BPI, Ford team up for flexible auto loans
WOULD YOU believe me if I said that, despite the uncertainties due to this ongoing pandemic, the demand for automobiles has continued to rise in this country? Well, it has. That is according to BPI’s Retail Lending Group Head Dennis Fronda, who revealed that the monthly applications on the company’s website tripled from the start of 2020 to the end of that same year. Additionally, the total online loan applications over the first seven months of 2021 even grew by a further 37% compared to the same period last year. This strong demand may not immediately seem instinctive, but it appears that Filipinos put a high premium on personal safety by securing their own private means of transportation.
My second interesting bit of information is that, based on data, Ford vehicles consistently emerge as among the preferred vehicles of BPI customers. Having said that, you must have already guessed that the two large brands thought of forging a partnership that would help their clients more easily purchase their long-desired vehicles. And this is where the special, new “Ford x BPI” flexible auto loans come into play.
“BPI is one of the biggest and most trusted banks in the Philippines, and this partnership will allow us to tap into its large, stable customer base and nationwide presence. This partnership will give our customers a new banking partner that will extend exclusive offers, competitive rates, and flexible financing programs under a well-established auto loan program,” remarked Ford Philippines Managing Director Mike Breen.
Basically, interested buyers of Ford vehicles such as the Ford Ranger, Ford Territory, and Ford Everest may avail of any of BPI’s special new auto loans which can provide up to P230,000 in discounts for BPI Family Bank clients. Customers may choose the affordable payment solution that fits their specific needs; in the process they can benefit from low down payments, low interest rates or low monthly amortizations.
“With this partnership, we also see the opportunity to work even more closely with the Ford dealer network nationwide, so we can better service their customers in the dealerships. We see opportunities to add value to each of our institutions and grow sustainably in spite of the pandemic,” shared Mr. Fronda.
Born out of this partnership is a Step Up Payplan program which offers a lower monthly amortization during the first two years of the loan. Then it slowly steps up every year, moving forward. There is also the Auto Loan Multi-year Protect, which already has the car insurance premium embedded within the monthly payments. This eliminates the hassle of having to deal with annual insurance renewals.
Moreover, there is also the Zero Cash Out program, which offers the first year of the car’s comprehensive insurance for free, plus a waived chattel mortgage fee. The first month of the auto loan installment will also be subsidized. This effectively allows the client to “drive now and pay later,” for as long as he has cash in his BPI bank account which the bank can hold as down payment for the said purchase.
They’re quite encouraging payment solutions brought to us by one of the oldest banks in the Philippines in cooperation with one of the oldest car manufacturers in the world.
Finally, Mr. Fronda also wishes to point out that beyond Ford being one of the preferred car brands of their depositors, he is also happy to share that the loan delinquency rate of Ford customers is also one of the lowest in the market. So, effectively, it’s a win-win!