Guide on Security Bank Car Loan Offer for Aspiring Vehicle Buyers
SECURITY BANK CAR LOAN – The Security Bank is ready to finance a client’s purchase of a vehicle whether it is a brand new or second hand car.
Are you looking for a bank that can finance your car purchase? Undeniably, more and more people now realize the benefits of having your own car and it is more on convenience rather than luxury. Don’t worry, there are trusted entities that you can turn to for a car loan.
One of the offers that you may turn to is the Security Bank Car Loan which is provided by Security Bank, one of the most popular universal banks in the Philippines. It is in the service of the Filipino people for decades now since 1951. It has several loan offers including Security Bank Home Loan.
The car loan offer of the bank can finance the purchase of both brand new and second hand vehicles. Here are the cars covered under the loan offer:
- Passenger cars/vans
- Sports Utility Vehicles (SUVs)
- Asian Utility Vehicles (AUVs)
- Light Commercial Vehicles (4 or 6-wheeler), such as utility vans, pick-ups and light trucks
- Trucks (10-wheeler)-for brand new and selected brands only
The Security Bank Home Loan comes with a fast application process, high loanable amounts, minimal requirements, and flexible payment terms. It is open to finance several purposes such as the following:
- acquisition of a brand new or second hand car for personal use
- reimbursement of a brand new vehicle purchase
- refinancing of a second hand car/loan take-out
- acquisition of a a brand new car for business use such as:
- Transport Services — Taxi, Grab, UV Express, School Service, Company Use / Employee Service
- Cargo — Trucks
With regards to the loanable amount under the Security Bank Car Loan offer, it depends on whether the vehicle is brand new or pre-owned. The bank has provided the percenatage of the maximum amount allowed for borrowing such as the following:
- Brand New Car — up to 80% of the vehicle’s purchase price
- Second Hand Car — up to 70% of the appraised value of the vehicle
For example, if you will purchase a brand new car under the Security Bank‘s loan offer with a selling price of Php 1 million, the bank can finance up to Php 800,000. The other 20% of the purchase price of the vehicle will fall on the downpayment.
The Security Bank requires a downpayment of at least 20% under this type of loan whether the vehicle is brand new or second hand. The bank has set different sets of qualifications under the Security Bank Home Loan offer among the individuals, partnerships and corporations, and those who are starting in the business field.