How to Apply for Metrobank Car Loan?

If you can't borrow money from friends or family, you can rely on bank financing for your dream car. One reliable bank that provides easy car loan application is Metrobank. But there are certain criteria that you should be qualified for in order to apply for Metrobank's car loan. What are they?
Before I'll tell you the list of requirements needed, let me tell you the two criteria that you should qualify for:

• Your age should be 21 to 65 years old. If you're below 21, you can ask help with your parents or friends who are 21 to 65 years old. They can apply for a loan in your behalf and you're the one who will be paying the monthly installment.
• You should have a stable income for at least Php 35,000. Even if you don't have a regular employment, you can still apply a loan even that income comes from a stable source such as monthly commissions.

Before heading to a Metrobank branch, prepare this requirements needed for car loan (loan applicants are categorized in three):

1. For Salaried/Employed Individual, the requirements are:

• Government-issued valid id
• Certificate of Employment (if employed) with details on salary, position and length of service (with contact number of company's HR) or Latest Income Tax Return (ITR).
• Go to Metrobank branch and fill-out the loan application form

2. For OFWs, the requirements are:

• Government-issued valid id
• Certificate of Employment with email address of employer for land-based or Latest POEA contract for sea-based
• Other bank's statements (latest 6 months) or latest income tax return (ITR)

3. For Businessmen, the requirements are:

• Government-issued valid id
• Audited financial statements and latest income tax return (ITR)
• bank statements (latest 6 months)
• DTI Certificate, Business Permit or;
• Articles of Partnership with Names of Partners (if applicable) or;
• SEC Certificate of Registration with Articles of Incorporation & By-Laws (if applicable)

How much you can loan?

You can loan a minimum of Php 250,000 or to maximum of 80% of the vehicle's selling price.

Loan Terms

You can pay in installment basis in:

• 12 months (1 years)
• 18 months (1 year and 6 months)
• 24 months (2 years)
• 36 months (3 years)
• 48 months (4 years)
• 60 months (5 years)

How much is the Interest Rates to pay?

The longer the terms, the higher interest rate you should pay:

• 12 months term - 4.63% interest or 3.98% interest if you pay in one month advance
• 18 months term - 6.82% interest or 6.10% interest if you pay in one month advance
• 24 months term - 9.91% interest or 9.16% interest if you pay in one month advance
• 36 months term - 15.21% interest or 14.37% interest if you pay in one month advance
• 48 months term - 20.65% interest or 19.75% interest if you pay in one month advance
• 60 months term - 26.54% interest or 25.57% interest if you pay in one month advance

Payment Option

You can pay through an Automatic Debit Arrangement (ADA) or through post-dated checks (PDC).

Is there a required minimum down payment?

Yes. The required minimum down payment is 20% of the vehicle's price.

Other charges you need to pay

You will need to pay for the following:

• Chattel Mortgage Fee
• Handling Fee
• One-month advance fee (this is optional if you choose the One-month Advance payment scheme).

Other Requirements

You need to get a car insurance (Comprehensive Motorcar Insurance Policy with an Acts of Nature Coverage for the vehicle) before the vehicle is released to you.

Types of Vehicles Accepted in the Car Loan

You can get any brand new vehicle as long as it is not China-made. Metrobank don't accept pre-used or second-hand vehicles as collateral for a car loan.

Types of vehicles includes:

• Passenger Cars
• Vans
• Sports Utility Vehicles (SUVs)
• Asian Utility Vehicles (AUVs)

Brands of Vehicles You Can Choose From

• Toyota
• Mitsubishi
• Honda
• Ford
• Hyundai
• Isuzu
• etc.

Do Metrobank accept car loan to be used as taxi cabs or Grab/Uber?

No. Metrobank do not accept car loan to be used as taxi cabs and Grab/Uber.

Do Metrobank accept foreigners for car loan application?

Yes. Requirements are the following:

• One (1) copy of Passport OR ACR with Official Receipt OR SIRV OR I-Card
• One (1) copy of Certificate of Employment and Compensation
• Government-issued ID with signature

Additional documents may be required based on financial capacity.

How long will it take to process car loan application in Metrobank?

It will take one (1) banking day as long as needed requirements are met and application form has been filled-out.

What if you miss monthly payments?

You will pay a late payment fee of 5% per month if you miss the payment.

Do you have any other concern with Metrobank Car Loan Application? - https://www.affordablecebu.com/