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Auto Loan

Overview

WHAT WE OFFER

Financing for your car purchase

Apply for a BDO Auto Loan to finance your brand new or pre-owned car whether for personal or business use.

 

Affordable Cash-out

For a lighter initial payment, you choose any of the following:

  • Low Downpayment, an option to maximize loan amount.
  • All In Financing, a financing option inclusive of Chattel Mortgage Fees and First Year Motor Insurance Premium.
  • Multi Year Motor Insurance Coverage, a discounted package where the insurance premium covering the entire term of the loan can form part of the amount to be financed.

 

More

Low Rates
Avail of our competitive rates and get loan approval within 24 hours.

Flexible Repayment Terms
To make monthly payments more manageable, select a loan term that works best for you. For a lower monthly amortization, you may opt to maximize the loan term

  Brand New Pre-Owned
Personal Use Business Use Personal Use Business Use
Max. Loan Term 5 years 3 years 4 years 2 years

Rewards Points via BDO Rewards

Earn BDO Rewards points which can be redeemed at SM and its retail partners.

 

 

 

HOW TO APPLY

Step 1: Check Your Qualifications

  • At least 21 years old but not exceeding 70 years old at the end of the loan term
  • Filipino citizen or foreigners residing in the Philippines for at least 2 years
  • Minimum gross family income of P50,000/month
  • With stable source of income from employment or business
Locally Employed Self-Employed Employed Abroad

at least 2 years with current company

at least 2 consecutive profitable years of operation 2-3 years employment

 

Step 2: Prepare The Documents

Basic Document

  • Completely filled out application form

Identification Documents

  • Photocopy of one (1) valid ID matching application details (e.g. Passport, Driver’s License, SSS, PRC, OWWA ID, OFW ID, Seaman’s Book)
  • For Foreigners, Alien Certificate of Registration with Work Permit

 

Income Documents:

Locally Employed Self-Employed Employed Abroad

Any of the following:

  • Latest Income Tax Return or BIR Form 2316 or latest payslip
  • Certificate of Employment with Salary
  • Additional for Foreigners, current employment contract
  • Photocopy of Audited FinancialStatements for the last 2 years with latest ITR
  • Bank Statements or Photocopy of Passbook for the last 3 months
  • Certificate of Business Registration

Any of the following:

  • 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

 

Step 3: Submit Your Application Form and Requirements

Submit through any of the following channels:

Click here for the printable version of the complete list of requirements.

 

 

TOOLS TO HELP YOU

Auto Loan Calculators

Compute for a loan package that suits your budget using the Auto Loan Calculators.

Know your Monthly Amortization based on your monthly income.

Know your Maximum Loanable Amount Based on a Range of Downpayment Options.

 

Auto Finder

Check the latest car models and compare them.

Check pre-owned car models and compare them.

 

Application Requirements

Step 1: Check Your Qualifications

  • At least 21 years old but not exceeding 70 years old at the end of the loan term
  • Filipino citizen or foreigners residing in the Philippines for at least 2 years
  • Minimum gross family income of P50,000/month
  • With stable source of income from employment or business
Locally Employed Self-Employed Employed Abroad

at least 2 years with current company

at least 2 consecutive profitable years of operation 2-3 years employment

 

Step 2: Prepare The Documents

Basic Document

  • Completely filled out application form

Identification Documents

  • Photocopy of one (1) valid ID matching application details (e.g. Passport, Driver’s License, SSS, PRC, OWWA ID, OFW ID, Seaman’s Book)
  • For Foreigners, Alien Certificate of Registration with Work Permit

Income Documents:

Locally Employed Self-Employed Employed Abroad

Any of the following:

  • Latest Income Tax Return or BIR Form 2316 or latest payslip
  • Certificate of Employment with Salary
  • Additional for Foreigners, current employment contract
  • Photocopy of Audited Financial Statements for the last 2 years with latest ITR
  • Bank Statements or Photocopy of Passbook for the last 3 months
  • Certificate of Business Registration

Any of the following:

  • 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

 

Step 3: Submit Your Application Form and Requirements

Submit through any of the following channels:

Click here for the printable version of the complete list of requirements.

 

FAQs

APPLYING FOR AN AUTO LOAN

 

What are the available car financing options?

BDO Auto Loan offers financing for the following purpose:

● Purchase of Brand New units for Personal or Business
   use

Types: Passenger cars, Asian Utility Vehicles
   (AUVs), Vans, Sports Utility Vehicles (SUVs),
   Light Commercial Vehicles (LCVs)

● Reimbursement of Brand New units for Personal or
   Business use:

Vehicles should not be more than one (1) month
   old from delivery date of dealer to the owner,
   and with a mileage of less than 2,500 kilometers

● Purchase of Pre-owned vehicles

Passenger cars, AUVs, Vans, SUVs, LCVs

Age of vehicle must not exceed six (6) years upon
   loan maturity.

I am working abroad. How can I apply for an Auto Loan?

You may send your application through this website. Click here to proceed to our application form, and our Account Officer will contact you.
 

