BDO Unibank, Inc. or BDO as popularly known, is a leading banking company in the Philippines with a strong network of over 875 branches in the country and over 30 international offices across North America, Europe and the Asian region. Since its inception in 1968, the group has strengthened itself across domains by means of M&A to fuel expansion. The bank continues to lead the bandwagon by being the largest banking organization in the country in terms of market capitalization and other prominent indices.
You’re probably eligible for an BDO Bank Car Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your BDO Bank Car Loan amount eligibility is based on these factors
Minimum income required
P50,000 per month
Loan capped @
80% Vehicle Purchase Value
EMIs of other loans lower
Increase your eligibility for Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for an BDO Car Loan
- 1.Duly filled auto loan application form
- 2. Copies of the last 6 months’ bank statements or deposit passbooks
- 3.Documentation for salaried applicants:
- Documents of income proof (Payslips, reference letter from the current employer with remuneration details, latest income tax papers)
- 4. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Photocopy of latest ITR with BIR/Bank Stamp.
- Copy of Audited Financial Statements of the past year
BDO Car Loan DetailsUpdated on 24 Oct 2016
|Margin of Finance||Up to 80%|
Overview of BDO Car Loan
BDO Auto Loans are one of the most competitive car loan products in the Philippines with pleasing features and benefits. If you’re looking to finance your car purchase that does not go heavy on your monthly budget, a loan from BDO Unibank is something you must consider. The bank extends an all inclusive loan which not only covers the basic price, but also registration, insurance and other ancillary costs.
A unique feature of the BDO Auto Loan that makes it stand out from the crowd is the reward points program. One can earn points and redeem them for exciting goodies and freebies.
Why Choose BDO Car Loan?
There are plenty of reasons why you must be looking at BDO to finance your car purchase. The bank offers finance for both new and used cars of your choice with no restrictions on the brand or the type of car. The loan term(Tenor of the loan) offered makes it one of the best in class and extends flexibility to the customers to choose a term of their choice depending on their repayment capacity.
Since an Auto Loan is a long term commitment, after sales service plays an important role in defining the overall experience. Know for its customer centric service, one can look forward to a pleasant experience since BDO provides real time details of the car loan accessible online, over the phone or at any of the branches in the vast network. The quantum of financing also makes BDO Car Loan, one of the most attractive offers in this segment.
Features and Benefits of BDO Car Loan
High Quantum of Financing
One of the most crucial determinants that you should be looking for in an Auto Loan is the extent to which it can finance the costs of owning a car. BDO Unibank provides financing of up to 80 percent of the vehicle purchase price for new cars and up to 70 percent for preowned cars. This implies lesser burden on your wallet. Therefore, if you’re looking for a loan that provides maximum financing, you must consider an Auto Loan from BDO.
Flexible Payment Terms
One can get up to 6 years to pay the loan in monthly installments for new cars and up to years for procuring pre owned units. The min. loan term is 1 year. Such flexible term options ensures that you not only get sufficient time to payback, but also flexibility to select a term that suits the budget. If you’re looking at a lighter EMI, increasing your share in the min. down payment component helps.
Fast Loan Processing
The process of waiting for car loan approval can be quite cumbersome. With BDO, they make a decision on the application within 24 hours from the time of applying so that you get a concrete update on the status. No longer waiting for days or even weeks. The bank disburses loans quickly to match your expectations.
Attractive Interest Rates
Car loan by BDO come with competitive interest rates at around 10.43 percent(Effective Interest Rate) for new cars. The rates fluctuates based on the term chosen.
“All Inclusive” Financing
Some banks cover only the vehicle purchase price under the ambit of the loan amount. At the onset, there are significant costs associated such as insurance and registration charges. With the BDO Car Loan, you can opt to include additional costs such as Chattel Mortgage Fees, Car insurance Premium(1st year) and 3-year LTO registration, making it an all inclusive loan instrument that goes soft on your budget.
Access to Promos and Rewards
This loan product goes an extra mile by offering reward points on the basis of the loan agreement. Accumulated points can be redeemed for items of your choice at the SM Department stores. Ongoing promos such as the BDO Deals on Wheels offers free gas for your new car when you make an application at kiosks set up at 14 prominent malls nationwide.
Loan Coverage for All Types of Vehicles
Brand new cars that includes vans, passenger cars and SUVs are financed by BDO along with second hand cars that do not exceed six years(from the time of registration) upon loan maturity. This loan also covers new and used imported cars.
