What is BDO?
BDO is one of the leading banks in the Philippines. With more than one hundred (100) branches and thousands of customers, BDO Philippines is working to offer a seamless banking experience.
Moreover, it is an institution that provides financial services and products such as credit, lending, deposit, wealth management, and trust services to consumers and businesses.
It also offers financial services to its customers and clients – particularly to the low to middle-income earners.
Car loan BDO, how does it work?
BDO Philippines, a trusted bank in the Philippines, allows individuals to obtain a car loan. The company is well known for their car loans, which come with competitive rates and flexible terms.
Based on the BDO terms and conditions, the company offers pre-owned and brand new cars.
The company offers loans for pre-owned cars with an interest rate of 16.39% to 34.93%. The interest rate is calculated on the basis of your credit score – as one of the factors. For brand new cars, on the other hand, the interest rate ranges from 16.48% to 29.51%. But these numbers can still vary depending on every branch.
How much is the BDO car loan?
BDO Car loan can offer you up to middle-priced brand new cars that can range from PHP 800,000 to PHP 2,000,000. They also offer an all-time promo that can waive your fees up to PHP 30,000 and a PHP 10,000 preventive maintenance service.
Interest rate
The company offers loans for pre-owned cars with an interest rate of 16.39% to 34.93%. For brand new cars, on the other hand, the interest rate ranges from 16.48% to 29.51%. But keep in mind that these interest rates can still vary depending on every branch.
How long does it take for the money to arrive?
For BDO Auto Loans, the money will not arrive on your bank as it will directly go to the car dealer of your choice straight away. Meaning, your application process is directed of you having a car as soon as you are approved. Normally, the process can take 1 to 2 weeks depending on the fulfilled requirements you provided.
Car loan BDO benefits
BDO Philippines allows cardholders to enjoy lower rates and flexible payment options when they apply for a car loan.
They offer affordable car loans, with low interest rates, and a great limited purchasing power to consumers to the latter can have the chance to buy the car of their dreams.
How to apply for a BDO car loan?
To apply for a car loan, you need to first understand your eligibility. There are other factors to consider, like your income, employment, and even your loan history. If you are considering a car loan, you can apply online by visiting BDO’s website and following the 3 simple steps they have.
- First, check your qualifications which is posted on their website,
- Next, prepare the necessary document for the application,
- And lastly, submit your form and requirements.
If your application is pre-approved, a BDO customer service representative will be happy to assist you.
Requirements
The following requirements are from BDO’s official website:
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At least 21 years old but not exceeding 70 years old at the end of the loan term
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Filipino citizen or Foreign Nationals
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Minimum gross income of Php50,000/month or its equivalent in US Dollars
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With stable source of income from employment or business
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Completely filled out application form Identification Documents
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Photocopy of one (1) valid ID matching application details (e.g. Driver’s License, Passport, Tax Identification Number (TIN) ID, Social Security System (SSS) ID, Government Service and Insurance (GSIS) eCard)
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For Foreigners, Alien Certificate of Registration with Work Permit
Loan calculator
BDO Loan Calculator is available on their website. You can use this to check your monthly payment according to the interest rates, loan amount, and eligibility of your application.
Application form
You may download the BDO application form on their website. This is so you can provide contact details and basic personal information beforehand.
How to apply for a BDO car loan 2nd hand?
Applying for a 2nd hand BDO card loan is pretty much the same. You need the 3 steps mentioned, the requirements, and the application form.
BDO repossessed car loan
Detailing the BDO's decision to repossess cars is only available in-person. So it’s much better if you go to the nearest BDO branch.
Promo 2022
Their promos are posted in website but BDO offers an all-time promo that can waive your fees up to PHP 30,000 and a PHP 10,000 preventive maintenance services. They also give free 1st year motor insurance to borrowers.
How to check my loan status?
You can check your Auto Loan status by logging in on your Auto, Home, or SME account. Just go to the left menu bar, click Loans> Quick Inquiry.
How to pay for the BDO car loan?
You can pay your BDO Car loan through remittance centers, telegraphic transmitters that uses SWIFT code, and other credited beneficiary banks of the company. But the simplest way is by paying using your BDO online banking.
What happens if I can’t pay?
If you can’t pay your car loan, there’s a high possibility that your car will be repossessed to someone else.
What happens if I make a late payment?
A late payment charge of PHP 850 will be charged to your account. You are also subject to an assessment fee of 1%. Both of these fees are penalties for being late on your subjected dues.
How to check BDO car loan balance?
You can check your BDO car loan balance by logging in on your BDO online bank account.
BDO, Contact Number and Customer Service
If you have any concerns that you wish to raise, you can contact BDO through the following contact information:
Hotline
BDO Customer Contact Center at 631-8000 or Domestic Toll Free Numbers at 1-800-10-631-8000 (PLDT), 1-800-3-631-8000 (Digitel), 1-800-8-631-8000 (Globe Landline), and 1-800-5-631-8000 (Bayantel).
Email address
callcenter@bdo.com.ph.
Car Loan BDO reviews
BDO is one of the largest banks in the Philippines and has a wide variety of services – which makes them reliable. They have loan programs for anything from cars to houses, and their loan rates are competitive. BDO is also one of the trusted bank in the Philippines so the reviews of the consumers are all almost pretty great.
Have you used the car loan BDO? Share your experience here.