15 Best Banks for a Car Loan in the Philippines

Vehicle ownership seems to be the easiest solution for a convenient and comfortable way to travel. That’s why it’s essential to find the best bank for a car loan in the Philippines.

However, there’s no single bank or auto loan that’s best for everybody. Auto loan providers offer different features and promos that cater to the needs and preferences of different car buyers. You must consider the type of car, your budget, and your qualifications.

We’ve listed the best car loans in the Philippines to help you decide and pick the right one.

15 Best Banks for a Car Loan in the Philippines

Here’s a quick overview of what car loan providers offer 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 (for secondhand car loan): 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

One of the best auto loans in the Philippines comes from Security Bank.^[1] It might just be the best car loan for business—from car rental or cargo and transport services. If you’re planning to purchase a car for personal use, it’s also a great choice.

Looking for the best car loan deals in the Philippines? The Security Bank Car Loan comes with free car insurance for one year!

📌 AUB

Loan amount: Details will be provided upon accomplishment of the AUB online form
Interest rate: Contact the nearest AUB branch for the best car loan offer
Repayment terms: Up to 60 months

AUB’s Preferred Auto Loan^[2] helps finance your vehicle ownership regardless of whether you're looking for brand-new, locally assembled or imported cars, or even used cars.

📌 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

Drive your family around with ease! Bank of Commerce^[3] offers affordable terms for its car loan products. Based on its car loan calculator, if the car you're eyeing costs ₱1 million, is payable in 60 months, and has a 20% down payment, you’ll be paying a monthly amortization of around ₱17,000.

Use the said calculator to see a more accurate repayment computation based on your loan term, down payment, and gross monthly income.

📌 BPI

Vehicle type: Brand-new and second-hand 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

Consider the BPI Auto Loan^[4] if you’re looking for the lowest auto loan rates in the Philippines. Its add-on rate starts at 5.43%.

What’s the best bank for a car loan in the Philippines when it comes to after-sales? BPI offers comprehensive services, such as requests for loan certifications, statements, and collateral delivery to the branch.

📌 China Bank Savings

Vehicle type: Brand-new and secondhand cars
Loan amount: ₱30,000 to ₱1 million
Interest rate: Contact the nearest China Bank Savings branch for the best car loan offer
Repayment terms:
- Brand-new: Up to 60 months
- Secondhand: 36 to 48 months

Whether it’s your first brand-new car or an additional secondhand car for your growing family, you can make the purchase possible with China Bank Savings’ Easi-Drivin’ Auto Loan.^[5] You can opt for a regular CBS auto loan or one with everything in it, including chattel mortgage.

📌 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

Looking for the lowest auto loan rates in the Philippines? Consider EastWest Bank, which offers interest rates starting at 5.10%. Avail of a low down payment of 20% of the car’s price. You can also enjoy a loan term of up to 60 months.

If you’re in your early 20s and want to buy your first car, you can easily apply since the bank accepts applicants 21 years old and up, provided they have a gross monthly income of ₱40,000. Corporate applicants are also welcome to apply, granted that their gross monthly income is not less than ₱200,000.

📌 Maybank

Vehicle type: Brand-new cars
Loan amount: Details will be provided upon Maybank Auto Loan application
Down payment: 20% of the vehicle price
Interest rate:
- New-to-bank clients: 5.36% to 45.27%
- Existing bank clients: 5.35% to 43.10%
- Premier wealth clients: 5.20% to 40.86%
- Repayment terms: Up to 84 months

Buying a brand-new car for personal use or business? If you’re looking for longer repayment terms, Maybank is the best bank for auto loans in the Philippines. While other banks have a maximum tenor of five years, Maybank offers borrowers up to seven years.^[6]

Maybank also offers some of the lowest car loan interest rates in the Philippines, starting at 5.36%. But if you’re an existing Maybank client, you can enjoy rates even lower than that.

📌 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

If you’re looking to save money in the long run, check out Metrobank’s Car Loan.^[7]This bank offers one of the lowest car loan rates in the country, starting at 4.63%. But if you have a one-month advance, the interest rate starts at 3.98%.

The Metrobank Car Loan is also perfect for young borrowers. The bank accepts applications from those at least 18 years of age.

