Guide on the EastWest Bank Auto Loan Interest Rates based on Vehicle Type
EASTWEST BANK AUTO LOAN INTEREST RATES 2024 – You can check here the interest rates implemented by the bank based on the type of vehicle.
Do you really want to lay a grip on your dream steering wheel soon? Actually, you do not have to wait for several months or years so you can save up for your dream car. There are no several entities that provide loans that finance a car purchase.
Under an Auto Loan or Car Loan, the lender will pay for the car purchase with a little amount coming from the borrower as downpayment. In the Philippines, one of the entities that you may turn to for this kind of loan offer is the EastWest Bank.
The EastWest Bank, a banking firm built by the late business giant Andrew Gotianun and his wife, has a loan offer that can finance the purchase of both brand new and pre-owned vehicle.
However, before jumping over to the loan application, kindly do a wise and responsible move of checking for the EastWest Bank Auto Loan interest rate. It depends on whether you are purchasing a brand new or a pre-owned vehicle.
Here are the EastWest Bank Auto Loan interest rates for brand new and pre-owned vehicle purchase:
| TYPE | INTEREST PAYMENT | 12 Months | 18 Months | 24 Months | 36 Months | 48 Months | 60 Months |
|---|---|---|---|---|---|---|---|
| Brand New | In Advance | 5.20% | 7.54% | 10.93% | 16.36% | 23.05% | 29.85% |
| In Arrears | 5.99% | 8.35% | 11.86% | 17.32% | 24.13% | 31.00% | |
| Second Hand | In Advance | 6.04% | 10.16% | 14.93% | 24.08% | 34.25% | |
| In Arrears | 7.19% | 11.45% | 16.37% | 25.68% | 36.04% |
In applying for the loan offer, there are collateral requirements that must be submitted to the EastWest Bank for application. Here are the documents that are required by the bank:
- Notarized Promissory Note with Chattel Mortgage
- Comprehensive Insurance Policy with proof of premium payment
- For Brand New Vehicles
- Encumbered LTO Official Receipt and Certificate of Registration or Letter of Undertaking to Submit LTO OR/CR within 30 days
- Delivery Receipt
- Sales Invoice / Sales Parts Invoice
- Stencil on LTO Form
- Certified true copy of Official Receipt of down payment and Chattel Fee proof of payment
- For Used Vehicles
- Encumbered LTO Official Receipt and Certificate of Registration under Borrower’s Name
- Deed of Sale
- Car history check from LTO to confirm ownership
- Unit appraisal / Inspection report
- Stencil on LTO Form
- Appraisal Report
- Notarized Deed of Sale
- Original Cancellation of Mortgage and Registered copy of PNCM (for refinancing with encumbrance)
Aside from the collateral documents mentioned above, there are also documentary requirements for the EastWest Bank Auto Loan application pertaining to the borrower. The list depends if you are applying as an individual borrower or as a corporate.