Bank Financing Insurance Penalty
By Carlo Jeff
Posted on Nov 10, 2018
Bank financing offers a high loanable amount that gives us the power to purchase our dream car. We usually opted to those financing that offers low intest with long payment terms, but after getting the loan approval many just sign alot of documents without understanding their Terms and Policy, in an auto loan, majority of financing requires insurance policy for their protection and for the protection of their client, but if you miss to have one, or late to submit it, you are subject for their penalty.
here are the list of most well known financing and their corresponding penalty
| BANK FINANCING |
PENALTY |
| PS Bank |
2,500 after 30 days |
| RCBC Savings Bank |
200 after 1 day
|
| Banco De Oro Unibank, Inc. (BDO) |
None |
| Eastwest Bank |
None |
| Toyota Financial Services Phils. Corp. |
None |
| Union Bank |
None |
| Bank of Commerce |
None |
| Maybank |
None |
| UCPB / UCPB Savings Bank |
None |
| BPI Family Savings Bank |
1 Week Docstamp |
| Metropolitan Bank & Trust Co. |
None |
| China Bank / China Bank Saving |
1 Week Docstamp |
| PNB Savings Bank |
None |
| Security Bank Corp. |
None |
| Insurance Savings Bank |
None |
| Orix Metroleasing & Financing & Finance Corp. |
None |
| Asialink Finance Corp. |
None |
| Asian Cathay Finance & Leasing Corp. |
None |
| Global Dominion Financing Inc. |
None |
| Malayan Bank |
None |
| Robinsons Bank |
None |
| Sterling Bank of Asia |
None |
| Asia United Bank |
None |
| First United Finance & Leasing Corp. |
None |
some financing auto renew their clients comprehensive insurance, after failing to submit the banks copy which is more expensive, compare to insurance of your choice while it has the same benefits. so you might want to review your loan terms and policy to avoid any penaly and future problems.
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