📌 PBCOM

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

While not as mainstream as the other financial institutions on this list, PBCOM offers relatively affordable interest rates, fast approval, flexible payment terms, and personalized client service.

If you’re eyeing a high-end SUV or sports car, the PBCOM Auto Loan may be for you. Qualified applicants can borrow up to ₱10 million.

If you’re a businessperson building a fleet, the bank’s auto loan also covers light commercial vehicles (LCVs) and light trucks. Light trucks, however, have higher interest rates compared to those of cars.

📌 PNB

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 PNB branch for the best car loan offer
Repayment terms: 12 to 60 months

Want a brand-new car for yourself or your family with car loan payments you can afford? Make sure to check out the PNB Auto Loan^[8] to make your dream car a reality! You can borrow up to 80% of the car’s price.

📌 PSBank

Vehicle type: Brand-new and secondhand cars
Loan amount: Minimum of ₱100,000
Interest rate: Based on prevailing interest rates
Repayment terms: 12 to 60 months
Approval time: Within 24 hours
PSBank Prime Rebate: Earn rebates when you pay in advance or a higher amount than your monthly amortization

Need a car ASAP? The PSBank Auto Loan with Prime Rebate^[9] lets you know the status of your car loan in 24 hours.

And the most rewarding part? You can get discounts for your excess payments, which will help lower your monthly amortization. You can also shorten the loan term while enjoying reduced monthly payments.

📌 RCBC

Vehicle type: Brand-new or secondhand
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^[10] offers one of the best car loan deals in the Philippines—it gives you the freedom to choose your loan type! You can take out a car loan with low amortization and free insurance coverage for the first year and avail of one of the lowest car loan rates in the Philippines.

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📌 Robinsons Bank

Vehicle type: Brand-new and secondhand cars
Loan amount:
- Brand new: Up to 80% of net cash price
- Used unit: 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

With low interest rates starting at 4.31%, Robinsons Bank offers one of the most affordable car loans, which you can use to buy a brand-new or used vehicle and refinance an existing car loan.

The Robinsons Bank Auto Loan is open to a wide variety of applicants. These include locally employed individuals, self-employed individuals, land-based OFWs, sea-based OFWs, and even partnerships and corporations.

📌 Sterling Bank of Asia

Vehicle type: Brand-new and secondhand cars
Loan amount: Minimum of ₱100,000
Interest rate: Contact the nearest Sterling Bank of Asia branch for the best car loan offer
Repayment terms:
- Brand-new: 12 to 60 months
- Secondhand: 12 to 48 months

If you’re in the market for the best car loan offered by banks in the Philippines, consider getting Sterling Bank of Asia’s Ultima Auto Loan. Sterling Bank of Asia accepts a variety of borrowers, from self-employed individuals to corporate applicants. Enjoy a fast car loan application process, easy repayment modes, and flexible terms.

📌 UnionBank

Vehicle type: Brand-new cars, secondhand cars, and brand-new light trucks
Loan amount: Details will be provided upon UnionBank Auto Loan 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 is also a good option for financing your car purchase. You can complete your UnionBank Auto Loan application in three simple steps: calculate your loan, fill out the form, and submit it. You can also enjoy fast approval and excellent customer service.

You may also want to follow UnionBank for car-related promos with their partner auto brands. As of this writing, UnionBank has ties with Chevrolet, Nissan, Honda, and Mercedes Benz.

A Comparison of the Best Banks for a Car Loan in the Philippines

Use this table to compare rates and find the best auto loan that suits you:

