre-processing requirements.
Requirements
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Must be a Filipino citizen, 21 to 65 years old.
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Foreign nationals married to Filipinos are eligible to apply for an auto loan.
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Business entities, registered organizations, and corporations may also apply for auto loans.
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Total monthly income of PHP 30,000
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For locally employed applicants:
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Certificate of Employment with position, length of service, and salary
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Latest Income Tax Return
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Latest Payslips (3 months)
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For Overseas Filipino Worker (OFW)
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Contract or Certificate of Employment
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For Seamen: Crew Contract and Exit Pass (validated by POEA)
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Proof of monthly remittance
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For Self-Employed
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SEC Registration Certificate
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DTI Registration
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Articles of Incorporation
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Audited Financial Statements (2 years)
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Income Tax Return (3 years)
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Bank Statements (latest 6 months)
BPI auto loan calculator
BPI offers an online loan calculator for customers to calculate the monthly amortization on their auto loan. The calculator is easy to use; all you need are the following: loan amount, term, interest rate, and payment frequency. After inputting these figures, the calculator will show you your monthly amortization for the chosen loan amount and term.
The loan calculator is a helpful tool for borrowers as it gives them an estimate of how much they will be paying each month. This information can help them plan their budget and make informed decisions when applying for an auto loan.
BPI auto loan application form
BPI's online application form requires vehicle information, borrower information, and contact information. Online application is faster and processed within the day as long as it is received within business hours. Applications that don’t meet the cut-off time will be processed on the next business day.
How to pay for the BPI auto loan online?
You can pay your auto loan by setting up an auto-debit arrangement with BPI. This means that the monthly payments will be automatically deducted from your BPI account each month. This is a convenient option if you want to avoid having to worry about making a payment on time each month.
Alternatively, you can also choose to make monthly payments to any BPI branch or authorized payment channel.
What happens if I can’t pay?
An auto loan is a secured loan, wherein you borrow money from BPI and use the car as collateral. This means that if you don’t make your payments, BPI can take your car away when you are unable to pay. You may also be charged with BPI auto loan late payment charges if you have missed your monthly payments.
BPI customer service
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BPI Auto Loan Hotline Contact number: +63 2 889-10000
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Email address: autoloan@bpi.com.ph
Auto loan BPI reviews
Reviews for BPI car auto loan are generally positive, with clients praising the quick loan processing and release of funds. Clients are satisfied with the customer service and are also pleases with the reasonable interest rates. The option to apply online made the process of getting an auto loan much easier as everything can be done on the BPI website. It’s highly recommended for anyone looking to finance their dream cars.
Have you used the Auto Loan BPI? Share your experience here.