Auto Loan
- Overview
- Promo
- Application Requirements
- FAQs
- Loan Calculator
- Useful Links
- Auto Finder
- Loan Client Request
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 |
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. Driver’s License, Passport, Tax Identification Number (TIN) ID, Social Security System (SSS) ID, Government Service and Insurance (GSIS) eCard)
- For Foreigners, Alien Certificate of Registration with Work Permit
Income Documents:
| Locally Employed | Self-Employed | Employed Abroad |
|
Any of the following:
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Any of the following:
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Step 3: Submit Your Application Form and Requirements
Submit through any of the following channels:
- Apply Online
- BDO Loans Center
- More than 1,000 BDO Branches Nationwide
TOOLS TO HELP YOU
Auto Loan Calculator
Compute for a loan package that suits your budget.
Auto Finder
Check the latest car models and compare them.
Check pre-owned car models and compare them.
Click here.
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. Driver’s License, Passport, Tax Identification Number (TIN) ID, Social Security System (SSS) ID, Government Service and Insurance (GSIS) eCard)
- For Foreigners, Alien Certificate of Registration with Work Permit
Income Documents:
| Locally Employed | Self-Employed | Employed Abroad |
|
Any of the following:
|
|
Any of the following:
|
Step 3: Submit Your Application Form and Requirements
Submit through any of the following channels:
- Apply Online
- BDO Loans Center
- More than 1,000 BDO Branches Nationwide
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 be 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. |
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.
OTHER AUTO LOAN CONCERNS
How will I get a copy of my documents in relation to my Auto Loan?
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.
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.
Click here to check latest car models and compare them
Click here to check pre-owned car models and compare them
