How to Apply for a Car Loan at BDO

Applying for a car loan at Banco de Oro (BDO) involves several steps that ensure you get the financing you need for your vehicle purchase. Here is a detailed guide to help you through the process:

1. Eligibility Requirements: Before applying, check if you meet BDO's eligibility criteria. Typically, you must be a Filipino citizen, at least 21 years old, and have a stable source of income. BDO may also require a minimum annual income.

2. Prepare Your Documents: Gather all necessary documents. This usually includes:

   • Proof of Identity (e.g., government-issued ID)
   • Proof of Income (e.g., payslips, income tax return)
   • Proof of Billing Address (e.g., utility bills)
   • Car Reservation Form or Proforma Invoice from the dealership

3. Calculate Your Loan Needs: Use BDO’s online car loan calculator to estimate how much you can borrow and what your monthly payments will be. This tool helps you budget and determine the right loan amount.

4. Submit Your Application: Visit a BDO branch or apply online through BDO’s website. Fill out the car loan application form with accurate details about yourself and the vehicle you intend to purchase.

5. Loan Processing: After submission, BDO will review your application and conduct a credit assessment. They might request additional documents or information during this stage.

6. Approval and Disbursement: Once approved, BDO will notify you of the loan terms and conditions. After signing the loan agreement, the funds will be disbursed either directly to the dealership or to your account, depending on the agreement.

7. Repayment: Ensure timely payments according to the agreed schedule to avoid penalties and maintain a good credit standing.

For any specific inquiries or to get personalized assistance, you can always contact BDO customer service or visit their nearest branch.

Tips:

• Ensure all your documents are complete and accurate to avoid delays.
• Check the loan’s interest rate, fees, and prepayment terms before signing the agreement.

By following these steps, you can streamline the car loan application process and get closer to driving your new vehicle.