Learn how BDO Auto Loan can help you determine and finance your next car purchase.
Choosing your first or next car has become a little more complicated recently. Full-electric cars launched in recent years now sit around the PHP 1.5M price point. That puts it in the very saturated segment that has conventional-powered cars (running purely on gasoline or diesel), hybrids, and now full-electrics have joined the fray.
We are currently transitioning to a new generation of vehicles, hence, the influx of new terms. Understanding these will help you make a more informed decision with your car purchase.
Knowing their differences will let you know which will work best for you. In the end, you’ll also learn how BDO Auto Loan can help you achieve the car you’ll choose.
Hybrid Electric Vehicles (HEV)
Basic hybrid cars are those equipped with an electric motor, a separate battery, and an engine. Think of it as having 2 engines with one powered by fuel and another with electricity via the dedicated battery. Here, the car decides when to use fuel or electric power although others let you choose with an EV button in the cabin.
Hybrids are also self-charging cars and so they don’t need to be plugged in. This is perfect for those who want more fuel savings and do not want to worry about charging.
Plug-in Hybrid (PHEV)
Plug-in hybrids have the same setup, only they have alternative means of getting electric power. Instead of just the self-charging capability, you can plug them in via portable chargers or wall chargers in your home or at a commercial charging station.
One advantage of PHEVs is their larger battery capacity, which allows for longer electric-only driving. This gives them more mileage in their EV mode, allowing you to travel farther without consuming a single drop of fuel.
Range-Extended Electric Vehicle (REEV)
A new type of electrified cars entering the market is Range-Extended Electric Vehicles. They are often classified as plug-in hybrids but the difference is that their engines are there solely for charging the car. Think of it as a huge powerbank. This makes the REEVs respond and drive like an EV despite having a fuel-powered engine.
Electric Vehicle (EV)
These cars run solely on electricity and no longer use an engine. They are clean, silent, and has a lot more mileage per full charge – usually at 350 km or more, depending on their size.
Making a choice depends mainly on the type of charging you want. Hybrid cars are self-charging so there’s no problem with that. If you want less emissions by going PHEV, REEV, or EV, you’ll need to make sure you at least have a grounded outlet in your home to accommodate the portable charger.
If you want a bit faster charging, you’ll need to make sure your residence can accommodate and allow the installation of a wall charger that supplies 7kW of power.
Once you’ve narrowed down your choices, it’s time to know how it fits into your budget. BDO Auto Loan can help you with that. Their website has tools that will give you a more detailed look at the car you want to buy.
You can select the options in your list with their Auto Finder. It categorizes a comprehensive list of cars into brands, body type, and more. You can compare up to three cars, showing its core specs, the variants available, and the car’s starting price.
Once you’re set, you can click on Auto Loan Calculator on the corresponding variant. It gives you an estimate of the car’s monthly amortization based on the downpayment you chose.
Finally, there’s the Pre-Qualification Form that gives you an idea of how much you can borrow. It will ask for your financial information to give you a more realistic view of your borrowing capacity.
They also have more enticing offers online. BDO Auto Loan also offers lower rates for EVs. Best of all, you may get a loan decision as fast as 24 hours, provided you have complete requirements and pass credit evaluation.
Choosing your next car doesn’t end with selecting the right vehicle. You also need to have the right partner to help bring that vehicle home. BDO Auto Loan allows you not only to explore your options but also to determine as well if it can fit your budget. A car should support your mobility needs without compromising your financial goals. An informed decision will make that investment one you can enjoy with peace of mind.
