BPI Step Up PayPlan for Car Loan — Enjoy Affordable Monthly Payments You Can Plan

Guide on BPI Step Up PayPlan Features

BPI STEP UP PAYPLAN FOR CAR LOAN – You can enjoy monthly loan payments that can plan and have control over through the Step Up PayPlan.

The Bank of the Philippine Islands, more popularly called BPI, has several offers for aspiring car loan clients. One of these amazing offers is the Step Up PayPlan that allows clients to plan and control the movement of their monthly payments.

The Step Up PayPlan was crafted for clients who want to start small in their monthly payments. It can give you the time to adjust to the slicing of your budget as your loan due will gradually grow.

The BPI Car Loan Step Up PayPlan offer is open for the financing of brand new passenger cars. Under it, the monthly loan due on the first year can be 10% lower compared with the monthly amortization under the BPI Regular Auto Loan.

It is only in your second year of paying for the loan that the amount of the monthly loan amortization will slowly increase to ensure that it remains affordable until the maturity of the loan.

Instead of a 20% downpayment in the regular Auto Loan, under the BPI Car Loan Step Up PayPlan, the downpayment is lower at 15% of the selling price of the vehicle.

From year 2 onwards, the amount of your monthly loan payment will start to increase slowly. This will ensure that your Auto loan payments will stay affordable until the end of the loan term.

Here is a sample comparison between the Regular Auto Loan offer and the Step Up PayPlan monthly amortizations for a loan amount of Php 800,000 at an interest rate of 10.93% to cover each of the 60-month term:

TermRegular Auto LoanStep Up PayPlan
Year 117,36715,754
Year 217,36716,384
Year 317,36717,367
Year 417,36718,756
Year 517,36719,674

You might like to see things closer by checking on the features of the Regular Auto Loan and the Step Up PayPlan side-by-side. Here’s a guide:

SpecificsRegular Auto LoanStep Up PayPlan
Amount of monthly Payment/ AmortizationLoan monthly amortizations are fixed and in equal amounts for the entire loan term with no annual price increaseAuto Loan monthly amortization varies every year, starting with the smallest value on the first year, and slowly increases on each succeeding year
Product benefitSet aside a specific fixed amount for your monthly amortization from the start of your loan up to its maturityHave control over the initial Auto Loan amotizations so you can manage your funds well
Type of vehicle to purchaseBrand New or Second-Hand
Passenger Vehicle

Can be used to purchase Big Bikes or Trucks
Brand New
Passenger Vehicle
Term of duration of loan1,2,3,4 or 5 years5 years
Motor insuranceWith downpayment requirement for loan availment and car insurance is paid in lump sum every year
Initial cash outStandard cash-out for Insurance Premium and Chattel Mortgage
BPI Car Loan Interest Rates

Before deciding which feature to choose for your BPI Car Loan, it is best to check on the interest rate as well as the fees to be totally prepared for the loan. This is a responsible move you’ll surely want to take.

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