Down payment will be held in client's account instead
Up to 100% of Net Selling Price
Held deposit will continue to grow interest
You can now own your dream car without shelling out a huge amount of money and can keep it in your deposit account. Below is a sample comparison between Regular BPI Auto Loan vs Zero Cash-Out:
Sample Amortization (Regular Auto Loan vs. Zero Cash Out)
SRP: Php 1,250,000
|Specifics||Regular Auto Loan||Cash-out|
|Loan Term||60 Months||60 Months|
|Loan Amount||Php 1,000,000||Php 1,250,000|
|Down Payment||Php 200,000*||0**|
*20% of the vehicle's selling price
**The bank will hold 20% of the vehicle's selling price from the client's deposit account and will serve as the downpayment
Terms and Conditions
1. Zero Cash Out is available to individual applicants who want to avail a brand new passenger car.
2. The maximum loan term is 5 years.
3. The minimum loan amount is Php 500,000.
4. The bank will hold 20% of the vehicle's selling price from the client's deposit account and will serve as the downpayment.
5. Account of the client must be either Savings Account, Current Account or Time Deposits.
How to apply
1. Go to any BPI branch.
2. Completely fill out the application form.
3. Submit the requirements. Your application will be reviewed and processed.
4. If your application is approved, you will receive an SMS notification and will be asked to visit the branch or a Loans Business Center.
5. Sign the loan documents.
1. Completely fill out our Auto Loan online application form.
2. Submit the requirements. Your application will be reviewed and processed.
3. If your application is approved, you will receive an SMS notification and will be asked to visit the branch or a Loans Business Center.
4. Sign the loan documents.
Regular Auto Loan vs. Zero Cash Out
|Specifics||Regular Auto Loan||Zero Cash Out|
|Amount of monthly Payment/ Amortization||Fixed equal monthly payments for the duration of the loan term. No annual price increase||Fixed equal monthly payments. Amount financed is equal to the vehicle's net selling price|
|Product Benefit||Budget your monthly expenses ahead of time and set aside the same fixed amount from start to end of your loan term||No initial cash out on downpayment. The amount will instead be held in your account and continue to grow interest|
|Type of Vehicle to Purchase||Brand New or Pre-Owned|
Can be used to purchase Big Bikes or Trucks
|Term of Duration of Loan||Can opt for short or long term such as 1,2,3,4 or 5 years||5 years|
|Motor Insurance||Outright Payment before loan availment. Insurance premium for succeeding years are paid in lump sum every year||Outright Payment before loan availment. Insurance premium for succeeding years are paid in lump sum every year|
|Initial Cash Out||Standard cash-out for Insurance Premium and Chattel Mortgage||Zero cash out on downpayment|
|Price||Same as published interest rate|
Multiyear Protect Payment Solution
The first of its kind Auto Loan Solution in the market, designed to give you premium and all-in-one services by covering your financing needs and car security, from start to finish.learn more