RCBC LOAN – How Much You Can Borrow for Pre-Owned Car Purchase

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Guide on How Much You Can Borrow Under the RCBC Loan for the Purpose of Buying Pre-Owned Car

RCBC LOAN – Here is a guide on how much you can borrow under the Rizal Commercial Banking Corporation’s auto loan offer if you’ll buy a pre-owned car.

Undeniably, a lot of people would prefer buying a pre-owned car rather than a brand new one. The latter would require a bigger amount of money compared to a second-hand vehicle. As long as the vehicle is in a good condition, it may be a good-to-go.

However, even a pre-owned vehicle may also require at least Php 100,000.00 depending on the unit you wanted to buy. Meanwhile, there is nothing to worry about. Banks are not only open for brand new cars but as well as for pre-owned ones.

You may apply for the auto loan offer of Rizal Commercial Banking Corporation. It is open for both brand new and pre-owned vehicles.

RCBC Auto Loan

With regards to purchasing a pre-owned car under an RCBC loan, the loanable amounts is not really far from buying a brand new one. Here is the range of how much you can borrow under the said loan offer:

  • Minimum Loanable Amount – Php 200,000.00
  • Maximum Loanable Amount – Up to 70% of the selling price of the appraised value of the vehicle

Who are eligible to apply for the said loan offer? To be eligible to apply for it, the applicant must be:

  • a Filipino citizen or a foreigner with an ACR
  • between 21 to 65 years old
  • permanently employed for two (2) years or running a profitable business for two (2) years

With regards to the documents that you must prepare in applying for the said RCBC offer, the list would depend on whether you are employed or self-employed. Here are the lists:

Employed:

  • Copy of latest Income Tax Return (ITR), Certificate of Employment and Compensation
  • Valid Government IDs
  • TIN
  • 1 month latest utility bill

Self-Employed

  • Business Registration
  • Audited Financial Statements
  • Income Tax Return (ITR)
  • Valid Government IDs

Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.

READ ALSO: RCBC Auto Loan – How Much You Can Borrow for Brand New Car Purchase (Updated)

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