BPI and 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 increase in this country? Well, it is. This is according to Dennis Fronda, head of BPI’s retail lending group, who revealed that monthly requests on the company’s website had tripled from early 2020 to the end of the same year. Moreover, the total number of online loan applications in the first seven months of 2021 even increased by an additional 37% compared to the same period last year. This high demand may not immediately seem instinctive, but it appears that Filipinos place great importance on personal safety by securing their own private means of transportation.
My second interesting piece of information is that, based on the data, Ford vehicles consistently appear among the preferred vehicles of BPI customers. Having said that, you are already guessing that the two big brands have thought about forming a partnership that would make it easier for their customers to purchase their much-desired vehicles. And that’s where the new âFord x BPIâ Special Flexible Auto Loans come in.
âBPI is one of the largest and most trusted banks in the Philippines, and this partnership will allow us to leverage its large, stable customer base and nationwide presence. This partnership will give our customers a new banking partner who will extend exclusive offers, competitive rates and flexible financing programs as part of a well-established auto loan program, âsaid Mike Breen, general manager of Ford Philippines.
Basically, interested buyers of Ford vehicles such as Ford Ranger, Ford Territory and Ford Everest can qualify for one of BPI’s new special auto loans which can offer BPI customers up to P 230,000 in rebates. Family Bank. Customers can choose the affordable payment solution that matches their specific needs; in the process, they can benefit from low down payments, low interest rates, or low monthly repayments.
âWith this partnership, we also see the opportunity to work even more closely with the Ford dealer network nationwide, so that we can better serve their customers in dealerships. We see opportunities to add value to each of our institutions and to grow sustainably despite the pandemic, âsaid Mr. Fronda.
From this partnership was born a Step Up Payplan program which offers a lower monthly amortization during the first two years of the loan. Then it slowly intensifies each year, moving forward. There is also the Auto Loan Multi-year Protect, which already incorporates the auto insurance premium into the monthly payments. This eliminates the hassle of having to deal with annual insurance renewals.
In addition, there is also the Zero Cash Out program, which offers the first year of full car insurance for free, as well as exemption from personal mortgage fees. The first month of the monthly auto loan will also be subsidized. This effectively allows the customer to “drive now, pay later”, as long as they have money in their BPI bank account that the bank can keep as a deposit for said purchase.
These are very 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 would also like to point out that beyond Ford being one of their depositors’ favorite car brands, he is also happy to share that the Ford customer loan default rate is also one of the lower in the market. So, yes, it’s a win-win!