APPLYING FOR AN AUTO LOAN

What are the available car financing options?

BDO Auto Loan offers financing for:

Purchase of Brand New Cars
 Reimbursement of Brand New Cars 
     ◦ Car 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 Cars
     ◦ Year model should not exceed six (6) years upon
          loan maturity

.


 

 

How can I apply for an Auto Loan if I’m working abroad?

You may send your application online. Click here to apply and our Account Officer will get in touch with you. 

You will be asked to submit 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 payslip.

What are the loan related fees that I need to prepare?

 

Chattel Mortgage Fees (CMF) CMF are loan fees inclusive of documentary stamp tax, processing and notarial fees. This is computed based on your loan amount and is approximately 2-3%. 
Comprehensive Motor Insurance Premium Computed based on vehicle type and purchase price. 
Compulsory Third Party Liability (TPL) Insurance Cost approximately Php700 for one year. 

 

Loan related fees can be paid at any BDO Branch through over the counter or via BDO Online Banking through bills payment facility. 

 

  

 

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MAINTAINING MY AUTO LOAN

What are the required car related insurance?

  ●  Comprehensive Motor Insurance Coverage – a post approval requirement when you avail of an Auto Loan. It ensures that your car is protected against damage, theft, malicious acts, liabilities caused by collision, fire, personal accident, and natural disasters. 

    BDO offers a Multi Year Motor Insurance coverage, an insurance payment scheme that offers savings on insurance premium cost and hassle free insurance coverage. This is a discounted insurance premium covering the term of the loan that can be paid upfront or be included as part of the amount to be financed. 

  ●  Compulsory Third Party Liability (CPTL) – a mandatory requirement of the Land Transportation Office (LTO) when you register your vehicle. It compensates the third party in case of an accident involving the insured car. 

How can I pay for my monthly amortization?

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

Monthly loan amortization will automatically be deducted from your enrolled BDO Account every due date via Automatic Debit Arrangement (ADA)

Note: Please ensure that your account is sufficiently funded before the due date of your monthly loan payments to avoid penalties and late payment charges. 

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

Payment via Remittance to your BDO Account:
        - Visit any BDO Remit Office or accredited
          remittance partner abroad.
        - Fill out the form, request crediting of remittance
          to a BDO Savings Account signed under ADA.


●  Pay via Telegraphic Transfer thru SWIFT Code: (in cases there are no BDO Remit office or accredited remittance partner abroad)

        - Visit any BDO’s Correspondent Bank abroad
        - Fill out the form and indicate the necessary
          information 

° If Credited to BDO 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 Name (should be the name of
       the client)
     - Promissory Note Number (PN No.)
     - Amount of Payment
     - Purpose of Remittance specify Payment for
       Auto Loan

     

How do I access my account online?

BDO Online Banking

To access BDO’s Online Banking, you should have a BDO Deposit Account or Credit Card. 

If you don't have a BDO Online Banking Account yet, sign up here.

To set up your Auto Loan Account: 

     1. Log in to your BDO Online Banking. 
     2. Go to Enrollment Services.
     3. Add your Auto Loan Account.

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. 

 

BDO Loans Quick Inquiry

     1.  Click here to check your account. 
     2.  Fill out the form with your loan account and personal
          details. 
     3.  You will receive a One-Time Password (OTP) through
          your registered mobile number to complete your log in.

 

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OTHER AUTO LOAN CONCERNS

How can I get a copy of documents in relation to my Auto Loan?

Please ensure to keep your contact information updated. 

   1. Click here to update your contact details

   2. On Update Client Information tab, choose whether you’re
       an Individual or Corporation

   3. Complete your loan details and click Submit.


To request for a copy of your loan documents, amortization schedule or full payment computation.

   1. Click here to request for documents

   2. On Document Request tab, check needed documents and
       click Request Online. 

   3. Complete your loan details and click Submit.

How will I be advised on the availability of my collateral documents?

Once your loan has been fully paid and cleared by the Bank you will be notified via SMS/Email of the availability of your collateral documents. 

To claim collateral document/s, click here to set an appointment. 

How can I request for cancellation of the encumbrance on my LTO Certificate of Registration?

  - Once you have the following original documents:
     - Release of Mortgage (ROM)
     - Promissory Note with Chattel Mortgage
     - LTO Certificate of Registration Encumbered  (CRE)
     - Official Receipt (OR)

  1. Go to the Registry of Deeds (RD) indicated in the ROM to
       have the annotation cancelled/removed. Present the following:
          ● Original notarized ROM
          ● Promissory Note with Chattel Mortgage 
  2. Bring the following to the LTO agency where your unit is
       registered as indicated on the CRE
        ● Original LTO CRE and OR
        ● ROM duly acknowledged by Registry of Deeds
        ● Mortgaged vehicle for inspection

  - After completion of the above steps, a new Certificate of
    Registration will be issued by the LTO. 

  - Please note that corresponding fees will be charged by the
    RD and LTO for this transaction.

       

     

 

 

Apply Now

Apply Online

 

For Inquiries

Provide contact details

Call BDO Customer Contact Center at (02) 8631-8000