Applying For A BPI Auto Loan? Here’s How

The Bank of the Philippine Islands (BPI) is one of the more known banks here in our country. Servicing over a million people, BPI truly is a bank you can look up to. In addition to their banking services, BPI also offers different types of loans. In this article however, we will be discussing the BPI Auto Loan. What you’re able to get, what you need for application, and of course further information about it.

What vehicles can I purchase with the BPI Auto Loan?

Not only that, we’ll also tell you how much down payment it would need and the terms. In applying for the BPI Family Auto Loan, you can purchase:

• Brand new vehicles with a downpayment of 20%; Term would be 1-6 years;
• Second hand unit with a downpayment of 30%; Term would be 1-5 years; and
• Brand new trucks with a downpayment of 30%; Term would be 1-3 years.

Who are eligible for a BPI Auto Loan?

Filipinos who are between 21 to 65 years old with a total monthly family income of at least Php 40, 000.00. Foreigners who are married to Filipinos are also eligible for the BPI Family Auto Loan.

What would be the requirements?

The pre-processing requirements in applying for a BPI Auto Loan would be:

• Duly accomplished Application Form
• 2 valid IDs
• If married, both spouses to sign the application form
• If with co-borrower or co-mortgagor, a separate application form is needed

Income Documents (If locally employed (working within the Philippines)

• Certificate of Employment (CoE) indicating salary, position and length of service
• Latest Income Tax Return (ITR)

If Self-Employed

• G.I.S. (General Information Sheet)
• DTI Registration
• Articles of Incorporation and By-Laws with SEC Registration Certificate
• Audited Financial Statements for the last 2 years
• Income Tax Return w/ audited financial statements for the last 2 yrs
• List of Trade References (at least 3 names with telephone nos. of major suppliers/customers)
• Bank Statements for the past 6 months

Income Documents For Expat Pinoy (Overseas Filipino Worker)

• Monthly remittance proof
• Contract/Certificate of Employment (CoE)
• Crew Contract and Exit Pass validated by POEA (Seaman)
• Notarized or authenticated Special Power of Attorney (BPI FSB Format)
• Duly accomplished Auto Loan Application form required by POEA

BPI Loan Calculator

Just like any other bank car loan application, the BPI Family Auto Loan has a calculator as well. By using this, you would be able to choose the financing program that would best suit your needs and of course your capacity to pay. Moreover, you’ll be able to check if you’re eligible for the program firsthand.

In this tool, you will be asked to fill out:

• The purchase price of the car;
• Down payment; and
• The terms of the payment (length of the contract)

Self assessment tool

The self assessment tool can be your guide on choosing which financial path to take in applying for a BPI Auto Loan. In addition, using this would also allow you to see whether or not you’re eligible for the program.

In the example above, it can clearly be seen that you need a minimum of Php40, 000.00 monthly income to qualify for the BPI Auto Loan. If you think this is a bad thing, think twice. There are banks who require as much as Php50, 000.00 in monthly household income to qualify for a car loan.

How can I pay off this BPI Family Auto Loan?

BPI offers flexible ways on how you can pay for it monthly. You are not tied up to the Auto Debit Arrangement (ADA) method. In fact, the following can be used in paying off your BPI Auto Loan:

• Auto Debit Arrangement (ADA) – payment will be automatically deducted from your deposit or settlement account
• Over the Counter (OTC)
• Mobile Banking – Through BPI Mobile text facility
• Phone Banking – Phone 89-100 and pay through the system or with a representative; and
• Online banking – log on to the BPI online banking website

Paying over the counter (OTC)

Over the counter payments for a car loan is slightly unusual. Why? Because companies like to secure the payments readily. This is where BPI’s car loan has an advantage at. Although you won’t be saved from the hassle of visiting the bank every now and then, you have to option to pay it yourself. Furthermore, you won’t be forced to pay automatically.

Payments can be done at any BPI or BPI Family Savings Bank branch by filling out the deposit slip using your Loan Account Number as reference and SBA’s as follows:

• Fill in the Special Banking Arrangement (SBA) number in the account number boxes: (For BPI branches- (SBA#) 0011140386 ; For BPI Family Savings Bank branches – (SBA#) 7993000013)
• Write AUTO LOAN in the Account name/Merchant’s name space
• Put in your Loan Account Number in the Reference no. space
• Fill in client’s full name in the planholder’s name space

I’m interested, what do I need to prepare for initial submission?

First thing is that you need to secure a duly accomplished BPI Auto Loan application form. If you’re an employee, submit it together with your Certificate of Employment (CoE) with salary and ITR. If you’re, self-employed, partnerships or corporations, we would need copies of your business registration papers, articles of incorporation (if applicable), ITR and latest financial statements, a list of trade references including addresses and contact numbers.

What are you waiting for? This may be the chance in getting your dream car for you and your family. Contact BPI now at their hotline: 89-100 or email them at [email protected]