Guide on BPI Car Loan Zero Cash Out Features
BPI CAR LOAN ZERO CASH OUT – Here is a guide on the features of the Zero Cash Out offer of the Bank of the Philippine Islands.
More popularly called BPI, the Bank of the Philippine Islands has an excellent offer that can pave the way for you to achieve your dream car without shelving out any amount. It is through the BPI Car Loan Zero Cash Out feature.
Under it, your deposit savings will serve as a holdout and it will be the downpayment for your car loan. The bank will hold 20% of the selling price vehicle from the client’s deposit account. The account can either be:
- a Savings Account
- a Current Account
- a Time Deposit Account
Under the BPI Car Loan Zero Cash Out offer, the maximum loanable amount is higher. The bank can finance up to 100% of the net selling price of the vehicle while the minimum loanable amount is Php 500,000.
Here is an example of a car loan financing a vehicle that costs Php 1,250,000.00:
| Specifics | Regular Auto Loan | Cash Out |
|---|---|---|
| Loan Term | 60 Months | 60 Months |
| Loan Amount | Php 1,000,000 | Php 1,250,000 |
| Down Payment | Php 200,000* | 0** |
If you want a specific comparison between the Regular Auto Loan and the BPI Car Loan Zero Cash Out, here are the features of both offers:
| Specifics | Regular Auto Loan | Zero Cash Out |
|---|---|---|
| Amount of monthly Payment/ Amortization | Loan monthly amortizations are fixed and in equal amounts for the entire loan term with no annual price increase | Fixed equal monthly amortizations with the total amount equal to the car’s net selling price |
| Product Benefit | Set aside a specific fixed amount for your monthly amortization from the start of your loan up to its maturity | No cash out for downpayment |
| Type of Vehicle to Purchase | Brand New or Second-Hand Passenger Vehicle Can be used to purchase Big Bikes or Trucks | Brand New Passenger Vehicle |
| Term of Duration of Loan | 1,2,3,4 or 5 years | 5 years |
| Motor Insurance | With downpayment requirement for loan availment and car insurance is paid in lump sum every year | With downpayment requirement for loan availment and car insurance is paid in lump sum every year |
| Initial Cash Out | Standard cash-out for Insurance Premium and Chattel Mortgage | Zero cash out on downpayment |
You may also opt to consider the Multiyear Protect offer of the Bank of the Philippine Islands. It matches convenience with security that saves you from a lot of hassles in insurance processes and payments.
