• Car Loans for Overseas Filipino Workers (OFW)

    One of the most commonly asked queries is from Filipinos living and working abroad, who want to enquire about procuring loans within the Philippines. They are usually not aware of all the banks and financial institutions that cater to the same and since they are overseas, their means of communicating with these banks is also slightly hindered. More than $24 billion worth of remittances have been sent by them during the course of the previous year hence it is not very difficult for them to find financing for cars. Since there is no formal agency or set up that caters exclusively to overseas Filipino workers, the information given below will shed some light on the banks and financial institutions that would provide Filipinos with car loans.

    Owning a car is a significant achievement in anyone’s life and the swankier the car, the better it is. However most cannot afford to pay for their car in one lump sum amount and therefore opt for car loans. Other car financing options include hire purchase, personal contract hire and personal contract purchase, but personal car loans are the most preferred option. This is because customers have immediate ownership of the car and the financing provided is also adequate. The rate of interest charged is dependent on the loan repayment capacity of the borrower and also the amount of finance required.

    The list of banks given below can be contacted by overseas Filipino workers to avail car loans from -

    • BDO Unibank
    • The BDO Unibank provides car loans to overseas Filipino workers via its Asenso Kabayan Program. In order to be eligible to procure loans from BDO, customers need to be between the ages of 25 to 65 years (upon loan maturity) and should be in employment for a minimum of 2 years overseas for skilled workers and for a minimum of 3 years for domestic helpers. In addition to this, they must also earn at least P50,000 every month to procure car loans. Customers can submit their application to the link given on the website. A minimum initial deposit of P100 for an account in peso and $100 for an account in dollars must be provided by the customer to qualify for the loan.

    • BPI - Bank of the Philippine Islands
    • BPI provides car loans to Filipinos who have been working abroad for a minimum period of 2 years and earning at least P30,000 every month. Customers need to be between the ages of 21 years to 60 years (upon loan maturity). Apart from this, customers must also physically be present at BPI to sign the approved loan documents. Customers can apply for car loans by visiting the BPI website.

    • EastWest Bank
    • Customers can avail car loans from EastWest bank if they are between 21 years and 65 years old upon maturity of the loan and if they earn a minimum monthly income of P40,000. Customers can apply for loans online and also submit the necessary documents online.

    • PNB or Philippine National Bank
    • Filipinos working in either Saudi Arabia or Hong Kong can procure car loans through the PNB Global Filipino Auto program. In order to avail this, customers must be between 21 years and 60 years of age upon maturity of the loan and must have worked overseas for the last two years. Customers can visit the PNB website for additional details.

    • Philippine Savings Bank /PSBank
    • Filipinos working overseas can purchase cars through Philippine Savings Bank’s ‘Drive Your Car’ program. Customers must be between the ages of 21 to 65 years of age upon loan maturity and should have worked for a minimum of 2 years. Further information can be sought by visiting the PSBank website.

    • Security Bank
    • Auto loans are offered by Security Bank to Filipinos who have worked overseas for a minimum of 2 years and are between the ages of 21 to 65 upon maturity of loan. Customers who want to purchase brand new cars must have a minimum income of P40,000 per month and for those looking to buy used cars should have a minimum monthly income of 20,000. Users can apply for the loan through the Security Bank website and upload the necessary documents online itself.

    Bank offering car loans for overseas Filipino workers -

    Lender Amount Term
    Security Bank A maximum of 80% of the purchase price 1 to 5 years
    EastWest Bank A minimum amount of P200,000 1 to 5 years

    For new vehicles - a minimum amount of P100,000 up to 80% of the price of purchase

    For used vehicles - 70% of the assessed value

    New vehicles - 1 to 6 years

    Used vehicles - 1 to 4 years

    PSBank A minimum amount of P100,000 1 to 5 years
    PNB (for all Filipino workers in Saudi Arabia or Hong Kong) A minimum amount of P400,000 up to 80% of the price of purchase for new vehicles A maximum of 5 years
    BPI A minimum amount of P200,000 Based on the kind of vehicle -

    1 to 6 years

    Tips for Overseas Filipino Workers while availing Car loans

    • The first and foremost step that customers must take before procuring loans from Philippines is to ensure that the financial institution and banks that customers procure loans from are legitimate and are reputed. The banks given above are some of the options that customers can choose from.
    • Overseas Filipino workers must also ensure that there is a person - a relative or a friend within the Philippines who can be contacted by the bank in case of any queries or issues. Additionally customers can also grant power of attorney to someone they trust who can take care of loan related requirements in their absence.
    • Nowadays most transactions happen online, whether it is applying for a loan or uploading documents. Customers need to ensure that the banks they would want to procure loans from, have the option of internet banking as certain banks require customers to be physically present in order to avail the loan.

    Filipinos can now avail car loans at economic prices and convenient tenures from the above banks and purchase their dream cars.

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