Guide on Maybank Used Car Loan Features and Requirements To Apply
MAYBANK USED CAR LOAN – Here are the features and the requirements in applying for the Maybank loan designed to finance a pre-owned car’s purchase.
Buying a second-hand or pre-owned car is not bad at all. It can be the perfect way for someone on a budget to purchase a vehicle that still comes with a lot of uses and benefits. Undeniably, a lot of people prefer secondhand cars because of their affordability that can save your current lifestyle from changing.
If your money is still not enough for a second-hand car purchase, you may actually turn to loans offered by the different entities. One of these offers is the Maybank Used Car Loan by Maybank Philippines, a trusted banking entity in the country.
Under the Maybank Used Car Loan offer, the bank only requires at least 30% downpayment. The maximum loan term is up to 48 monthly amortizations or four (4) years thus there is really an option for light monthly installments.
The bank accepts the financing of the purchase of a second-hand vehicle tthat is not older than 10 years. It may take only three (3) working days for your loan to get approved.
Who are qualified to apply for the Maybank Used Car Loan offer? The eligibility requirements actually depend if you are locally-employed, self-employed, or an overseas Filipino worker (OFW). Here’s a guide on the qualifications set by the bank:
For locally-employed individuals.
- a Filipino citizen
- at least 18 years old at the time of the loan application and not more than 65 years old at the time of the loan maturity
- has no adverse records
- owner of a residence
- permanently employed for at least 2 years
For self-employed individuals.
- a Filipino citizen
- at least 18 years old at the time of the loan application and not more than 65 years old at the time of the loan maturity
- has no adverse records
- owner of a residence
- business in operation for at least 3 years
With regards to the Maybank Used Car Loan documentary requirements for application, here are the documents required by the bank in applying for the loan offer:
- duly-accomplished and signed Maybank Car Loan Application Form
- 2 valid IDs (borrower and spouse / authorized signatory)
- Latest income tax return
- Compensation certificate, income indicated (if employed)
- Business Papers (SEC Registration, Articles of Incorporation & By-Laws if Partnership and Corporation; DTI Registration if Single Proprietorship)
- Latest 3 months Bank Statements (if self-employed)
- Latest Audited Financial Statements (for Corporate Borrowers)
- Copy of LTO Registration, Original LTO Registration and LTO Official Receipt of the vehicle for unit inspection and car history verification
Aside from financing a brand new or pre-owned car purchase, Maybank is also ready to provide you with funds using the value of your vehicle as the basis. Have you checked out the Maybank Auto Loan Refinancing offer?
