Motor Vehicle Loan

Motor Vehicle Loan

 

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  • Purpose: Purchase of motor vehicle for personal use and/or for the purpose of converting it for hire or for any business purposes.[/custom_list]

 

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  • Security: The motor vehicle to be financed together with its improvements, if any with a maximum life span of 10 years from date of acquisition (year model)[/custom_list]

 

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  • Collateral Valuation:[/custom_list] 
  1. 70% of the acquisition cost of the motor vehicle to be financed for Brand New vehicles
  2. 70% of the fair market value for motor vehicle 5 years and below
  3. 70% of the fair market value for reconditioned/surplus motor vehicle
  4. 40% of the fair market value for motor vehicles 6 – 10 years from date of acquisition.

 

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  • Terms and Repayments:[/custom_list]
  1. Maximum of five (5) years maturity for brand new motor vehicle and three (3) years for second hand/reconditioned motor vehicle.
  2. Monthly amortization based on equal monthly payments

 

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  • Loan Requirements:[/custom_list]
  1. Franchise to operate within the municipality, if any.
  2. Barangay Clearance
  3. Proforma Invoice from the Dealer
  4. Original sales invoice (upon payment of motorcycle from the dealer)
  5. With 30% equity as cash participation of the prospective borrower plus other bank deductions such as first month advance interest, service fees, Own damage insurance and Chatttel mortgage registration fees, etc. to be shouldered by the borrower (for brand new motor vehicle)
  6. Residence Certificates or any valid ID of borrower, co-borrower and co-makers (current year)
  7. Pictures of the collateral
  8. Stencil of Chassis & Engine No. of the motorcycle financed.
  9. 2” x 2” ID pictures (borrower/co-borrowers)

 

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