Guide on Sterling Bank of Asia Auto Loan Offer
STERLING BANK OF ASIA – The international bank offers an Auto Loan that is ready to finance a car, a truck, and a Harley Davidson motorcycle purchase.
Undeniably, amid the busy schedules that many people are living nowadays, the benefits of having your own car is becoming more and more evident and convenient for the car owners. You can get to your destination at your own comfort.
However, truth be told that a car purchase is not everyone that is ready to do in cash. In fact, even individuals who have big savings is not comfortable with the amount that will be taken out from their savings if they will buy a car in cash. Meanwhile, nowadays, there are several entities that may help you.
The Sterling Bank of Asia, an international bank, is one of the entities that offer an Auto Loan. It has the “Ultima Auto Loan” and you may apply for a loan for the financing of the purchase of any of the following:
- personal car
- truck for business use
- Harley Davidson motorcycle
How much you may borrow under the Sterling Bank of Asia Auto Loan offer? The minimum loanable amount is Php 100,000.00. The maximum loan term is dependent on whether the car you purchased is brand new or second hand.
- Brand New Car — 12 to 60 months
- Second Hand Car — 12 to 48 months
Who are qualified to apply for the Sterling Bank of Asia Auto Loan offer? The qualifications depend if you are employed or self-employed or applying as a corporate.
Employed
- Not less than 18 and not more than 65 years old
- Monthly amortization of the vehicle to be financed should not exceed 30% of the gross monthly income of the borrower
- at least 2 years of continuous employment with current employer
- employer must be at least operating for 3 yrs
Self-Employed
- Not less than 18 and not more than 65 years old
- Monthly amortization of the vehicle to be financed should not exceed 30% of the gross monthly income of the borrower
- engaged in the business or profession for at least 3 yrs
- business or profession must be profitable at least in the immediately preceding year
Corporate
- at least operating profitably for at least 2 yrs
In applying for the loan offer, the documentary requirements also vary depending if the loan applicant is salaried, non-salaried, a partnership, or a corporate. Here’s a guide:
