Quiz: Getting the car that suits your lifestyle

MANILA, Philippines – Sedan, SUV, luxury car, or hybrid? Finding the right car that suits your lifestyle needs can sometimes feel like the never-ending quest to finding the perfect pair of jeans. Except, this decision is long-term and is much more expensive.

Sometimes buying your first car, or just a car in general, seems improbable. That is because the ability to buy one, much like cashing your first paycheck, can be seen as a symbolic gesture that you have finally become a fully-fledged, functioning adult.

But even for those of us who have been in the rat race for years, saving up the capital to purchase the car you’ve always wanted can sometimes still be just that, an aspiration.

Luckily, banks are now offering auto loans with flexible payment terms and with straightforward application processes.

Take this quiz to determine what car suits your lifestyle and learn how to apply for an auto loan. Now you can start taking steps to owning your ideal car.

QUIZ: Which car suits your lifestyle?

Now that you know what car suits your lifestyle how do you apply for an auto loan?

You can apply for a BDO auto loan if you meet the following requirements:

• You are 21 to 65 years old (not exceeding 65 years old when you reach loan maturity) 
• You are a Filipino or a foreign-based Filipino
• You have a gross monthly household income of at least P50,000
• You have been employed or self-employed for at least 2 years
• You have good credit standing

Make sure to submit fully accomplished and signed application form along with 1 valid ID. You also must be ready to submit the following documents when asked:

For Employed:

• latest Income Tax Return (ITR) or latest full month payslip
• Certificate of Employment with compensation details 

If Self-employed, or owns a business:

• Photocopy of certificate of registration issued by DTI
• Latest Audited Financial Statements for the last 2 years with latest ITR

What is the minimum loan amount and required down payment for an auto loan?

For a brand new car:

• Minimum loan amount starts at P100,000 and up to 80% of vehicle selling price
• Minimum downpayment starts as low as 20% of vehicle selling price
• Loan terms: Minimum of 12 months to pay and maximum of 72 months 

For a used car:

• Minimum loan amount starts at P100,000 and up to 70% of vehicle appraisal value
• Minimum downpayment starts as low as 30% of vehicle appraisal value
• Loan terms: Minimum of 12 months to pay and maximum of 48 months

What are my payment options?

You may choose to pay your monthly amortization either through Automatic Debit Arrangement (ADA) from your BDO account or via issuance of post dated checks. 

Now that you know what car suits your lifestyle and how to apply for an auto loan, it’s only a matter of time till you get to enjoy taking your new car out for a spin (windows down and music up, of course). 

–Rappler.com

For more information on auto loans click here.