If you’re looking to finance a car in the Philippines, finding the right bank with the best car loan options is crucial. Here’s a comprehensive overview of what top car loan providers in the Philippines offer to car buyers:
📌 BPI (Bank of the Philippine Islands)
Vehicle Type: Brand-new and secondhand cars
Loan Amount: ₱200,000 up to 85% of the vehicle price
Down Payment: 15% to 70%
Interest Rate:
- Brand-new cars: 5.43% to 46.39%
- Secondhand cars: 7.89% to 44.32%
Repayment Terms: 12 to 60 months
BPI is renowned for its competitive auto loan rates, with add-on rates starting as low as 5.43%. This bank also offers extensive after-sales services, such as providing loan certifications, statements, and collateral delivery to branches. Their flexible terms and robust customer support make them a preferred choice for many car buyers in the Philippines.
📌 Security Bank
Vehicle Type: Brand-new and secondhand cars for personal use; brand-new cars for business use
Maximum Car Age (Secondhand): Up to 11 years old
Loan Amount:
- Brand-new: Up to 80% of the vehicle price
- Secondhand: Up to 70% of the appraised value
Down Payment: 20% of the vehicle price
Interest Rate: - Standard: 6.77% to 37.63%
- With one-month advance: 6.02% to 36.38%
Repayment Terms: - Brand-new: 12 to 60 months
- Secondhand: 12 to 48 months
Approval Time: Within three to five banking days
Security Bank is highly recommended for both personal and business car purchases, offering competitive interest rates and a unique benefit of free car insurance for one year. The quick approval time and flexible loan terms make it a top choice for many borrowers.
📌 AUB (Asia United Bank)
Loan Amount: Details provided upon completion of the online form
Interest Rate: Contact the nearest AUB branch
Repayment Terms: Up to 60 months
AUB’s Preferred Auto Loan caters to a wide range of vehicles, including brand-new, locally assembled, imported, and used cars. Their flexible financing solutions are tailored to meet the diverse needs of car buyers, ensuring a smooth and hassle-free loan process.
📌 China Bank Savings
Vehicle Type: Brand-new and secondhand cars
Loan Amount: ₱30,000 to ₱1 million
Interest Rate: Contact the nearest branch
Repayment Terms:
- Brand-new: Up to 60 months
- Secondhand: 36 to 48 months
China Bank Savings’ Easi-Drivin’ Auto Loan offers flexible options whether you’re buying your first car or adding a secondhand vehicle to your family’s fleet. Options include regular loans and packages with chattel mortgage, making it easy for various types of borrowers to secure financing.
📌 EastWest Bank
Vehicle Type: Brand-new and secondhand cars
Loan Amount: ₱200,000 to 80% of the selling price
Down Payment: 20% of the suggested price
Interest Rate:
- Brand-new (in advance): 5.10% to 29.27%
- Brand-new (in arrears): 6.06% to 30.46%
- Secondhand (in advance): 6.04% to 34.25%
- Secondhand (in arrears): 7.19% to 36.04%
Repayment Terms: 12 to 60 months
EastWest Bank stands out for its low interest rates starting at 5.10% and a down payment as low as 20%. It’s an excellent choice for young professionals and corporate applicants with gross monthly incomes of at least ₱40,000 and ₱200,000, respectively. Their flexible terms and competitive rates make it a solid choice for many car buyers.
📌 Bank of Commerce
Vehicle Type: Brand-new cars
Loan Amount: Minimum of ₱100,000
Down Payment: 20% to 45%
Repayment Terms: 12 to 60 months
Bank of Commerce offers straightforward and affordable car loan options. For instance, a ₱1 million car loan with a 20% down payment, repayable over 60 months, would typically have a monthly amortization of around ₱17,000, based on their loan calculator. This makes budgeting and planning for your new car more manageable.
📌 Maybank
Vehicle Type: Brand-new cars
Loan Amount: Details provided upon application
Down Payment: 20% of the vehicle price
Interest Rate:
- New-to-bank clients: 5.36% to 45.27%
- Existing clients: 5.35% to 43.10%
- Premier wealth clients: 5.20% to 40.86%
Repayment Terms: Up to 84 months
Maybank offers some of the longest repayment terms, extending up to seven years. It also provides competitive interest rates, especially for existing clients and premier wealth clients, making it a great option for those looking for flexibility and lower rates. Their extended terms make it easier for borrowers to manage their monthly payments.
