BPI offers financing plan for first-time car buyers

BPI Family Bank, the country’s biggest thrift bank, seeks to broaden its consumer lending business by unveiling an affordable auto financing plan for first-time car buyers, targeting young professionals in their 30s or late 20s.

The “First Car Program” program will be launched during the Manila International Auto Show (MIAS) 2013 to be held on April 4-7 at the World Trade Center, bank officials said in a recent briefing.

“We are very excited to introduce our First Car Plan at the 2013 MIAS. We want to effectively respond to the needs that we see in the market and encourage our young professionals to bring home their dream cars at this time when the country is experiencing a stellar economic performance,” said BPI Family Bank president Teodoro Limcaoco.

David Sarmiento Jr., BPI Family Bank senior vice president and auto loans division head, said under the program, the bank would offer lower rates and free insurance with Acts of Nature coverage.  The entry level or the minimum loan needed to qualify for the insurance was also lowered to P400,000 from the previous threshold of P600,000.

He said the interest rate under the first car program would be about 25 basis points lower than the usual rate of between 10 and 14 percent per year. Doris C. Dumlao