What is Metrobank?
Metrobank is one of the leading banks in the Philippines, and they are currently in the market. Metrobank has been offering financial services to clients since the 1960s. In accordance with the bank’s goal of providing more affordable financial services, they have been constantly innovating and working on new technologies – no wonder why they are on the list of the leading banks in Asia.
Car loan Metrobank, how does it work?
The car loan in Metrobank is a popular loan option for any car purchase. It is often the most affordable and convenient loan option for most consumers. It is also the loan option most suitable for those who are looking to purchase a second car. In Metrobank, the car loan is offered in both personal and commercial vehicles. They also have manageable payment terms, personalized services, and competitive rates.
How much is the Metrobank car loan?
Metrobank car loan can be as low as PHP 350,000, and as high as 80% of the car's net selling price. Meaning if you have a 2nd hand car to buy at the price of PHP 350,000, Metrobank got you. You may also buy a brand new car – brand of your choice, at the expense of only 20%.
Interest rate
According to Metrobank’s website, their interest rates depends on the prevailing interest rates that will be charged to you once you submit an application. But the current interest rates they have ranges from 4.7% to 28.2% with a payment terms of 12 to 60 months.
How long does it take for the money to arrive?
Just like any other auto loans, the money will arrive depending on the process of approving for the loan. Once your application is approved, you can have the choice of your car immediately.
Car loan Metrobank benefits
Metrobank is one of the leading banks in the country and has been able to provide a wide range of credit solutions for their customers. They offer loan services on a wide range of terms and interest rates including home loans, car loans, business loans, and personal loans. Moreover, Metrobank Philippines has a wide range of car loans for you to choose from. The loan rates are very flexible and can be as low as 4% per annum. Be it a new car or a used one, Metrobank has a loan for you.
How to apply for a Metrobank car loan?
To apply for a Metrobank Philippines car loan, all you have to do is fill out an online application form available on their website and then submit all the required documents applicable to you. After that, they Metrobank will let you know whether your application is pre-approved within 24 hours.
Requirements
For a salaried approval, below is the requirements according to Metrobank’s website:
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Valid Government-issued ID
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SIRV/I-Card/ACR with Official Receipt (for Non-Filipino applicants)
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Latest Income Tax Return (ITR)* or certificate of employment with details on salary, position, and length of service (with contact number of the company’s HR)
Note: OFWs and Businessmen have different requirements. Visit Metrobank’s website for more.
Loan calculator
Metrobank Loan Calculator is available on their website. You just have to visit it, fill out some factors like preferred vehicle amount and your preferred reimbursement period. Once done, the calculator will give you your unofficial monthly payment fee for your car.
Application form
The application form for Metrobank car loan is available on their website. Just go to the site and click “Apply Now!” and the form needed to be filled by your personal information will appear.
How to apply for a Metrobank car loan second hand?
Applying for a Metrobank car loan second hand is pretty much the same. Go to their website, fill out an application form, submit the requirements, and then wait for your approval within 24 hours.
How to check my loan status?
You can check your loan status by logging in on Metrobank’s online account or by contacting their customer service for your queries.
How to pay for the Metrobank car loan?
You can pay your Metrobank car loan through remittance centers, online bank, 7/11, or over the counter transactions. But the best way would be paying your loan through Metrobank online bank.
What happens if I can’t pay?
For Metrobank car loan, pay your monthly dues on time. Because the late payment fee can go up to 5.00% of unpaid monthly dues for every month missed. That’s relatively higher and can put you to a long-term debt.
Metrobank, contact number and customer service
If you have any concerns regarding your Metrobank car loan, you can reach to their customer service representatives through the following contact information
Hotline
88-700-700 or 1-800-1888-5775
Email address
Email them at customerservice@metrobankcard.com for products and service concerns. Email them at collections@metrobankcard.com for Collections related concerns.
Car Loan Metrobank reviews
Metrobank Philippines is a bank that offers a wide range of financial services. Their car loan comes with an attractive interest rate of 4% per loan. They offer fast approval and easy documentation requirements. The bank also offers competitive rates and flexible terms for borrowers. More importantly, Metrobank also has personal loans, credit cards, and mortgage services for clients – making them a reliable and dependable bank that is available in the Philippines. They also have a number of branches in different parts of the country, so you will be able to find one near your home.
Have you used the car loan Metrobank? Share your experience here.