Guide on BPI Car Loan Multiyear Protect Features
BPI CAR LOAN MULTIYEAR PROTECT – The Bank of the Philippine Islands gives clients the option to include the insurance cost in the financing.
Cars always have to be equipped with an insurance protection. The policy is for the benefit of the car owner and it may also include the welfare of the driver and everyone who gets to ride in the vehicle.
However, truth be told that the annual insurance fee is another burden for vehicle owners. The good thing about the BPI Car Loan offer is that it offers a Multiyear Protect in the financing of brand new passenger cars.
Through the Multiyear Protect, you can stretch the cost of your vehicle insurance in monthly installments added to your car loan monthly due. You don’t have to shelve out a huge amount as annual lump sum payment for your insurance.
Under the BPI Multiyear Protect, what happens is that your monthly amortization includes your monthly due for your car loan plus the insurance premium. The offer has set the minimum loan term at 36 months allowing it to be stretched to up to 60 months.
How about the downpayment? The downpayment remains at 20% of the selling price of the vehicle. The minimum loanable amount is Php 500,000.
The BPI Car Loan Multiyear Protect gets your vehicle fully covered 24/7 without the manual hassles on insurancxe renewal. Also, it protects yopu from balloon payments as well as additional expenses when road accidents happen.
To qualify for the BPI Car Loan Multiyear Protect, the minimum household income required is Php 40,000. To compare this loan feature offer with the regular auto loan offer of the bank, here is a comparison table:
| Specifics | Regular Auto Loan | Multiyear Protect |
|---|---|---|
| Amount of monthly payment/ Amortization | Loan monthly amortizations are fixed and in equal amounts for the entire loan term with no annual price increase | Auto Loan amortization and insurance premium’s monthly payments are combined for fixed equal monthly payments for the entire duration of the loan term |
| Product benefit | Set aside a specific fixed amount for your monthly amortization from the start of your loan up to its maturity | Divide the insurance cost in affordable monthly payments instead of a lump sum payment |
| 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 | Can opt for 3,4, or 5 years loan term |
| Motor insurance | With downpayment requirement for loan availment and car insurance is paid in lump sum every year | Full insurance coverage throughout the loan term without yearly lump sum payments |
| Initial cash out | Standard cash-out for Insurance Premium and Chattel Mortgage | Zero cash out on insurance |
Do you want to start paying for your car loan in light monthly installments? You may do so through the Step Up PayPlan offer of the Bank of the Philippine Islands.
