Guide on the Chinabank Car Loan You Might Like To Apply For
CHINABANK CAR LOAN – You can take the steps towards achieving your dream car now with the help of Chinabank.
Are you looking for a bank that can help you achieve your dream car? In the Philippines, there are reputable entities that you may turn to and one of them is the Chinabank which has been operational in the country for decades already.
Chinabank first operated in the Philippines in 1920 in Binondo, Manila. It continued to grow through the years offering savings and checking accounts, credit cards, loan offers, and investment products under personal and business categories.
The bank has several branches across the nation thus its offers are really accessible to the public. Aside from the Chinabank Salary Cash Loan offer for the employees of accredited-companies, the bank also offers the Chinabank Car Loan. It can finance any of the following:
- acquisition of brand new and pre-owned vehicles
- reimbursement of vehicles that are not more than one (1) month old from delivery date of dealer to the owner
- using the vehicle as a collateral for a Multi-Purpose Loan
- reimbursement of auto purchase
The bank accepts several types of collateral under the loan offer. It may finance any of the following:
- Passenger Car / Sedan
- Sports Utility Vehicle (SUV)
- Asian Utility Vehicle (AUV)
- Light Commercial Vehicle (LCV)
- Trucks (4 or 6-wheelers)
- Passenger Vans
Chinabank boasts its loan offer with afffordable downpayment, low interest rate, and easy payment options. It is open for both employed and self-employed individuals as well as corporations.
The bank has set different lists of qualifications in applying for the loan offer. If you are employed, you must meet the following eligibility requirements to qualify for the loan application:
- Filipino citizens who are residents of the Philippines or foreign citizens residing in the country with a qualified Filipino citizen to act as a co-borrower
- at least 21 years old at the time of the loan application but not more than 65 years old upon the loan maturity
- employed with a regular status and at least two (2) years of employment in the current employer
- no adverse records
For self-employed individuals who wish to apply for the Chinabank Car Loan offer, here are the eligibility requirements set by the bank:
- Filipino citizens who are residents of the Philippines or foreign citizens residing in the country with a qualified Filipino citizen to act as a co-borrower
- at least 21 years old at the time of the loan application but not more than 65 years old upon the loan maturity
- two years of profitable business operation
- no adverse records
In the case of partnerships and corporations, here are the qualifications that must be met for eligibility to apply to the loan offer:
- duly-registered with the Security and Exchange of Commission (SEC)
- two (2) years of profitable business operation
- no adverse records
How much is the borrowing amount allowed by the bank? The loanable amount under the Chinabank Car Loan application varies depending on the type of vehicle to be financed. Also, the loan term depends on the vehicle type.