How much money do I need to start with the loan program?
You will need at least P50,000 from your own pocket as a down payment. You can then loan another P50,000 from AMA Bank to be able to purchase a P100,000-worth 1994 model, secondhand car. Or to avail a brand new vehicle like Toyota Vios or Honda City, you must have at least P150,000 for the down payment and mortgage fee.

Post-dated checks are required for the monthly amortization. To understand the credit ratio, the monthly amortization is 30 percent of the borrower’s monthly net salary. For instance, if you earn P35,000 to P40,000 a month, you can avail the loan services with P10,000 worth of monthly amortization.

The modes of payment vary on the status and model of the car to be refinanced. The down payment for a brand new car is 20 to 30 percent with maximum terms of 48 months and minimum of 3 years; forty percent for secondhand cars with specific bracketing indicators. For instance, a 1994 model will require you 18 months to pay while a 2004 model will allow you 3 years to settle your balance. Insurance is also covered and with four months to pay after signing of loan documents.

How do I get to choose a car?
AMA Bank finances brand new cars mainly from Nissan, Toyota and Honda. You can choose the car to purchase but you may also seek advice from the marketing officers of AMA Bank on which brand has a high market value or consumes less gasoline.

BMW and Mercedes Benz are the most expensive cars that can be possibly loaned from the program. On the other hand, the least expensive car that will be accepted must be worth P100,000, and anything that goes below is considered undervalue. Examples of this car are the ‘94 model Toyota Corolla and ‘95 model Nissan Super Saloon automatic.