📌 Metrobank
Vehicle Type: Brand-new cars
Loan Amount: Up to 80% of the net selling price
Interest Rate:
- Standard: 4.63% to 29.51%
- With one-month advance: 3.98% to 28.41%
Repayment Terms: 12 to 60 months
Metrobank’s Car Loan is ideal for those looking to save money with one of the lowest starting interest rates at 4.63%, or 3.98% with a one-month advance payment. Young borrowers can apply from the age of 18. The bank’s competitive rates and flexible terms make it a top choice for many.
📌 PBCOM (Philippine Bank of Communications)
Vehicle Type: Brand-new and secondhand cars
Loan Amount: ₱200,000 to ₱10 million
Interest Rate:
- Brand-new: 7.99% to 11.37%
- Used cars: 10.26% to 41.11%
Repayment Terms: 12 to 60 months
PBCOM offers competitive interest rates, fast approval, and flexible payment terms. It’s a good choice for high-end car buyers or business owners looking to finance light commercial vehicles and light trucks. Their high loan amounts make it possible to finance luxury cars and high-end SUVs.
📌 PNB (Philippine National Bank)
Vehicle Type: Brand-new cars
Loan Amount: ₱300,000 up to 80% of vehicle price
Down Payment: 20% to 50%
Interest Rate: Contact the nearest branch
Repayment Terms: 12 to 60 months
PNB’s Auto Loan makes owning a brand-new car accessible with up to 80% financing of the car’s price and flexible repayment terms that suit your budget. Their competitive rates and comprehensive services make it a reliable choice for many car buyers.
📌 PSBank (Philippine Savings Bank)
Vehicle Type: Brand-new and secondhand cars
Loan Amount: Minimum of ₱100,000
Interest Rate: Based on prevailing rates
Repayment Terms: 12 to 60 months
Approval Time: Within 24 hours
PSBank offers quick approval times and a unique Prime Rebate program where you earn rebates for early or excess payments. This can help you save money over the life of your loan, making it a cost-effective option.
📌 RCBC (Rizal Commercial Banking Corporation)
Vehicle Type: Brand-new or secondhand cars
Loan Amount: Minimum of ₱300,000
Down Payment: 20% to 80%
Interest Rate: 5.35% to 28.76%
Repayment Terms: 12 to 60 months
RCBC Auto Loan provides flexibility with options for low amortization and free insurance for the first year. It’s ideal for those seeking low-interest rates and additional benefits. Their comprehensive services and competitive rates make it a solid choice.
📌 Robinsons Bank
Vehicle Type: Brand-new and secondhand cars
Loan Amount:
- Brand-new: Up to 80% of net cash price
- Used: Up to 70% of the appraised value
Down Payment: 20% of the suggested retail price
Interest Rate: - Standard: 5.02% to 28.76%
- With one-month advance: 4.31% to 27.70%
Repayment Terms: 12 to 60 months
Robinsons Bank offers low starting interest rates at 4.31%, making it one of the most affordable options. It’s open to a variety of applicants, including locally employed individuals, OFWs, and corporate entities. Their flexible terms and competitive rates make it a popular choice.
📌 Sterling Bank of Asia
Vehicle Type: Brand-new and secondhand cars
Loan Amount: Minimum of ₱100,000
Interest Rate: Contact the nearest branch
Repayment Terms:
- Brand-new: 12 to 60 months
- Secondhand: 12 to 48 months
Sterling Bank of Asia’s Ultima Auto Loan offers a fast application process, flexible repayment modes, and competitive terms, making it suitable for various types of borrowers, including self-employed individuals and corporations.
📌 UnionBank
Vehicle Type: Brand-new cars, secondhand cars, and brand-new light trucks
Loan Amount: Details provided upon application
Down Payment: 20% to 50%
Interest Rate:
- Standard: 6.56% to 31.76%
- With one-month advance: 5.68% to 30.57%
Repayment Terms: 12 to 60 months
UnionBank offers a straightforward application process and fast approval. They have partnerships with major auto brands, providing potential promotions and deals. This bank is a solid option for those seeking reliable financing and excellent customer service.
Conclusion
Choosing the right car loan provider is essential for a smooth car buying experience. Each bank offers unique benefits, whether it’s low interest rates, fast approval times, or flexible repayment terms. Evaluate your needs and financial situation to find the best car loan option for you in the Philippines.
