Vehicle Loan

ELIGIBILITY:

Open to all AFPSLAI Regular and Associate Members who are at least 21 years old, with the condition that their age upon loan maturity does not exceed the maximum age covered by the Credit Redemption Insurance (CRI).
Regardless of age, members can qualify if they have sufficient funds in their deposit accounts that can be assigned as collateral for the loan, covering the entirety of their total amount due.
Must be gainfully employed or have regular compensation income.

FEATURES:

Loanable amount is up to 70% of the selling price of the vehicle, subject to the borrower’s paying capacity. For motorcycles, maximum loanable amount is capped at Php 2 million.
At least 30% of the selling price of the vehicle and motorcycle shall be paid by the borrower (as equity) directly to the car dealer.
Loanable term: Up to 5 years

Requirements (click to view the documentary requirements)
Note: All borrowers must accomplish the Loan Application Form (including the Promissory Note and Authorization to Deduct)

MAIN REQUIREMENTS :

Filled-up Loan Application Form and Promissory Note
One (1) 1x1 latest ID picture
Service ID/Pensioner ID and AFPSLAI ID
Marriage Contract (if married)
Official Receipt of 30% equity payment to dealer (after loan approval, prior to release)
LTO Stencil for Chattel Mortgage – no need if DOA is executed

OTHER DOCUMENTS, if applicable :

Mode of Payment	Requirements
Salary Deduction	2 latest original or printed online payslips
Pension Deduction	Certificate of Pension
Debit from Account (CCA/SDA)	CCA/SDA Passbook and Deed of Assignment (DOA) / Authority to Deduct (ATD) from CCA/SDA
Post Dated Checks (PDCs)	3 months’ latest payslips, COE and ITR for the past 2 years (for employed Associate Member)  Business Registration/Permit, Income Statement/Financial Statement for the past 2 years and Contract of Lease (if payment will be sourced from Business/Rentals) Income Statement/Financial Statement for the past 2 years and OR/CR and LTFRB to Operate (if payment will be sourced from Contract of Lease – payment sourced from PUVs)

ADDITIONAL DOCUMENTS as required by each BOS/Payjur (for payment through Salary/Pension Deduction):

GHQR
- Pension ATM card (optional)
- Retirement Order and/or Declaration of Legal Beneficiary
PN, PA, PCG, GHQ Active (to include PMA, PSG, VLUNA)
- Appointment Order/Re-enlistment Order/ETAD/Re-appointment Order
- Any 1 clearance (Unit, JAGO, or Certification of Status or its equivalent)
PAF
- Willingness to Re-enlist
- Provost Marshal Clearance or IG Clearance
- Spouse Consent (if married)/Certificate of Singleness (if single)
PNP, BJMP
- Certificate of Non-pending Case
- Duty Status
BFP, BFPR
- Certificate of Non-pending Case
- Two (2) government-issued ID (photocopy), affix three (3) signatures (in the absence of Service/Pensioner ID)

NOTE: Other AFPSLAI requirements will be provided/processed by the Branch (such as Notarization of ATD/APD, LOG, Chattel Mortgage, Encumbrance of OR/CR, MRI, Comprehensive Insurance, etc.) and associated fees to be shouldered by the member-borrower, if any.

VL Calculator

INSTRUCTIONS:

To know your monthly amortization:

Enter the selling price of the vehicle.
Enter you desired down-payment (minimum of 30% of selling price).
Select the number of years you want to amortize your loan.
Click “COMPUTE” to know your monthly amortization or “RESET” to clear entries.

Please note that the computation above is only indicative. You may call us or visit any AFPSLAI Branch nearest you for the actual details.

Procedures

Borrower submits LAF and requirements.
If submitted documents comply with all the requirements, Loan Specialist proceeds with the processing of loan.
Loans Specialist coordinates with the car/vehicle dealer.
AFPSLAI conducts credit evaluation (background check and credit investigation) and appraisal.
Loans Specialist computes the Single Borrower’s Limit (SBL) to determine the maximum loanable amount of the borrower.
Upon approval of the loan, Loans Specialist will require to submit loan release requirements.
If all loan release requirements are complied, borrower receives his/her loan proceeds.

FAQs

Q: Do you offer Car Loan for second hand vehicles?
A: Yes, but we do have a separate loan product for that. AFPSLAI offers Pre-Owned Vehicle Loan where Regular and Associate Members can purchase pre-owned vehicles (sedans, SUV, AUV, Vans LCV, highend motorcycles and other vehicles similarly classified) from either an accredited dealer or individual seller.

Q: Do you accept motorcycles in availing Vehicle Loan?
A: Yes, AFPSLAI is now accepting motorcycles in availing Vehicle Loan starting December 4, 2023

Q: What happens if there are default in payments?
A: Penalty charges shall be imposed on accounts with late or default payments, as well as understated payments, computed at 2% of the unpaid amortization due for the month.

Vehicle Selling Price
Down Payment
Loan Term

Amount to be Financed is:
Monthly Amortization is