Despite rising inflation and peso-dollar exchange rates, Filipinos are taking advantage of low rates and waived fees for auto loans, resulting in a 12 percent rise in applications and bookings for such loans for BPI Family Savings Bank (BFSB).
“While sales of cars in the country have slowed down in the first half of the year, there are some Filipinos who believe that the attractive rates and discounts provided by some banks for auto loans will not last for long,” said Dennis Fronda, Head of BPI Family Auto Loans
BFSB, for its part, has launched its Auto Loans All Out Promo early this year and will only accept applications until the end of October.
“This is still a good time to avail of a car loan,” said Fronda “Clients will be able to secure and lock the rate for the whole duration of the loan, even if rates eventually increase.”
He said the bank hopes to let more people know about the benefits of the All Out Promo through its participation in the 7th Philippine International Motor Show (PIMS) from October 24 to 28 at the World Trade Center in Pasay City.
“We hope that through our participation in PIMS, many will see the wisdom of availing of promos that will make it easier to have that dream car before prices and rates rise further. Our loans will allow our clients to stretch out their funds over a long period of time while enjoying additional savings as well,” said Fronda.
Auto Loan clients get free 1st year comprehensive car insurance, free chattel mortgage fees, low monthly amortization, and a P 10,000 discount on a car’s down payment discount.
The BPI Family Auto Loan All Out promo is available to all its new and existing clients nationwide who will apply for an auto loan only until October 31, 2018, and whose loan application will be approved and booked on or before December 31, 2018. The loan amount should be within the range of P 500,000 to P 5,000,000 and the loan term should be 5 years.
The auto loan approval can be as fast as 1 day if the client would be able to submit the complete requirements along with the application form.
Mahirap mag autoloan sa BPI if OFW ka; daming hinihinging documents. Kailangan pa daw papirma sa Phil Embassy sa abroad kung saan ka nagtratrabaho, etc. which is not required from other banks.
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