Greetings, Jake! If you’re in the market for a car, you might have heard of EastWest Bank’s cars for sale. This article will give you a comprehensive guide on everything you need to know about these cars, including their advantages, disadvantages, and FAQs. Let’s dive in!
Introduction
What are EastWest Bank Cars for Sale?
EastWest Bank is a Philippine commercial bank that offers various financial services, including car loans. However, some borrowers might not be able to pay back their loans, resulting in car repossessions. These repossessed cars are then sold by the bank to recover the remaining loan balance, and they’re called EastWest Bank cars for sale.
How to Purchase an EastWest Bank Car
If you’re interested in buying an EastWest Bank car, you need to attend their auction events. You can check their website or social media pages for the schedule and venue of these events. You can also browse their online catalog to see the available cars and their corresponding prices.
Why Consider Buying an EastWest Bank Car?
One of the advantages of buying an EastWest Bank car is their affordability. Since the bank needs to recover their loan balance, they usually sell these cars at a lower price compared to their market value. Additionally, you can inspect the car’s condition before the auction, and you can also ask for its history report.
What are the Risks of Buying an EastWest Bank Car?
One of the risks of buying an EastWest Bank car is its condition. Since these cars are repossessed, some of them might have been neglected by their previous owners. Thus, you need to inspect and test drive the car before purchasing it. Additionally, you might encounter some bidding wars during the auction, which can drive up the price of the car.
How to Finance Your EastWest Bank Car Purchase?
If you don’t have enough funds to pay for the car in full, you can apply for a car loan with EastWest Bank. They offer various loan packages that cater to different borrower needs, such as low down payment, low monthly amortization, and fixed interest rates. You can apply online or visit one of their branches for assistance.
What Makes EastWest Bank Cars for Sale Different from Other Repossessed Cars?
One of the things that make EastWest Bank cars for sale different from other repossessed cars is their quality. Since EastWest Bank is a reputable financial institution, they make sure that they only sell cars that are in good condition. They also disclose the car’s history report to potential buyers, so you can make an informed decision.
What are the Types of Cars Available at EastWest Bank?
EastWest Bank offers various types of cars for sale, such as sedans, SUVs, vans, and pickup trucks. You can also find different brands and models, depending on their inventory. You can check their online catalog for the complete list of available cars.
Advantages and Disadvantages of EastWest Bank Cars for Sale
Advantages
Affordable Prices
As mentioned earlier, EastWest Bank cars for sale are usually priced lower than their market value. This makes them an attractive option for budget-conscious car buyers.
Good Quality
Since EastWest Bank is a reputable financial institution, they ensure that the cars they sell are in good condition. They also disclose the car’s history report to potential buyers, so you can have peace of mind knowing that you’re buying a quality car.
Flexible Payment Options
If you don’t have enough funds to pay for the car in full, you can apply for a car loan with EastWest Bank. They offer various loan packages that cater to different borrower needs, such as low down payment, low monthly amortization, and fixed interest rates.
Wide Selection
EastWest Bank offers various types of cars for sale, such as sedans, SUVs, vans, and pickup trucks. You can also find different brands and models, depending on their inventory. This gives you more options to choose from.
Easy to Purchase
Buying an EastWest Bank car is easy and straightforward. You just need to attend their auction events or browse their online catalog to see the available cars and their corresponding prices. You can also inspect the car’s condition before the auction.
Transparent Process
EastWest Bank follows a transparent process in selling their repossessed cars. They disclose the car’s history report and auction details to potential buyers, so you can make an informed decision.
Savings on Depreciation
Since you’re buying a used car, you can save on its depreciation. New cars usually lose their value quickly during their first few years, but used cars don’t depreciate as fast.
Disadvantages
Uncertainty on the Car’s Condition
Since these cars are repossessed, some of them might have been neglected by their previous owners. Thus, you need to inspect and test drive the car before purchasing it to ensure that it’s in good condition.
Bidding Wars During Auctions
Some buyers might engage in bidding wars during the auction, driving up the price of the car. This can be a disadvantage for budget-conscious car buyers.
Unpredictable Availability
Since EastWest Bank’s inventory of repossessed cars depends on borrower defaults, it’s unpredictable when they’ll have new stocks available. Thus, you need to check their website or social media pages regularly for updates.
Restrictions on Test Driving
During the auction, you can only inspect the car’s exterior and interior, but you can’t test drive it. This can be a disadvantage since you can’t assess the car’s driving performance before purchasing it.
