The thought of owning your first car is an exciting and liberating prospect. But let us face it, the road to car ownership can be an intimidating financial commitment, with many considerations and decisions to make along the way. This is especially true for first-time car buyers who are eager to get behind the wheel, but don’t know where to start.

To see you through your journey, here is a guide on how to own your first car, from the application process, to maximizing discounts, and securing low interest rates.

Step 1: Plan your budget
It is recommended that your total car costs, (i.e. all the expenses, from purchasing the car to paying for its maintenance, insurance, gas, and taxes) should not exceed your monthly income.

Step 2: Identify your needs and preferences
Consider factors like the number of passengers you will typically have and what you will need the car for. Do you need a fuel-efficient vehicle for city driving or do you require something rugged for off-road adventures?

Step 3: Research and compare
Once you know what you need and want in a car, see what your options are. Start researching different models that align with your needs and budget. Consider factors like fuel efficiency, safety features, and reliability ratings.

Step 4: Find the good deals
When purchasing a car, you may choose to pay in cash or through an auto loan. One option that may make your goal of owning a car a reality is with a BDO Auto Loan.

Here is what you get with a BDO Auto Loan:
1. Low-interest rates - Enjoy a low interest rate and get a loan decision in as fast as one banking day.
2. Low cash-out - Getting behind the wheel is easy with affordable cash-out options.
3. Flexible payment terms - Manage monthly payments easily with a loan term that works for you.

Step 5: Check your eligibility for the auto loan
Before you apply for a BDO Auto Loan, make sure you meet the following criteria:

• Age: You should be at least 21 years old, but not exceeding 70 years old at the end of the loan term.
• Income: Your minimum gross family income should be at least P50,000 per month.
• Stable income source: You need to demonstrate a stable source of income, whether through employment or business.

For locally employed: You should have at least 2years with your current company.

For those employed abroad: A minimum of 2 to 3 years of employment is required.

For self-employed: You must show at least 2 consecutive profitable years of operation.

Step 6: Gather your documents
If you are eligible and set on getting a BDO Auto Loan, you will need one clear copy of a valid ID that matches your application details, and these income documents:

-If locally employed: Latest Income Tax Return (ITR) or BIR Form 2316, or Certificate of Employment with Compensation (COEC)

-If employed abroad: Proof of remittance for the last three months, the latest crew contract (for seafarers), or Consularized COEC or an employment contract

-If self-employed: Photocopies of audited financial statements for the last two years, along with the latest ITR, bank statements or passbook photocopies for the last 3 months, a certificate of business registration

Step 7: Fill out digital forms and submit documents
Once you have your documents ready, the next step is to fill out digital forms and submit the required paperwork. You may apply either through the BDO website or at any BDO branch nationwide.

Step 8: Enjoy the ride
Congratulations. You finally got your own car. Do not forget about regular car maintenance to keep your brand-new car running smoothly and efficiently.

By following this roadmap and taking each step at a time, purchasing your first car may just be a manageable and hassle-free experience.

Apply online through the BDO website or visit a BDO branch today to start your journey towards owning your own car.