Guide on BPI Car Loan Interest Rate Based on Type of Vehicle
BPI CAR LOAN INTEREST RATE – Here are the rates set for the financing of brand new and second-hand vehicles.
Undeniably, one of the moves that loan clients usually take for granted is checking the interest rate that will apply to the loan as well as the possible fees and charges. Responsible clients take the time to check these things to really clear everything out.
In the case of the Car Loan offer of the Bank of the Philippine Islands, the maximum loan term allowed is up to 84 months or seven (7) years for brand new vehicles and up to 64 months for second-hand vehicles. The BPI Car Loan interest rates vary depending on the loan term.
Furthermore, the interest rates in between the financing of brand new and pre-owned vehicles vary. Here are the interest rates implemented by the bank in the acquisition of a brand new car under the loan:
| 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% |
There is a different set of BPI Car Loan interest rates under the financing of a second-hand vehicle. Here are the add-on rates and the effective rates under each loan term:
| 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% |
With regards to the fees under the BPI Car Loan offer, here are the charges that you must be aware of in availing the loan:
- Motor Insurance Premium — Depends on the loan amount
- Documentary Stamps — Depends on the loan amount
- Manual DST for Notarized Docs — Depends on location of booking unit
- LTO Encumbrance Fee — Php 500
- Cancellation of Mortgage Fee — Php 800
- Notarial Fee — Depends on location of booking unit
- Facilitation Fee — Php 2,000 for Metro Manila Php 2,500 for Outside Metro Manila Up to Php 5,000 for Visayas or Mindanao
- Miscellaneous Fee — Depends on location of booking unit
- Processing Fee — Depends on location of booking unit
- Service Fees — Depends on location of booking unit
- Registry of Deeds Fees — Depends on location of booking unit
Are you decided to grab any of the best offers of the Bank of the Philippine Islands with regards to its Car Loan? It is best to start with the preparation of the requirements for application.
