Bank offers easy terms for car buyers

CEBU, Philippines – Noting the high interest of secondhand car buying among consumers, the Gaisano-controlled thrift bank, Wealth Development Bank has introduced friendlier financing package to further stimulate the market.

“From a lower down payment scheme, to longer repayment terms, and even easier payment mode --- we have prepared a better package for our clients,” said Dacs Vargas, head of WealthBank Lending Group.

For this reason, WealthBank will run a five-day open field car fair dubbed “Cebu Used Car Fair” on May 27 to 31. 

Supported by the bank’s long time partners offering reliable car models, the fair is expected to further heighten the interest of the consumers for good-buy vehicle units, as owning a car is not anymore a luxury, but necessity.

According to Vargas, this year’s venue in Cebu is conveniently located at the Cebu’s commercial district center in Cebu Business Park (CBP). Over a hundred car models will be made available for the market.

WealthBank regularly sponsors the Used Car Fair to bring along the top dealers of used cars in Cebu and offer to its client the convenience of choosing the car of their choice all in one place, with all the convenience in related motor car acquisition transactions such as bank financing, unit appraisal, and even motor car insurance coverage, Vargas said.

The bank had just sponsored similar used car fair in Cagayan de Oro on March 11-15 this year, he added.

Vargas said the car fair will be a good venue in shopping around for the second family car, or even for those first time car owners. 

Meanwhile, the bank recently announced its expansion plans braving the crisis with P100 million capital expenditures in place since last year.

Operated by the Metro Gaisano Group of companies, Wealthbank expansion plans have not been shaken by the negative developments in the world economy, and the earlier ordeal faced by the rural banking industry in the Philippines.

Majority of the bank’s capex will be used for system’s upgrading, opening of more branches and technology enhancements.

The Metro Gaisano Group, under its holding company, Vicsal Development Corp., is the bank’s majority shareholder with Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LBP) as equity partners. —Ehda M. Dagooc