In case your spouse is based in the Philippines, he/she can be the principal borrower. By having the principal borrower here in the Philippines, signing of loan documents and submission of necessary requirements can be faster. To make the process easier, he/she can apply for an Auto Loan and submit an accomplished Affidavit of Marital Consent* together with the application form.
 

* The Affidavit of Marital Consent is a document signed by the spouse living in the Philippines (1) to enter into a loan application with BDO and (2) to sign the loan documents in his / her spouse’s behalf. The document must be notarized, and will be submitted to the Account Officer upon loan approval.

What are the loan-related fees that I need to prepare for in relation to my Auto Loan?

Before loan release, the following are fees that you have to prepare for:

● Chattel Mortgage Fees (CMF) – actual fee is computed
   versus your loan amount. This is approximately 2-3% of
   your loan amount.

● Motor Insurance Premium – this is also computed in
   consideration of your vehicle type and purchase price.

● Comprehensive Third Party Liability (TPL) Insurance -
   approximately P700 for one year.

 

MAINTAINING MY AUTO LOAN

 

How can I pay for my monthly amortization?

Payment for your loan will be settled in equal monthly installments of (1) your principal loan amount and (2) the interest incurred. This will be spread across your loan term.

You may pay for your monthly amortization via the following:

● Automatic Debit Arrangement (ADA) – your monthly
   amortization will automatically be deducted from your
   enrolled BDO Account every due date.

● Post-Dated Checks (PDC) – you will issue PDCs payable
   to Banco De Oro Unibank, Inc. to cover your monthly
   amortization.

 

If you are living abroad, you may want to consider these options:

● Pay via Remittance to your BDO Account:

◾ Visit any BDO Remit Office or accredited
    remittance partner abroad.

◾ Fill out the form and request crediting of
    remittance to the BDO Account assigned under
    ADA
    and indicate the following details:

◾ Account Name

◾ BDO Account Number

◾ Monthly Amortization is deducted from the BDO
    Account every due date.

● Pay via Telegraphic Transfer thru SWIFT Code:

◾ Go to any BDO’s Correspondent Banks in the
    country where you are in

◾ Fill out the form and indicate the necessary
    information

◾ If credited to BDO Deposit Account

◾ Beneficiary Bank (use SWIFT
    Code BNORPHMM)

◾ Beneficiary Name (should be the
    account name of the client)

◾ Beneficiary’s BDO Deposit
    Account Number

◾ Amount of Payment

◾ Purpose of Remittance, specify
    Payment for Auto Loan

◾ If Direct Payment via PN No.:

◾ Beneficiary Bank (use SWIFT
    Code BNORPHMM)

◾ Beneficiary Name (should be the
    account name of the client)

◾ Promissory Note Number (PN No.)

◾ Amount of Payment

◾ Purpose of Remittance, specify
    Payment for Auto Loan

Is a motor insurance required?

Yes. A motor insurance coverage that includes Acts of God / Acts of Nature is a post-approval requirement of your loan, and is needed before your vehicle can be released to you. Having this ensures that you are covered for any untoward incidences that might happen. The insurance is renewed annually until the end of your loan term.

How do I access my Auto Loan details online?

BDO’s Online Banking facility will enable you to access your BDO Auto Loan details online. You should have a BDO deposit account or Credit Card to enroll. To set up an account in BDO Online Banking:

  1. Enroll at www.bdo.com.ph. Click here to access the BDO Online Banking Facility.
  2. Activate via any BDO ATM
  3. Add your Auto Loan account under Enrollment Services..

Once your account is set-up, you may view your Account and Transaction Details, such as Account Number, Interest Rate, Monthly Amortization, Outstanding Balance, etc.

There is also a Services menu where you can update your contact information, request for copies of your loan documents, and others.

 

OTHER AUTO LOAN CONCERNS

 

How will I get a copy of my Loan Documents?

Your loan documents, as well as other notices in relation to your BDO Auto Loan will be sent to you electronically via email and/or SMS to the contact details that you provided during your application.

Please ensure to keep your contact information updated.

To update your contact details:

Step 1: Go to www.bdo.com.ph/loans and select Loan Services, or click here

Step 2: Choose your existing loan product and click Update Contact Information

Step 3: Fill in all mandatory contact information and click Submit.

What happens at the end of my loan term, when I finish paying my monthly amortization?

At the end of your loan term, and after paying your monthly dues, you will be notified on the availability of your collateral documents. You can already prepare the requirements and set an appointment to claim the collateral documents. To set an appointment:

 

● Go to www.bdo.com.ph/loans and select Loan Services,
   or click here

● Secure the list of requirements for collateral release:

● For Individual / Single Borrower loans, click here

● For Corporate loans, click here

● Set a schedule from the Loan Services page.

 

Useful Links

 

Looking for a pre-owned car? Click here to find vehicles for sale.

Loan Calculator

Auto Finder

 

Click here to check latest car models and compare them

Click here to check pre-owned car models and compare them

Promo

Click here.

Loan Services

Click here.