Bank	Loan Amount	Interest Rate
Security Bank	Brand-new: Up to 80% of the vehicle price Secondhand: Up to 70% of the appraised value	Standard: 6.77% to 37.63% With one-month advance: 6.02% to 36.38%
AUB	Available upon application	Contact the bank for the best offer
Bank of Commerce	Minimum of ₱100,000	Contact the bank for the best offer
BPI	₱200,000 up to 85% of the vehicle price	Brand-new cars: 5.43% to 46.39% Secondhand cars: 7.89% to 44.32%
China Savings Bank	₱30,000 to ₱1 million	Contact the bank for the best offer
EastWest Bank	₱200,000 to 80% of the selling price	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%
Maybank	20% of the vehicle price	New-to-bank clients: 5.36% to 45.27% Existing bank clients: 5.35% to 43.10% Premier wealth clients: 5.20% to 40.86%
Metrobank	Up to 80% of the net selling price	Standard: 4.63% to 29.51% With one-month advance: 3.98% to 28.41%
PBCOM	₱200,000 to ₱10 million	Brand-new: 7.99% to 11.37% Used cars: 10.26% to 41.11%
PNB	₱300,000 up to 80% of vehicle price	Contact the bank for the best offer
PSBank	Minimum of ₱100,000	Based on prevailing interest rates
RCBC	Minimum of ₱300,000	5.35% to 28.76%
Robinsons Bank	Brand-new: Up to 80% of net cash price Used unit: Up to 70% of the appraised value	Standard: 5.02% to 28.76% With one-month advance: 4.31% to 27.70%
Sterling Bank of Asia	Minimum of ₱100,000	Contact the bank for the best offer
UnionBank	Available upon application	Standard: 6.56% to 31.76% With one-month advance: 5.68% to 30.57%

What is the Best Bank for a Car Loan in the Philippines? How to Narrow it Down

How do you land a reliable lender with great deals? Take note of the following tips:

Check the interest rates. Ensure you’ll get a car mortgage that will suit your budget and other goals in life.
Ask about the loan terms. The right tenor will help you manage your payments. Be wary of banks with super long terms since you’ll have to pay the interest for longer.
Review the extra fees. Banks usually charge administrative and miscellaneous fees. Check them to avoid unpleasant surprises.
Look at the requirements. The requirements shouldn’t be so relaxed that the offer sounds too good to be true. On the other hand, they shouldn’t be so rigorous or complicated that they discourage applicants.
Check the loan process. Does the bank have an online facility that processes applications? How many days do they process the loan?
Ask about the aftersales services. The bank’s services don’t end with the release of loan proceeds. You should still be able to rely on them even after approval since you may have concerns regarding matters like repayments.
See to it that they’re reachable. Consider the bank’s proximity to your home. Check their available channels just in case you have questions down the line.
Read reviews. Review client comments on the bank’s social media pages. Check discussion boards to gain insights.
Ask someone you know. A family relative or a friend who’s currently paying their car mortgage may provide nuggets of wisdom.

Final Thoughts

Finding the best bank for a car loan in the Philippines will give you the most affordable deals that suit your budget.

When looking for the best car loan deals, compare your options. Other than reviewing rates and fees, check if the bank offers promos and discounts that can significantly reduce costs.

🚗 Compare Other Options for Financing Your Dream Car

Aside from auto loans, another car financing option to consider is a personal loan. Yes, you can get one to purchase a vehicle!

Compare personal loans in the Philippines and apply via Moneymax:

Provider	Loan Amount	Monthly Add-on Rate	Minimum Annual Income	Approval Time
UnionBank Personal Loan	Up to ₱2 million	1.29%	₱250,000	As fast as 5 minutes
UNO Digital Bank Personal Loan	₱10,000 to ₱500,000	2%	₱420,000	7 banking days
Metrobank Personal Loan	₱20,000 to ₱2 million	1.25% to 1.75%	₱350,000	7 banking days
BPI Personal Loan	₱20,000 to ₱3 million	1.2%	₱180,000	5 to 7 banking days
Tonik Credit Builder	Up to ₱20,000	4.84%	Inquire with Tonik	2 banking days
Tala Loan	₱1,000 to ₱25,000	0.43% to 0.5% daily	None	24 hours
HSBC Personal Loan	₱30,000 to ₱500,000	0.65%	₱168,000	5 banking days
CIMB Personal Loan	₱30,000 to ₱1 million	As low as 0.83%	₱180,000	2 banking days
Maybank Personal Loan	₱50,000 to ₱1 million	1.3%	₱300,000	5 to 10 banking days
RCBC Bank Personal Loan	Up to ₱1 million	1.3%	₱360,000	5 to 7 banking days
SB Finance Personal Loan	₱30,000 to ₱2 million	2%	₱180,000	5 to 7 banking days
PSBank Personal Loan	₱20,000 to ₱250,000	1.75% or 2.5%	₱180,000	5 to 9 banking days