Overview
Expand your business with our flexible Auto Loan solutions: Business Auto Loan and Auto Fleet Facility:
- Business Auto Loan: Tailored for brand new vehicle acquisition for business use. This option provides the financial support you need to meet your specific business transportation requirement such as: Rent-a-car, Taxi service, Utility Vehicle (UV) Express / Shuttle Service, Transport Network Vehicle Service (TNVS) – e.g. Grab, School or Company Service, as well as truck loans for your business.
- Auto Fleet Facility: Ideal for businesses needing multiple vehicles, use this facility to finance at least 3 vehicles with a total of at least P8M including truck loans for your business. Our Auto Fleet Financing Facility is perfect for:
- Purchase of brand new or second hand cars
- Reimbursement of brand new cars
- Refinancing of second hand cars
Interested in regular auto financing for personal or private use? Check out our Auto Loan product.
Eligibility
Sole-Proprietor / Partnership / Corporate Borrower
- Business/companies registered in the Philippines; OR
- Foreign companies operating in the Philippines
- Business/companies operating legitimately at least 3 years
At a glance
For Business Auto Loan
| Loan amount | Mininum of PHP400,000 or up to 80% of purchase price |
| Payment terms | 12 to 36 months |
| Down payment | Minimum of 30% |
| Processing time | within 1 – 2 days upon submission of complete documents for credit decision |
For Auto Fleet Financing
| Loan amount |
Brand New: Mininum of PHP400,000 or up to 80% of purchase price Second Hand: Minimum of PHP100,000 or up to 70% of appraised value |
| Maximum car age | Up to 11 years old |
| Payment terms |
Brand New: 12 to 60 months Second Hand: 12 to 48 months |
| Down payment | As low as 20% of purchase price |
| Processing time | 10-15 days processing time upon submission of complete documents for fleet line accreditation |
*From receipt of complete application form and requirements
Business Auto Loan Requirements
- Duly accomplished and signed Business Loan Application Form
- Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories of the loan
- Latest Income Tax Return (ITR/ BIR 2316) duly stamped by BIR
- Latest Audited Financial Statements / Statement of
- Assets and Liabilities/ Statement of Income and Expenses
- Certificate of Business Registration with DTI (Sole proprietor) or SEC Registration, Articles of Partnership / Incorporation, By-laws
- Bank statements or Photocopy of Passbook for the last 3 months
- Proof of Other Income (Certificate of Deposits, Stock / Bond Certificates, Lease Contracts, etc)
- Authorization to conduct trade or Bank checking
Auto Fleet Financing Requirements
For Accreditation
- Business Loan Application Form
- Income Tax Return with BIR Stamp for the last 3 years
- Audited Financial Statements with BIR Stamp for the last 3 years
- SEC Certificate of Filing of Articles of Incorporation/Partnership and By-laws
- Latest General Information Sheet
- Company Profile
- DTI Permit (if applicable)
- Original Corporate Secretary Certificate / Board Resolution
- Names of of authorized signatories and corporate secretaries with photocopies of their valid IDs
- List of major trade references (at least 3 suppliers and 3 customers with contact person and details)
- Authority to Conduct Bank and Trade Checkings
- If Non-Depositor: Latest 12 months Bank Statement
Availment of Auto Fleet Financing Facility
- Auto Loan Application Form (for Sole-Proprietors)
- Auto Loan Application Form (for Partnerships or Corporations)
- Dealer Quotation
- Bank Loan Documents
- Payment (Down payment, chattel mortgage fee and one month advance if applicable)
- Insurance Policy with payment
Acceptable Vehicles as Loan Collateral
- Sports Utility Vehicle (SUVs)
- Passenger Vans
- Asian Utility Vehicles (AUVs)
- Light Commercial Vehicles (LCVs)
- Auto – Sedan / Passenger Car
- Selected imported cars with market-wide acceptability
- Trucks (4, 6, and 10-wheelers)
Additional Requirements if Collateral is Used/Second Hand/Imported Vehicle
- LTO OR/CR under the name of the seller/applicant,
- Motor Vehicle Inspection and Appraisal Report,
- Car History Verification
- For Imported Units: Bill of lading and importation papers, including proof of payment on custom and duty taxes
- 3 original and clear LTO stencil under LTO blue form
- 3 original and clear Onion skin stencil
- PNP Clearance/Macro Etching
- Notarized Deed of Sale (acquisition)