BPI Family Savings Bank today declared its desire to help car buyers acquire the vehicle of their dreams. With the “BPI Family Auto Loan All-Out Promo,” the bank is doing away with (read: waiving) certain fees a car shopper would typically need to shoulder. These include the chattel mortgage fee and the first-year insurance premium. In addition, P10,000 is automatically deducted from the down payment.
A sample computation was presented during the press conference:
Toyota Fortuner 4×2 2.4 G Diesel AT
With the chattel mortgage fee and the first-year insurance premium waived—on top of the P10,000 slashed from the down payment—the buyer’s initial outlay is significantly lower with BPI Family’s promo, giving the customer an outright savings of P75,767. As for the monthly amortization, BPI Family is offering lower interest rates with the promo, resulting in a savings of P332 every month—and P19,920 over five years. All in all, that’s a total savings of P95,687 for the Fortuner purchase.
The catch? The promo, which is just for brand-new and private-use vehicles, is only applicable to financing deals with a minimum term of five years, a minimum down payment of 20% and a minimum loan amount of P500,000 (and a maximum of P5,000,000). Of course, if you can buy the car with straight cash or within two or three years, there’s no point in availing yourself of this promo. This is really just for car shoppers who intend to acquire a vehicle with a five-year financing deal in the first place.
To qualify, applications must be filed from now until October 31, 2018, with the loan needing to be formally booked no later than December 31, 2018.
Interested? Just visit the BPI Family Auto Loan website here.