1. Step Up PayPlan is available to individual applicants who want to avail a brand new passenger car.
2. The maximum loan term is 5 years.
3. The minimum down payment is 15% with a minimum loan amount of Php 500,000.
4. Loan payments can be done via Auto Debit Arrangement.
Benefits
Most affordable way to own your dream car
Loan payments will start at the lowest value on the first year and slowly increases in the following years.
Convenient
Your BPI account will automatically be enrolled via an automatic debit arrangement to make your monthly payments convenient.
Low Downpayment
A minimum of 15% downpayment is required.
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How it works
On the first year of your Step Up PayPlan, the amount of the monthly loan payment can be 10% lower than the monthly amortization of a regular Auto Loan.
From year 2 onwards, the amount of your monthly loan payment will start to increase slowly. This will ensure that your Auto loan payments will stay affordable until the end of the loan term.
Sample Computation
Loan Amount: Php 800,000
Loan Term: 60 months
Rate: 10.93%
| Term | Regular Auto Loan | Step Up PayPlan |
|---|---|---|
| Year 1 | 17,367 | 15,754 |
| Year 2 | 17,367 | 16,384 |
| Year 3 | 17,367 | 17,367 |
| Year 4 | 17,367 | 18,756 |
| Year 5 | 17,367 | 19,674 |
Quick guide
Terms and conditions
How to apply
Branch
1. Go to any BPI branch.
2. Completely fill out the application form.
3. Submit the requirements. Your application will be reviewed and processed.
4. If your application is approved, you will receive an SMS notification and will be asked to visit the branch or a Loans Business Center.
5. Sign the loan documents.
Online
1. Completely fill out our Auto Loan online application form.
2. Submit the requirements. Your application will be reviewed and processed.
3. If your application is approved, you will receive an SMS notification and will be asked to visit the branch or a Loans Business Center.
4. Sign the loan documents.
Tool and services
From planning to application, we'll make the process a smooth ride.
Regular Auto Loan vs. Step Up PayPlan
| Specifics | Regular Auto Loan | Step Up PayPlan |
|---|---|---|
| Amount of monthly Payment/ Amortization | Fixed equal monthly payments for the duration of the loan term. No annual price increase | Amount of monthly payment varies every year, starting with the smallest value on the first year, and lightly steps up on each succeeding year |
| Product benefit | Budget your monthly expenses ahead of time and set aside the same fixed amount from start to end of your loan term | Plan and control how much you pay each year so you can free up your funds for new opportunities or other expenses |
| Type of vehicle to purchase | Brand New or Pre-Owned Passenger Vehicle Can be used to purchase Big Bikes or Trucks | Brand New Passenger Vehicle |
| Term of duration of loan | Can opt for short or long term such as 1,2,3,4 or 5 years | 5 years |
| Motor insurance | Outright Payment before loan availment. Insurance premium for succeeding years are paid in lump sum every year | |
| Initial cash out | Standard cash-out for Insurance Premium and Chattel Mortgage | |
| Price | Same as published interest rate | |
Customer support
BPI
For inquiries and comments, send us a message or call our 24-hour BPI Contact Center at (+632) 889-10000.
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| Deposits are insured by PDIC up to P500,000 per depositor.| BPI is regulated by the Bangko Sentral ng Pilipinas