BUY your new car at low interest rates with free one-year insurance plus loads of freebies during the BPI Family Auto Madness event at the Activity Center of Ayala Center Cebu. The annual event will be held this year until Sunday, March 13.
Launched in 1995, the Auto Madness event aims to advise and assist Filipinos in applying for auto loans.
“Last year, we only had 19 car brands, now we have 23,” said BPI Savings Bank brand manager for auto loans Jan Vincent L. Montifalcon.
BPI Auto Madness car brands
He said the car brands range from entry level to the high end. Most of the new brands are from India.
BPI Family Savings Bank caters to the loans of BPI Savings Bank. BPI Family, aside from auto loans, also offers housing loans, personal loans and KaNegosyo loans for small businesses.
Montifalcon said BPI Family auto loans are growing in the country. “Filipinos are now able to have these assets, especially the middle class,” he said.
Increase in auto loans
According to Willbert Yu, BPI Family Cebu Business Center Head, they recorded last year a 20 percent to 25 percentage increase in auto loans from the BPI Family in Cebu. The growth in the number of people who apply for loans for high-end cars rose by 10 to 25 per cent compared to 2014. The growth in auto loan applications in Cebu is the second highest in the country next to Manila, he said.
The interest rate of loans is 6.33 percent this year. This, however, is expected to go up in the next few years.
“With the entry of the dealership clients, applicants can choose from different branches and can buy it now,” said Montifalcon. He also said that people can also apply for auto loans in BPI Family Savings branches online. (Story and photos by Bryl Jan Yucaran)