The Bank of the Philippine Islands (BPI) and Ford Philippines have announced new financing schemes for some of Ford’s popular models.
The new offers allow customers to opt for low down payment, low interest, or low monthly payments. Discounts will also be offered under the new plans, making the ownership proposition more attractive and convenient for buyers of the Ford Ranger, Territory and Everest.
First among the payment schemes is the Step Up PayPlan. This offers lower monthly amortization for the first two years of the car loan. The monthly amortization then gradually increases, allowing buyers easier payment terms during the initial period. Then there’s the Auto Loan Multiyear Protect that allows buyers to bundle their insurance premium with their auto loan amortization and saves them the trouble of separately renewing the insurance annually, and paying for the entire year’s insurance upfront.
Another option is the Zero Cash Out scheme. This allows buyers to keep their cash in their bank account, effectively letting them drive now and pay later. This scheme also has the advantage of letting BPI subsidize the insurance, chattel mortgage fees, and at least the first month of the auto loan amortization.
BPI Retail Lending Group Head Dennis Fronda said the partnership of BPI with Ford Philippines opens up a way for its clients to own a Ford as more and more people look for a safer way to travel amid the pandemic.
“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,” said Fronda.
Mike Breen, Ford Philippines Managing Director, said the milestone partnership allows Ford Philippines and its dealers to expand its network of banking partners for customers that will make the purchase and ownership experience easier and hassle-free.
“BPI is one of the biggest and most trusted banks in the Philippines, and this partnership will allow us to tap into their 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,”
Mike Breen, Ford Philippines Managing Director
The availability of new payment schemes like the ones offered by BPI and Ford bodes well for the continued recovery of auto industry sales. Mr. Fronda reports that demand for cars have been increasing despite the ongoing pandemic. Monthly applications from BPI’s website tripled from start of 2020 to end of 2020. In addition, total online applications for the first 7 months of 2021 grew 37% versus the same period in 2020.
To know more about the exclusive offers and deals, customers can visit a Ford dealer or a BPI branch nearest them.
