When looking for car loans in the Philippines, the Security Bank Brand New Auto Loan might be a good option. They offer one of the most flexible loan options available. With comfortable repayment terms and low downpayment, owning a new vehicle is within your reach.
The Security Bank Brand New Auto Loan gives you the freedom to buy a car from a number of dealers. From Mazda, Isuzu, Ford, Nissan to luxury cars like Mercedes-Benz and BMW, financing options are available. The car loan has a low-interest rate and tenure of up to five years.
Since you’ve got a ton of options out there for car loans, make sure you take your time researching the right one for you. Check out what Security Bank has in store for borrowers who need financing for a brand new car. Read on to find out more.
Security Bank Brand New Auto Loan Features
The best thing about the Security Bank Brand New Auto Loan is the flexible payment terms and fast approval. No matter what car you’re eyeing to get, the financing options are available. Borrowers have the freedom to choose car models for personal or business use.
Security Bank also offers one-year free car insurance for auto loan customers. With a minimum loan amount of Php500,000, auto loan customers can already get one-year free insurance which covers repair expenses and damages.
Another reason for getting the Security Bank auto loan is the minimum downpayment of 20% of the purchase price. This means the 80% purchase price can come from bank financing. Payment terms are up to 60 months for brand new cars and 48 months for second-hand vehicles.
Car Loan Application and Requirements
There are two ways to apply for the Security Bank Brand New Auto Loan. Applicants can either visit a branch or apply online to submit an auto loan application through the Security Bank official website. The approval is as fast as one banking day after application processing.
To be approved for the car loan, you need to be at least 21 years old and not more than 65 years old; a Filipino citizen or resident; employed for a minimum of two years, with a minimum gross income of Php40,000 for a brand new car and Php20,000 for a second-hand car.
Documents required are duly accomplished and signed application form, valid government-issued IDs, proof of billing, latest Income Tax Return, payslips for 3 months, Certificate of Employment, and bank statements for 3 months.
What Are The Fees For This Auto Loan?
The standard interest rates for an auto loan are between 6.77% for a 12-month term to 37.63% for a 60-month term. The interest can be lower if you have a one-month advance payment. The minimum loan amount you can borrow is Php400,000 for brand new and Php100,000 for second hand.
Other fees included in the Security Bank Brand New Auto Loan are a 3% collection fee and Chattel Mortgage Fee (undisclosed). If you missed the monthly payment, a late payment charge of 3% of the unpaid amount will be added on top of your monthly installment.
How To Contact Security Bank
Applicants can connect to the Security Bank customer hotline to learn more about the auto loan. Simply contact 8887-9188 or email at firstname.lastname@example.org.
You can also check out www.securitybank.com or visit in person at 6776 Ayala Avenue, Makati City, Philippines.
Security Bank Brand New Auto Loan Conclusion
The Security Bank Brand New Auto Loan is a fair loan product that can help you get into a vehicle fast. The bank offers a variety of services like credit cards, but the auto loan option is one of the most popular.
Thanks to a minimum down payment and free one-year car insurance for a loan of Php 500,000 plus, it’s an affordable option. Make sure you read all the details about the loan before moving ahead. You can check out their website for more info.
Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.