Details about the BPI Auto Loan Interest Rate 2023
BPI AUTO LOAN INTEREST RATE 2023 — Here is a guide for clients with regards to the interest that your loan may incur under the Bank of the Philippine Islands (BPI).
When it comes to big purchases like buying a car, more and more people now consider doing it under a loan offer. It is mainly because it gives you the option to have light monthly installments for the purchase of your car and you have the chance to use your money in areas where it can grow.
Among the loan providers are banks. One of the trusted entities in the country is the Bank of the Philippine Islands or more popularly called BPI. It has the BPI Auto Loan 2023 offer that can finance the purchase of a brand new or pre-owned vehicle.
In fact, aside from financing the purchase of a brand new or pre-owned vehicle, you may also apply for the BPI Auto Loan offer for a multi-purpose loan using your car as the collateral.
- at least 21 years old upon the loan application
- not more than 70 years old upon the loan maturity
- earning a minimum household income of Php 30,000
The loanable amounts under the BPI Auto Loan depends if the vehicle that you want to purchase is brand new or pre-owned. The same goes with the BPI Auto Loan interest rate. The term is also a factor on the interest. Here are the rates for brand new vehicles:
| Term | Add-on rate | Effective rate |
| 12 | 5.43% | 9.88% |
| 18 | 7.73% | 9.55% |
| 24 | 11.30% | 10.50% |
| 36 | 17.76% | 10.94% |
| 48 | 24.13% | 11.03% |
| 60 | 31.01% | 11.19% |
| 72 | 38.42% | 11.37% |
| 84 | 46.39% | 11.58 |
The maximum loan term for pre-owned vehicle purchase allowed by BPI is 60 months or five (5) years. Here are the interest rates:
| Term | Add-on rate | Effective rate |
| 12 | 7.89% | 14.26 % |
| 18 | 11.87% | 14.50% |
| 24 | 16.08% | 14.75% |
| 36 | 24.80% | 15.00% |
| 48 | 34.20% | 15.25% |
| 60 | 44.32% | 15.50% |
In applying for the loan offer, there are documentary requirements for BPI Auto Loan application that must be submitted to the bank. Make sure to have all the documents required to ensure a smooth application.