Loans | Drive your Dream Auto Loan | Frequently Asked Questions

Frequently Asked Questions:


:: What can I purchase with BPI Family Savings Bank's Drive your Dream Auto Loan? What is the maximum loan amount? What are the terms?


:: Am I eligible to get a Drive your Dream Auto Loan?


:: What do I need to submit when I apply for a Drive your Dream Auto Loan?


:: Why should I get a Drive Your Dream Auto Loan when all auto loans are basically the same?


:: What is 12-months installment insurance?


:: What does One Stop Loan Shop mean?


:: Can I get a loan using a vehicle I already own as a collateral?


:: Once I am granted a loan how do I pay for it?


:: Is the Drive your Dream Auto Loan available only in Metro Manila?




1. What can I purchase with BPI Family Savings Bank's Drive your Dream Auto Loan? What is the maximum loan amount? What are the terms?



Your Loan Package options are:



UNIT TYPE
DOWN PAYMENT
TERMS*

Brand New Vehicle
As low as 20%
1-6 years

Second Hand Unit
As low as 30%
1-5 years

Brand New Truck
As low as 30%
1-3 years





* subject to credit approval


2. Am I eligible to get a Drive your Dream Auto Loan?



YES, if you are between 21 to 65 years old with a total monthly family income of at least P30,000.


3. What do I need to submit when I apply for a Drive your Dream Auto Loan?



If you are employed, we'll need a copy of your Certificate of Employment with Compensation or ITR, together with your completely filled-out application form.



If you are self-employed, we would need copies of your business registration papers, articles of incorporation (if applicable), latest financial statements, a list of trade references including addresses and contact numbers, and your completely filled-out application form.


4. Why should I get a Drive your Dream Auto Loan when all auto loans are basically the same?





The BPI Family Savings Bank Drive Your Dream Auto Loan is the superior auto loan. It gives you:





• The Lowest Payment Package


» Low, low Interest Rates


» Downpayment as low as 20%


» Longest repayment scheme – up to 6 years!


» With option to pay auto insurance premium in 12 monthly installments or amortized over the term of the loan


» Free Petron-BPI MasterCard*

• Superior Convenient Service through our One Stop Loan Shop

• Fast Credit Processing




*Terms and conditions apply


5. What is 12-months installment insurance?



With BPI Family Savings Bank Drive Your Dream Auto Loan, you don't need to shell out cash for your car insurance! Your annual insurance premiums can be paid in 12 monthly installments via automatic debit from your deposit account.

Option to renew insurance cover ones the term of loan with premium payable in 12 monthly installments is likewise available.


6. What does One Stop Loan Shop mean?



One Stop Loan Shop is our commitment to superior customer service. BPI Family Savings Bank will assist you from sourcing the vehicle from the dealer, processing all the requirements, up to having your car delivered-right at your doorstep!


7. Can I get a loan using a vehicle I already own as a collateral?



YES, we can give you a cash loan up to 70% of the appraised value of your existing car. The term of the loan is subject to the age of your existing vehicle as shown in the table below:



Age of the Vehicle
Tenor

1 year old or less
Maximum of 60 months

2 years old
Maximum of 48 months

3 years old
Maximum of 36 months

4 years old
Maximum of 24 months

5 years old
Maximum of 12 months


8. Once I am granted a loan how do I pay for it?




There are 5 convenient ways to pay your Drive your Dream Auto Loan:




a. Auto Debit - Automatic deduction from your elected BPI or BPI Family Savings Bank savings or checking account on your due date.




b. Express Phone – Just enroll your loan account number in the Express Phone and experience banking convenience right at your fingertips.




c. Express Payment through the ATM – Visit any of our ATMs in any BPI or BPI Family Savings Bank branch in malls and in selected areas.




d. Via the Internet through BPI Express Online – Log on to www.bpiexpressonline.com and start paying your bills anytime…anywhere!




e. Over-the-counter Payment - Pay through any of our BPI and BPI Family Savings Bank branches nationwide.


9. Is the Drive your Dream Auto Loan available only in Metro Manila?




NO, you can avail of the Drive your Dream Auto Loan in:




a. All BPI and BPI Family Savings Bank branches nationwide.




b. All BPI Express Banking Centers and Transport Branches.




c. All Business Centers located in the key cities in the country.