Buying a car is an experience within itself since it is accomplished after months or perhaps years of contemplation and planning. For most of us, owning one is a dream come true as it intends to ease daily conveyance and makes touring a delightful experience. The ownership needn't always come by means of procuring a brand new car. With a vibrant market for pre-owned or second hand cards, it can be a lot more affordable. It makes sense to settle for a second hand car due to multiple reasons as listed below.
- The “Affordability” factor plays a huge role. We may not be financially ready for a new car yet.
- If you’re in still learning to drive, a pre-owned car is highly recommended.
- If the requirement is a high end model or make, a used car will do the trick.
There are plenty of other reasons why you would want to go for a used car. If you’re concerned about the financials, major banks and financial institutions in the Philippines offer loans for purchase of second hand cars. Leading the pack is Maybank Philippines which offers finance for used and new cars.
Features & Benefits of Maybank Used Car Loan
Low Down Payment Option
The bank offers loan to purchase the second hand car for a down payment of just 30%, which implies lesser financial burden on you. Maybank will finance up to 70% of the selling price of the car, determined on the basis of your eligibility.
Large Repayment Tenor
You can choose a flexible repayment term as per your convenience. The bank offers 48 months or up to 4 years to repay the borrowed amount in monthly installments. Choose between 12,18, 24, 36 or 48 months as the term.
Up to 10 Years Cap on the Vehicle Age
One of the few banks which offers financing for pre-owned cars of up 10 years. Generally, the cap on the age of the vehicle is around 4-5 years. Here, its double of the standard offering. This benefit helps those looking to procure their favorite model or make, currently out of production.
Minimal Processing Time
Maybank offers one of the best turn around time for processing car loan requests. The TAT quoted for loan decision is just under 3 days. No more waiting for days in anticipation for the approval.
Affordable Interest Rates
Loans for used cars starts at just 1.0997% per month, making it a loan that goes soft on your wallet. Lower the tenor, lesser the interest charges you pay.
Wide Channels to Access Customer Service
Maybank has 80 branches spread across the length and breadth of the country to help you get easy access to loans and other retail products. Plus, the bank is also contactable on dedicated customer service phone line and via interactive tools such as online banking to monitor and manage your loan account.
Eligibility Criteria for Maybank Used Car Loan
- The applicant should be at least 25 years old with an upper cap of 60 years on the age.
- There should be no adverse credit records such as defaulting credit in the past.
- Should own a residence in the Philippines.
- If salaried, the employment must be on permanent basis for at least 2 years.
- If doing business, the business should be in operations and profitable for at least 3 years.
The requirements are pretty simple and straightforward just like the eligibility criteria. The points below will give you insights into the requirements and help you prepare for the loan in advance of you’re applying.
- Duly filled and signed application form.
- 2 valid IDs issued by a government agency. IDs of both borrower and spouse is required.
- Latest ITR (Income Tax Return).
- If employed, compensation certificate containing details of the income must be included.
- Registration Certificate issued by SEC, Articles of incorporation & By-Laws for partnerships and corporations, DTI Registration Certificate if single proprietorship and other applicable business papers on case to case basis.
- If self employed, last three months’ bank statements should be furnished.
- Corporate borrowers should provide latest Audited Financial Statements.
- LTO Registration copy and other related documents such as car history verification should also be provided.