BDO Auto loan
Apply for a BDO Auto Loan to help you achieve your dream car whether brand new or pre-owned cars with flexible payment terms. Fast car loan processing and guaranteed low rates. All in financing is also available, plus you can earn BDO reward points.
Product Overview
| Product Name: | BDO Auto loan |
| Remarks: | Apply now for a BDO Auto Loan |
| Minimum Amount of Loan: | PHP100,000.00 |
| Maximum Amount of Loan: | PHP3,000,000.00 |
| Minimum Loan Tenure: | 3 years |
| Maximum Loan Tenure: | 5 years |
| Early Repayment: | |
| Vehicle Insurance Included | No |
| Accepts Third Party Vehicle Insurance: | No |
| Accepts Third Party Credit Insurance: | No |
| Does Not Require Credit Insurance: | No |
| Payment Options: | You can pay either through Automatic Debit Arrangement (ADA), Post Dated Checks, or Over the counter at any BDO Branches |
| Application Approval Time: | As fast as 1 day processing |
Interest Rates Offered
| Interest for | Fixed Period Interest Rate Per Year: | Effective Interest Rate Fixed Period: |
|---|---|---|
| Interest rate for 3 years | 10.69% | |
| Interest rate for 4 years | 10.78% | |
| Interest rate for 5 years | 10.93% |
Vehicle Types and Loan Purpose
| Eligible Vehicle Types: | Sedan Asian Utility Vehicle Sports Utility vehicle Van Light Commercial Vehicle |
| Vehicle Loan Proceeds Can Be Used For: | Purchase of Brand New Car Refinancing Use Owned Vehicle as Collateral for Loan Reimbursement of Purchased Car |
Eligibility and Requirements
| Age Range of Borrower: | 21-70 years |
| Minimum Annual Income: | PHP600,000.00 |
| Income Requirement Remarks: | Minimum gross monthly income required PHP50,000.00 per month |
| Employment Work Status | Employed - Private Sector for 2 years Employed - Government for 2 years Self - Employed for 2 years Professional for 2 years Employed - BPO for 2 years Employed - OFW/Seafarer for 2 years |
| Applicant Must Have A Landline Phone at Home or Office: | No |
| Need to Open Linked Bank Account: | No |
| Guarantor Requirements: | |
| Collateral Requirements: |
FAQs
What are the general requirements needed for BDO auto loan application?
- Applicant must be 21-70 years old (not exceeding 70 years old upon loan maturity), Filipino or Foreign based Filipino, with gross family income of PHP 50,000.00, Employed/Self-employed for at least 2 years, with good credit standing. Filipinos, or former Filipinos with or without dual citizenship, or Filipinos married to foreigners, or Foreign-based Filipinos/OFW and their beneficiaries. At least 2 years continuous employment abroad.
Note: In case the remitter is not in the country at the time of application, the beneficiary will act as the borrower. The beneficiary must be living or working within BDO serviceable area.
What are the required documents to apply for BDO car loan?
- Fully accomplished and signed application form
- Income Documents
If locally employed:
- Latest Income Tax Return or BIR Form 2316 or latest payslip
- Certificate of Employment with compensation details
- Additional for Foreigners, current employment contract
If self-employed or owns a business:
- Photocopy of Certificate of Business Registration
- Latest Audited Financial Statements for the last 2 years with latest ITR
- Proof of other income if available
- Latest 3 months bank statements
Corporation and Partnership:
- Complete corporate papers (SEC Certificate of Registration, Articles of Incorporation, By-laws)
- Secretary’s Certificate / Partnership Resolution (using BDO format)
- Latest Audited FS for the last 2 years with latest ITR
- Additional covenant form for signature
Others:
- PDCs/ADA Instruction if mode of payment is Debit to Account
- Chattel Mortgage Fees
- Insurance Policy with OR of Premium Payment
OFW:
- Proof of Remittance for the last 3 months
- Latest Crew Contract, if sea based
- Consularized Certificate of Employment with Income (COEI) or latest three (3) months payslips
What is the minimum loan amount and required down payment for BDO auto loan application? Is there a minimum loan term?
Brand New Car:
- Minimum starts at PHP 100,000.00
- Up to 80% of vehicle selling price
- Minimum down payment is 20% of vehicle selling price
- Tenure: Minimum of 12 months, maximum of 72 months
Used Car:
- Minimum down payment is 30% of vehicle's appraised value
- Tenure: Minimum of 12 months, maximum of 48 months
What is the minimum salary required to apply for BDO car loan?
- Applicant must have a gross family income of PHP 50,000.00. For OFWs, applicant must have a gross family income of PHP 50,000.00 or its US dollar equivalent.
