Guide on Chinabank Car Loan Amount Allowed for Borrowing based on Vehicle Type
CHINABANK CAR LOAN AMOUNT – Here is a guide on how much you may borrow under the AutoPlus loan offer of Chinabnk.
Have you heard about the car loan offer of Chinabank? The said loan offer is ready to finance the purchase of both brand new and pre-owned vehicles. If you already have a car, you may also apply for a multi-purpose loan using your vehicle as the collateral.
How much is the Chinabank Car Loan amount allowed for borrowing? It depends if the vehicle to be purchased is brand new or pre-owned. Here are the loanable amounts under the offer:
- Brand New Vehicles — Up to 80% of the selling price of the vehicle
- Pre-Owned Vehicles — Up to 70% of the appraised value of the vehicle
According to Chinabank, the minimum loan term is 12 months while the maximum loan term allowed for repayment depends if the vehicle is brand new or pre-owned. For brand new vehicles, you may repay it for up to 60 months while a maximum term of 48 months is allowed under the financing of pre-owned vehicle purchase.
In the approval of the loan term, the bank takes into consideration that the age of the vehicle added to the loan term must not exceed seven (7) years.
With regards to the repayment of the loan, you can do it through an Automatic Debit Arrangement (ADA) that will automatically deduct the loan due from the China bank account that you enrolled every due date. It is one effective way to avoid missed payments.
You may also issued post-dated checks for the repayment of your loan. If you are interested to apply for the offer, it is important to gather a complete set of requirements for the Chinabank Car Loan application.
The set of documents that you need to comply in applying for the offer depends if you are locally-employed, slef-employed, an overseas worker, a professional, or a partnership or corporation.