BDO Auto Loan Rates
The interest rate is determined by taking into account, multiple factors such as the type of car, loan term, ongoing offer etc. Before making an application, contact the dedicated phone line or visit the nearest branch or kiosk to get details on the interest rate slabs.
Based on the income and credit history, one can be eligible for low rate of interest on BDO Car loan by means of negotiation. Also check with the dealership for exclusive offers on specific makes.
Eligibility Criteria for BDO Car Loan
To qualify for a car loan from BDO, the following requirements have to be met. One can use this as a checklist to self assess eligibility.
- Must be a Filipino citizen. Foreign workers are eligible to apply, provided they are residing in Philippines for at least 2 years.
- The loan applicant should be at least 21 years and not older than 65 at the end of loan term.
- The minimum gross family income should be P50,000 per month.
- Self employed individuals should have at least two years of profitable years of operation.
- Self employed and Salaried applicants with a stable source of income are welcome to apply with the following conditions.
- At Least 2 years of employment with the current company if employed locally.
- For Filipinos working abroad, 2 years of consecutive contract for skilled workers is required. For household workers, 3 years of consecutive contract is mandatory.
BDO Car Loan Requirements
Before applying for a BDO Auto Loan to finance your car, refer to the checklist below to understand the nature of documentation and paperwork.
|Income Proof for Applicants employed locally||
|Income Proof for Self Employed applicants||
|Income Proof for Filipinos working abroad||
The documents can be submitted at designated BDO branches.
BDO Car Loan Promo
Run Time – This offer is valid until July 15, 2016.
Particulars – Receive free gas for up to P20,000 when you apply for a car loan from BDO.
- Free gas worth:
- P3,000 will be given to applicants who take a loan between P500,000 and P999,999.
- P6,000 will be given to applicants who take a loan between P1,000,000 and P1,499,999.
- P9,000 will be given to applicants who take a loan between P1,500,000 and P1,999,999.
- P15,000 will be given to applicants who take a loan between P2,000,000 and P2,999,999.
- P20,000 will be given to applicants who take a loan of P3,000,000 and above.
Fine Print (Terms and Conditions):
- The offer can be availed only if the auto loan is approved and booked before September 15, 2016.
- Borrowers have to claim their free gas cards within 60 days, starting from the date the loan was booked or by November 15, 2016.
How to Calculate Loan Repayment for BDO Auto Loan?
As an educated and well informed aspirant, it's paramount to look out for tools and resources that aid your quest to get the best car loan. You don’t want to feel trapped in the long term commitment or regret for not having chosen the best terms. One of the most useful tools available online that helps you in this regard is the BDO Auto Loan Calculator. This easy to use tool helps you to get a better picture of the financial involved in the car loan. Use this calculator to determine the EMI amount along with other details you should know, such as the amortization and a breakup of various charges like interest.
Before you start using this tool, keep handy information such as the term of loan, rate of interest, loan amount and processing fee in percentage(If applicable).
FAQ's for BDO Auto Loan
- What are the various payment options available for repayment of BDO Car Loan?
- I am an existing BDO Auto Loan customer and wish to change my mailing address since I moved out from the address on records. Please advise.
- Is a Motor Insurance Mandatory for formally receiving the car from the dealership after availing a loan from BDO?
- I have applied for a BDO Car Loan. Where am I required to submit the relevant documents?
- What is the minimum loan amount one needs to avail under this loan scheme?
You can pay your monthly EMIs either by means of an ADA(Automatic Debit Arrangement) or via BDO remit option for remittances from a foreign location. The most recommended payment option will be the ADA where payments are automatically debited from your bank account on or before the due date without any action from you.
You can call the dedicated customer service line on 631-8000 or 1-800-10-6318000 to make a request for change of address. Alternatively, you can also email them - email@example.com to make a formal request.
As per the law, a motor insurance is mandatory before the dealership hands over the car. You can either choose a motor insurance cover from BDO or look out for a policy outside. Since BDO offers all inclusive financing, the premium paid is also covered under the loan ambit if the policy is availed from an accredited company. A list of insurers falling in the approved category can be found on the website of BDO Unibank.
All paperwork needs to be submitted at designated BDO branches nationwide. The representative will appraise you further on the procedure.
The minimum loan amount is P100,000, one of the lowest in the market.
Other Products from BDO