Vehicle Financing Mechanics:

a.Open to all regular members with 3 years membership tenure

b.Member’s share capital requirement of Php100,000 at the time of application

c.Customized loan Application form to be filled-out by the member applicant and usual alekbc loan form.

d.Member-applicants will submit to ALEKBC quotation of the unit from his dealer’s choice.

e.Check payable to Car Company

f.Loan Application form for review of Tess Capati for verification- subject to the 10% take home pay.

g.Vehicle OR/CR in the name of the member/owner

h.Original OR/CR will be for ALEKBC’s safekeeping as loan agreement will be covered by a Chattel Mortgage

i.Spouse as a co-maker

j.Immediate family member/relatives up to 3rd degree of consanguinity can sign as co-applicant.

k.Both co-maker / co-applicant shall sign the contract together with the maker.

l. Payment Options:

m.Salary Deduction: if monthly salary can still accommodate the 10% Take home pay rule as per CreCom recommendation.

n.Issuance of post-dated checks

o. Co-applicant can issue PDC to cover the monthly payments.

p. Member and Co-applicant are subject

for Credit Investigation (CI) –CI fee c/o applicant

q.ALEKBC to hire services of 3rd party

credit investigator.

r.Maximum loan term is five (5) years

s.Three (3) consecutive months /

habitual payment default will be

subject for unit repossession.

t.1month delay of payment for

immediate follow-up by Alekbc staff.

u. Re-possesed units for re-sale based on depreciated value as identified by the treasurer / accountant subject to BOD approval.

Loan Interest Rate / Loan Calculator

Interest rate varies depending on type of vehicle and term of loan (at par with bank rates)

Loan Calculator

Vehicle Financing Mechanics:

  1. Open to all regular members with 3 years membership tenure
  2. Member’s share capital requirement of Php100,000 at the time of application
  3. Customized loan Application form to be filled-out by the member applicant and usual alekbc loan form.
  4. Member-applicants will submit to ALEKBC quotation of the unit from his dealer’s choice.
  5. Check payable to Car Company
  6. Loan Application form for review of Tess Capati for verification- subject to the 10% take home pay.
  7. Vehicle OR/CR in the name of the member/owner
  8. Original OR/CR will be for ALEKBC’s safekeeping as loan agreement will be covered by a Chattel Mortgage
  9. Spouse as a co-maker
  10. Immediate family member/relatives up to 3rd degree of consanguinity can sign as co-applicant.
  11. Both co-maker / co-applicant shall sign the contract together with the maker.
  12. Payment Options:
  13. Salary Deduction: if monthly salary can still accommodate the 10% Take home pay rule as per CreCom recommendation.
  14. Issuance of post-dated checks
  15. Co-applicant can issue PDC to cover the monthly payments.
  16. Member and Co-applicant are subject

for Credit Investigation (CI) – CI fee c/o applicant

  1. ALEKBC to hire services of 3rd party

credit investigator.

  1. Maximum loan term is five (5) years
  2. Three (3) consecutive months /

habitual payment default will be

subject for unit repossession.

  1. 1month delay of payment for

immediate follow-up by Alekbc staff.

  1. Re-possesed units for re-sale based on depreciated value as identified by the treasurer / accountant subject to BOD approval.

Loan Interest Rate / Loan Calculator

Interest rate varies depending on type of vehicle and term of loan (at par with bank rates)

Loan Calculator