PRODUCT REVIEW OF MAYBANK CAR LOAN
Public Notice – Disclaimer: We currently do not partner with Maybank and details about Maybank herein are solely for information purposes only. For other loan provider alternatives, check out below. For partnership concerns, click here
If you are looking specifically for Maybank Car Loan, please visit their website at www.maybank.com.ph or contact them at (02) 588 3888. Thank you.
Daily commuting has become a real struggle these days, especially in the Philippines’ major cities such as Cebu and Metro Manila. One has to wait in long lines to get a cab or a Jeepney ride and go through the heavy traffic to and from school or work.
With a Maybank Car Loan, it’s now possible for many Filipinos to get their own vehicle, be it brand new or second-hand. Specifically, Maybank offers three car financing options
- New Car Purchase – For individuals looking for ways to purchase their dream car.
- Second-hand Car Purchase – For people looking for a starter, pre-loved car.
- Car Loan Refinancing – For people who want to use their car as collateral to fund other more pressing financial goals such as for business capital or emergency needs.
AUTO LOAN DETAILS
Maybank’s loan package is competitive with its negotiable terms, payment methods and interest rate.
- Loan Tenure – Maximum loan term depends on the type of loan you’re planning to get. If you’re planning for a truck loan, you can repay the loaned amount to up to 36 months. Maximum term for refinanced cars is 24 months, used cars at 48 months and brand new vehicles at 60 months.
- Loanable Amount - Maybank provides financing of at least PHP 100,000.
- Processing Duration – Maybank reviewers let borrowers know whether their application is approved or declined one day after the application for new car loan and 3 days for used car financing.
- Supported Car Models – The Bank offers funding for car models released in the year 2000 and above.
- Down Payment - Down payment is 20% of the car’s price for new cars, 30% of the appraised value for second-hand vehicles and 40% of appraised value for trucks.
Applicants must be at least 25 years old but not over 60 years old. He or she must be a regular employee for at least 2 years or for self-employed has been operating a profitable company for a minimum of 3 years. Applicants must be a Filipino citizen with documents to show his or her residence.
Those qualified to get a Maybank car loan must prepare and submit these documentary requirements:
- Application Form – signed and with complete details
- Latest ITR
- Employment Certificate
- DTI Certificate of Business Registration form sole proprietorship businesses
- Audited Financial Statement (for corporate applicants)
- Latest bank statements for 3 consecutive months
- Valid, government IDs bearing the applicant’s picture
- Articles of Incorporation, By-Laws and SEC Business Registration (for corporate applicants)
Quick tip: Prepare your credit history and submit this if necessary. This will speed up your approval rate and help you get a deal with a lower rate.
For more information contact the Maybank Branch nearest you or call (02) 588 3888. You can also visit their website at www.maybank.com.ph.
DISCOVER OTHER ALTERNATIVES AT LOANSOLUTIONS PH
Maybank is really just one of the loan providers you can rely on for auto loans. Here at Loansolutions PH, we provide you with multiple options to ensure you get the best deal at the lowest rate. Fill up our online application form now and let’s talk about your option