No Warranty
Since you’re buying a used car, it doesn’t come with a warranty. Thus, you need to bear the cost of repairs and maintenance yourself.
Less Financing Options
Compared to buying a new car from a dealer, financing options for buying a repossessed car might be limited. Some banks or lenders might not offer car loans for repossessed cars, while others might have stricter requirements.
Higher Interest Rates
If you’re applying for a car loan to purchase an EastWest Bank car, the interest rates might be higher compared to buying a new car from a dealer. This is because repossessed cars are considered higher-risk loans.
Complete Table of EastWest Bank Cars for Sale
| Brand | Model | Year | Price | Status |
|---|---|---|---|---|
| Toyota | Vios | 2015 | PHP 350,000 | Available |
| Mitsubishi | Montero Sport | 2016 | PHP 800,000 | Sold |
| Honda | City | 2017 | PHP 450,000 | Available |
| Isuzu | D-Max | 2018 | PHP 1,000,000 | For Auction |
| Ford | Everest | 2019 | PHP 1,500,000 | Available |
FAQs
1. Can I test drive the car during the auction?
No. You can only inspect the car’s exterior and interior during the auction. However, you can inspect and test drive the car before the auction day.
2. Can I apply for a car loan to buy an EastWest Bank car?
Yes. EastWest Bank offers various car loan packages that cater to different borrower needs. You can apply online or visit one of their branches.
3. Do EastWest Bank cars for sale come with a warranty?
No. Since these cars are used, they don’t come with a warranty.
4. Can I negotiate the price of the car during the auction?
Yes. You can bid a lower price during the auction, but keep in mind that there might be other buyers who are willing to pay a higher price.
5. How often does EastWest Bank hold auction events?
It depends on their inventory of repossessed cars. You can check their website or social media pages for the schedule and venue of their upcoming auction events.
6. Can I bring a mechanic to inspect the car before purchasing it?
Yes. It’s recommended to bring a mechanic or someone who knows about cars to inspect the car’s condition before purchasing it.
7. Do I need to pay a reservation fee to join the auction?
No. You don’t need to pay a reservation fee to join the auction, but you need to register and present a valid ID.
8. Can I pay for the car in installments?
It depends on your agreement with the bank. If you have applied for a car loan, you can pay for the car in installments.
9. What happens if I can’t pay for the car in full?
If you can’t pay for the car in full, you can apply for a car loan with EastWest Bank or other banks/lenders. However, if you default on your loan payments, the bank might repossess the car and sell it again.
10. How long is the processing time for applying for a car loan with EastWest Bank?
The processing time might vary depending on your requirements and the bank’s procedures. However, it usually takes around 5-7 business days.
11. Can I buy an EastWest Bank car if I’m not a Filipino citizen?
Yes. As long as you have a valid ID and can provide the necessary requirements, you can buy an EastWest Bank car even if you’re not a Filipino citizen.
12. Can I return the car if I’m not satisfied with its condition?
No. Since these cars are sold on an “as is, where is” basis, you can’t return the car once you’ve purchased it.
13. How can I know if the car has any outstanding balance or issues?
You can request for the car’s history report from the bank or from a third-party provider. This report will show the car’s previous owners, accidents, and other details that can help you make an informed decision.
Conclusion
Now that you’ve learned everything you need to know about EastWest Bank cars for sale, you can decide whether it’s a good option for you. These cars offer affordability, quality, and flexibility, but they also have some risks and limitations. If you’re interested in buying an EastWest Bank car, make sure to inspect and test drive the car before purchasing it. Additionally, consider applying for a car loan if you don’t have enough funds to pay for the car in full. Happy car hunting!
Take Action Now!
If you’re interested in buying an EastWest Bank car, check their website or social media pages for the schedule and venue of their upcoming auction events. You can also browse their online catalog to see the available cars and their corresponding prices. Additionally, you can apply for a car loan with EastWest Bank if you need financing assistance. Don’t miss this opportunity to own a quality car at an affordable price!
Disclaimer
Buying an EastWest Bank car for sale entails some risks and uncertainties. You need to inspect and test drive the car before purchasing it to ensure its condition. Additionally, you need to bear the cost of repairs and maintenance since these cars don’t come with a warranty. Moreover, you need to be aware of the risks of bidding wars during the auction, which can drive up the price of the car. Thus, before buying an EastWest Bank car, make sure to do your due diligence and assess your financial capabilities. This article doesn’t guarantee the accuracy and completeness of the information provided, and it doesn’t replace professional advice from legal, financial, or automotive experts.
