Guide on EastWest Bank Auto Loan Offer Features
EASTWEST BANK AUTO LOAN – The bank offers a loan that can finance the purchase of a brand new and second hand car.
Nowadays, a car purchase without having to pay for the selling price under a one-time full payment in case is possible. It is because of the car loans and auto loans made available by several different lenders in the country.
One of the banking entities in the Philippines with a car loan offer is the EastWest Bank. It is one of the biggest, most trusted, and most popular banks in the country founded by the late business tycoon Andrew Gotianun and his wife. It has several personal and business offers.
Under the personal category, aside from the EastWest Bank Cash Loan, another offer of the bank is the EastWest Bank Auto Loan. It is open to finance the purchase of a car whether it is brand new or second hand.
Under the loan offer, the loan is payable for up to 60 months or five (5) years thus the clients really have an option for low monthly installments. It requires a low downpayment that is equivalent to 20% of the selling price of the vehicle.
For example, the price of the car to be purchased is Php 500,000, you must have a downpayment of at least Php 100,000. All loan applications are subject to the approval of the bank.
Who are qualified to apply for the EastWest Bank Auto Loan offer? The bank opens its loan offer for both individual borrowers and corporates. In the case of individual loan applicants, here are the eligibility requirements set by the bank:
- Between 21 years old and 70 years old at the time of loan maturity
- Filipino citizen, foreigner residing in the Philippines for at least 1 year, or foreigner with a Filipino co-maker
- Salaried or self-employed
- For locally employed, must have regular or permanent status upon application
- Gross monthly income of not less than PHP60,000
In the case of the EastWest Bank corporate applicants, there is a different set of qualifications. Here is the eligibility criteria that the client must meet to qualify in applying for the loan offer:
- Registered business entity that has been profitably operating for at least 3 years
- Gross monthly income of not less than PHP200,000
The loanable amount under the EastWest Bank Auto Loan offer was posted by the lender. It has the same borrowing limits for both brand new and pre-owned vehicle purchases.