Unionbank Auto Loan – What You Need to Know
UnionBank Auto Loan is a type of loan that is designed to help individuals finance the purchase of a brand new or second-hand car. It is offered by UnionBank of the Philippines, one of the leading banks in the country, with a network of branches and automated teller machines (ATMs) all over the country.
The Union Bank Car Loan Philippines offers flexible payment terms with competitive interest rates. Borrowers can choose a loan term ranging from 12 to 60 months, depending on their repayment capacity. They can also choose the mode of payment that suits their lifestyle and financial capacity – either through automatic debit arrangement (ADA), post-dated checks (PDC), or payment at UnionBank branches.
UnionBank offers auto loans to help customers finance their car purchases. Here are some of the features and requirements of UnionBank Auto Loan:
Features:
- Loan amount: Up to 80% of the purchase price or appraised value of the car, whichever is lower
- Loan term: From 12 to 60 months
- Interest rate: Competitive interest rates
- Down payment: As low as 20% of the purchase price or appraised value of the car
- Payment options: Flexible payment options through automatic debit arrangement (ADA), post-dated checks (PDC), or payment at UnionBank branches
- Insurance: Comprehensive insurance coverage is required
How to Apply for Unionbank Car Loan?
To apply for a UnionBank Auto Loan, borrowers need to provide their personal and financial information, along with the required documents such as proof of income, proof of billing, and car quotation or proforma invoice. The loan approval process typically takes a few days, and once approved, borrowers can start enjoying their newly financed car.
Whether you are buying your first car or upgrading to a better one, UnionBank Auto Loan can help you make your dream a reality. With its flexible payment terms, competitive interest rates, and reliable service, UnionBank Auto Loan is a great option for individuals who are looking for a hassle-free and convenient way to finance their car purchase.
Union bank Auto Loan Requirements
To apply for a UnionBank Auto Loan, you will need to prepare the following requirements:
- For employed individuals:
- Completely filled out and signed UnionBank Auto Loan Application Form
- Valid government-issued ID (e.g. passport, driver’s license, SSS ID, etc.)
- Latest original payslip
- Certificate of Employment (COE) indicating your position, length of service, and compensation package
- Latest Income Tax Return (ITR) or BIR Form 2316
- Proof of billing (e.g. utility bill, credit card bill, etc.)
- For self-employed individuals:
- Completely filled out and signed UnionBank Auto Loan Application Form
- Valid government-issued ID (e.g. passport, driver’s license, SSS ID, etc.)
- Latest Income Tax Return (ITR) or BIR Form 1701/1702 with Audited Financial Statements
- Business registration documents (e.g. SEC registration, DTI registration, Mayor’s permit, etc.)
- Proof of billing (e.g. utility bill, credit card bill, etc.)
- For both employed and self-employed individuals:
- Car quotation or proforma invoice from an authorized car dealer
Union bank Auto Loan Rates
The interest rates for UnionBank Auto Loan may vary depending on the specific loan product and the borrower’s credit profile. However, UnionBank offers competitive interest rates for its auto loans, which are generally lower than the rates offered by some other banks in the Philippines.
To get an idea of the current interest rates for UnionBank Auto Loan, you can check their website or visit a UnionBank branch near you. You can also inquire about their interest rates by calling their customer service hotline or contacting a UnionBank representative through Union bank auto loan contact number. In addition, you may also use the Unionbank auto loan calculator or Union bank motorcycle loan calculator to see your pre-calculated amortization.
It’s important to note that the interest rates for UnionBank Auto Loan are subject to change without prior notice, so it’s best to confirm the rates and other terms and conditions before applying for a loan. Additionally, the interest rates may also be affected by other factors such as the loan amount, loan term, down payment, and borrower’s creditworthiness.
Union bank Auto Loan Promo
UnionBank of the Philippines occasionally offers promotions for its auto loans to attract more customers and provide them with better deals. However, these promotions may change from time to time, so it’s best to check with the bank or visit their website for the latest information.
Some of the possible promotions that UnionBank may offer for its auto loans include:
- Lower interest rates: UnionBank may offer lower interest rates for a limited time or for specific loan products. This can help borrowers save money on interest charges and reduce their monthly payments.
- Cashback or rebate: UnionBank may offer cashback or rebate to borrowers who apply for an auto loan during a promotion period. This can help reduce the overall cost of the loan or provide borrowers with additional funds for other expenses.
- Freebies: UnionBank may also offer freebies or incentives to customers who avail of their auto loan products. These may include car accessories, gadgets, or other items that can help enhance the driving experience.
It’s important to note that these promotions may have certain terms and conditions, such as a minimum loan amount, a specific loan term, or eligibility requirements. Borrowers should carefully review these terms and conditions before applying for an auto loan promotion to ensure that they can meet the requirements and enjoy the benefits.