How to Apply for BDO Car Loan – Requirements and Procedure

Is buying a car one of the items on your bucket list this year?

Why not? Nothing is impossible! And if you believe it, you can have it.

I know it’s easier said than done, but with BDO Car Loan, it’s possible to drive your dream car sooner than you can ever imagine.

Whether you’re planning to buy a brand new car or a second-hand vehicle, BDO can surely help you finance your car payment.

The first thing to ask is, are you qualified to apply for BDO Car Loan?

Qualifications of BDO Car Loan Applicants

In order to be eligible to apply for BDO Car Loan, you must meet the following qualifications.

  • 21 years old and above (but not exceeding 65 years old at the end of loan term)
  • Filipino citizen or foreigners residing in the Philippines for at least 2 years
  • Minimum gross family income of P50,000 per month
  • With Stable income from employment or business

Applicants who are employed locally must be at least 2 years with the current company.

Applicants who are employed abroad must have 2 years consecutive contract for skilled workers or 3 years consecutive contract for household workers.

Applicants who are self-employed must have at least 2 consecutive profitable years of business operation.

Requirements for BDO Car Loan Application

To apply for BDO card loan, you need to prepare the following requirements.

  • At least 1 valid ID

For Filipino Citizens – Passport, Driver’s License, SSS, PRC, OWWA ID, OFW ID, Seaman’s Book, etc.

For Foreigners – Alien Certificate of Registration with Work Permit

  • 2. Proof of Income 

a. For applicants employed locally

  • Latest Income Tax Return, or BIR Form 2316, or latest payslip
  • Certificate of Employment with Salary
  • Additional for Foreigners: current employment contract

b. For applicants employed abroad

  • Proof of Remittance (for the last 3 months)
  • Latest Crew Contract (for Seafarers)
  • Certificate of Employment with Salary, or Employment Contract (Consularized if no proof of remittance is submitted)

c. For self-employed applicants

  • Photocopy of Audited Financial Statements for the last 2 years, with latest ITR
  • Statement of Account from the Bank (or Photocopy of your Bank Passbook for the last 3 months)
  • Certificate of Business Registration
  • Proof of other income (if any)

Procedures in Applying for BDO Car Loan? 

Once you met the qualifications and you’ve secured the requirements for BDO Car Loan Application, the next step is to submit your application form either online or at the nearest BDO branch.

1. Apply Online 

To apply for BDO Car Loan online, just visit the BDO website and fill out the application form with all the required information.

2. Apply at the BDO branch

To apply at the BDO branch, just go to the BDO branch that’s nearest to you residence. Get a copy of the BDO Auto Loan Application Form and fill it out with all the required info.

To save time, you can download the form here: BDO Auto Loan Application Form and fill it out before you go to the branch. When you’re at the branch, just submit your application form and requirements.

Depending on your qualifications and requirements, your BDO Car Loan application will be approved or disapproved within 24 hours to a few days. You may ask the bank officer for the TAT or turn around time.

bdo-auto-loan

Advantages of Applying for BDO Car Loan

When your application for a car loan with BDO is approved, it will help you buy your dream car in no time.

Another advantage of BDO Car Loan is its Flexible Payment Terms. The minimum down payment for a brand new car is only 20% and for a pre-owned or used car is 30%.

If you want to have a lighter monthly amortization, you can increase your initial cash out or down payment. To get an estimate of your loan package, you can use the BDO Auto Loan Calculator.

The minimum amount of the loan starts at P100,000 and the loan terms are from 12 months to 48 months or 72 months depending on the car that you will buy.

BDO’s loan processing is fast and you can have your car loan approved in as fast as 24 hours. The loan interest rates with BDO are also at par or even lower than its competitors.

If approved, how do I pay my BDO Car Loan? 

BDO offers different payment options for car loan amortization.

1. You can pay through Automatic Debit Arrangement (ADA) from your BDO account

You need to advise your Account Officer and fill out the ADA Form if you want to pay your auto loan monthly amortization via ADA. Your succeeding amortizations will be debited from your BDO Savings or Checking Account.

2. You can pay by issuing Post-dated Checks (PDCs)

3. For borrowers working or residing abroad, you can pay your BDO car loan through any of the following options:

    a. Pay BDO Auto Loan via BDO Remit

  • Go to any of the BDO Remit Office or remittance partner abroad.
  • Fill out the form and request crediting of remittance to a BDO Savings Account signed under ADA (Automatic Debit Arrangement) and indicate the following details:
    • Account Name (this should be the Account holder’s name)
    • BDO Savings Account Number
  • Your Auto Loan Monthly Amortization will be deducted from the BDO Savings Account signed under ADA

    b. Pay BDO Auto Loan through Fund Transfer via Swift Code

  • Go to any of BDO’s Correspondent Banks abroad or overseas
  • You can pay  your Car Loan Amortization via telegraphic transfer using BDO Swift Code: BNORPHMM. Write BDO Unibank Inc. Makati City, Philippines if the complete bank name is required.
  • Fill out the form and enter the necessary information such as the:
    • Beneficiary Name (this should be the name of the client)
    • Promissory Note Number (PN No.)
    • Amount of Payment
    • Purpose of Remittance (specify PAYMENT FOR AUTO LOAN)

How to Qualify for BDO Auto Loan Promo?

Good news! You can qualify for BDO Car Loan Promo if you apply online from August 1 to September 30, 2017. To further qualify, your application must be approved and booked on or before November 30, 2017.

When you qualify, you can have any of the following freebies:

  • Dash cam
  • Up to P20,000 in waived fees

Another qualification is that your BDO car loan must be for a brand new car. Your loan payment terms must be 36 months. The loan amount must be at least P700,000. For more information about this promo, please visit BDO auto loan promo.

BDO Contact Details

Should you have questions or concerns about BDO Car Loan, you may contact BDO directly through the following contact options:

  • Submit an Online Inquiry about BDO Auto Loan
  • Call BDO Hotline 631-8000
  • Text BDOLOANS to 2256

Click here to read: How to Open BDO Joint Account

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