May 14, 2019

How to Make an Auto Loan

Just like Mommy shared in her blog, we already have our dream family vehicle and it only took three days for us to process the application. How?

First, before going to the bank, you must already have known the vehicle you want. The model including the brand and make, the branch or dealer, and the price of course.

You can search for the model you including the freebies and cash discount offers. Freebies may include accessories like carpet and seat covers.

The cash discount can be used to lessen the principal amount of your loan thus, reducing your monthly amortization.

Also, I was offered with a voucher for three consecutive preventive maintenance for a reasonable price. This covers change oil including oil filter.

As of now, I already consumed the two vouchers. The last voucher includes the checking of brakes and tires which may use tire changer in checking like the one in Best Buy Auto Equipment.


To continue, I filed the application in BDO Unibank since we already have our account there. This will make a less hassle in making transactions for the monthly payment. Just opt for the automatic debit from your account.

Not only that, having the loan where you had your bank account makes it easier to get the approval.

Second, prepare the needed documents. Completely filled application form, identification documents like, for employed, you need to ask your employer a Certificate of Employment (COE) stating your current salary and other compensation.

I was not required to submit COE since I have an account in BDO but I was advised to keep it ready in case asked.

Finally, you need to submit the documents to the bank for it to be processed. I was notified to expect a call from the bank for customer information verification. I received the call the same day I completed the application.

After three days, I received a phone call from the bank that my application has been approved and asked to visit them and to sign the contract and settle for the payments needed.

To know more on how to check BDO’s website and they are offering a free gas if you apply online from May 01 to June 30, 2019. 

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