How to Get a Car Loan from Your Nearest Bank to Fight COVID-19

The COVID-19 pandemic and the extended enhanced community quarantine has left the Philippines in a standstill. Even so, there are numerous ways for you to fight the disease. For example, by getting a car  loan from your nearest bank, buying a vehicle, and volunteering it, you can help the country circulate necessary resources and manpower. So if you’re up for it, below are the steps to help you smooth out the process.

Look for Nearby Loan Products

With the lockdown imposed in barangays, you’ll have a harder time finding the right loan programs. So as much as you can, stick with the banks in your vicinity. Hopefully, your preferred bank should have a branch near your home. Otherwise, look for other banks. However, in case your favorite bank has an online platform that allows you to get a cash loan via the internet, take advantage of it. Look for loan programs in theirs and other nearby banks’ websites, compare their loan programs with each other, and pick the ones that offer the best benefits.

Check If You’re Qualified

Once you’ve shortlisted the banks where you want to get a car loan, check their requirements and determine whether or not you can meet them. Obviously, you need to strike off from your list the banks where you won’t qualify, leaving only the ones where your chances are better.

Requirements for car loans also vary depending on the bank. However, most of their basic criteria remains the same.
● Filipino citizenship
● Documented source of income
● Valid government-issued IDs
● TIN (Tax Identification Number)
● Proof of income

Get the Car Loan from Your Nearest Bank

As soon as you’ve found the auto loan program you want, contact your local bank and apply for the car loan. Hopefully, your chosen bank would have its own website and online platform as most banks do now-adays. But in case they don’t have any online platforms, then you need to practice proper social distancing when going to their office yourself. That way, you can reduce your risk of contracting COVID-19 (you’d never know if the person next to you is asymptomatic). One last thing, make sure you have all the required documents on hand prior to your application.

Use the Funds to Finance a Vehicle

Afterward, wait for your application to be reviewed and approved. In case it does get okayed, obtain the funds as soon as you can and start browsing for the right vehicles. With public transportation virtually frozen, it’s probably best if you buy a van or a vehicle roomy enough to seat the frontliners who are doing their best to take care of the COVID-19 patients. Or you can use the funds to have your own car repaired, before volunteering it to fight against COVID-19. Then again, you’ll need your own car for personal use, so it’s probably better if you volunteer a different ride.

Volunteer the Vehicle

Once you’ve bought a van or car, proceed with volunteering it to the war effort against COVID-19. As mentioned above, you can have it transport medical frontliners to and from their hospitals so they can better take care of the COVID-19 patients. You can also volunteer your vehicle to transport necessary resources, including food, water, medical supplies, and PPEs, among others.

Keep in mind as well that the car still belongs to you (unless you donate it). So after the pandemic blows over, reclaim your asset, disinfect it thoroughly, and enjoy your new used vehicle.

Wrapping Up

One way or another, we’ll overcome this COVID-19 crisis. By doing things like practicing social distancing, obeying ECQ rules, and getting a car loan from your nearest bank and volunteering a vehicle, you’ll be able to do your part in helping defeat this virus.