Guide on BDO Auto Loan Requirements You Must Submit To Apply
BDO CAR LOAN REQUIREMENTS 2025 – Overseas Filipino Worker (OFW) individuals who want to apply for the offer must meet the following qualifications and documentary requirements.
More and more entities are providing car loans. However, if you want reputable ones, you can turn to banks that have been serving millions of people for decades now like the BDO Unibank which is a banking giant in the Philippines.
The BDO Unibank first operated in the Philippines 1968 as Acme Savings Bank. In 1976, it was acquired by the SM Group of Companies and was named Banco de Oro Savings and Mortgage Bank. Later on, it turned into a commercial bank and then a universal bank.
Through the years, the BDO Unibank has continuously grown its offers. It has expanded its savings and checking account offers, the credit cards it provide, as well as the loans. With regards to its loan offers, aside from the BDO Housing Loan offer, the bank also has the BDO Auto Loan offer.
The BDO Auto Loan offer or also called the Car Loan offer was designed to finance the purchase of brand new and pre-owned vehicles. It is open not only for locally-employed and self-employed individuals but as well as overseas Filipino workers (OFWs).
There are a lot of benefits if you have your own vehicle. While a car purchase requires a huge amount that not all OFWs are ready to purchase in cash, Pinoys working abroad may turn to the BDO Auto Loan offer. It is important to note that there are varying BDO Car Loan requirements for application.
Before checking on the requirements in applying for the BDO Car Loan offer, check first the eligibility requirements which are listed below:
- Filipino citizen or foreign nationals
- 21 years old and above at the time of the loan application
- not exceeding 70 years old at the end of the loan term
- with a minimum gross family income of ₱50,000/month or its equivalent in US Dollars
- with stable source of income
- 2-3 years consecutive employment abroad
There is a unique set of BDO Car Loan requirements for OFWs who want to apply for the loan offer. Here are the documents required by the bank from Filipinos working abroad who want to apply for the loan offer:
- duly-accomplished and signed BDO Auto Loan Application Form
- photocopy of one (1) valid ID matching application details such as:
- Driver’s License
- Passport
- Tax Identification Number (TIN) ID
- Social Security System (SSS) ID
- Government Service and Insurance (GSIS) eCard
- proof of income (any of the following):
- Proof of Remittance for the last 3 months
- Consularized Certificate of Employment with Income (COEI) or latest three (3) months payslips
- Latest Crew Contract, if sea based
Just like in other loans, there fees and charges under the BDO Auto Loan offer. It is important to keep in mind the following charges:
- Chattel Mortgage Fees (CMF) which include the documentary stamp tax, processing and notarial fees. It is approximately 2-3% of the loan amount.
- Comprehensive Motor Insurance Premium based on the type of vehicle and the purchase price of the car.
- Compulsory Third Party Liability (TPL) Insurance which is Php 700.00 for one year
The bank also has the BDO Cash Loan offer apart from the Housing and Auto loans.