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.
There’s no single bank or auto loan that’s best for everybody. Auto loan providers in the Philippines 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.
What is the Best Bank for a Car Loan in the Philippines?
Here’s a quick overview of what car loan providers offer car buyers in the Philippines. Information is updated and accurate as of February 2023.
📌 AUB
AUB’s Preferred Auto Loan[1] helps finance your vehicle ownership regardless of whether you're looking for brand-new, locally assembled or imported cars, or even used cars.
Key AUB Car Loan Features
- 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
Read more: Car Loan Process: How Does an Auto Loan Work in the Philippines?
📌 Bank of Commerce
Bank of Commerce[2] lets you drive your family around with ease as it 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.
Key Bank of Commerce Car Loan Features
- Vehicle type: Brand-new cars
- Loan amount: Minimum of ₱100,000
- Down payment: 20% to 45%
- Repayment terms: 12 to 60 months
📌 BPI
Which bank is best for a car loan in the Philippines? No need to look any further. If you want the best car loan deals in the Philippines, check out the BPI Auto Loan.
Buying your brand-new car with a BPI Auto Loan[3] is fast and easy. Plus, you’ll get a chance to avail of promos and discounts. With a down payment of as low as 15%, you can get an auto loan payable in 60 months at a monthly amortization of approximately ₱18,000.
Key BPI Car Loan Features
- Vehicle type: Brand-new and second-hand cars for personal or business use
- Maximum car age: Up to 10 years old
- Minimum monthly household income: ₱30,000
- Loan amount: Minimum of ₱200,000
- Down payment: 15% to 70%
- Effective interest rate:
- Brand-new cars: 9.87% to 11.18%
- Secondhand cars: 14.26% to 15.50%
- Repayment terms: 12 to 60 months
- Auto Loan Step Up PayPlan: This option allows you to pay lower amortizations in the first two years than you would with a regular BPI auto loan. Amortizations gradually increase in the succeeding years.
- Zero Cash Out: BPI lets you own a car without any down payment. Instead of the usual cash out to pay the down payment, just use your deposit savings as a holdout. It will also serve as your car’s down payment.
- Multi-Year Protect: The BPI Multi-Year Protect offers full insurance coverage for your car with zero hassle and no upfront cash out. You can get an insurance policy for the entire auto loan term and pay in monthly installments.
Read more: Personal Loan vs. Car Loan: Which is Better for Financing a Car?
📌 China Bank Savings
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. You can opt for a regular CBS auto loan or one with everything in it, including a chattel mortgage.
Key China Bank Savings Car Loan Features
- Vehicle type: Brand-new and secondhand cars
- Loan amount: Minimum of ₱30,000
- 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
📌 Maybank
Buying a brand-new car for personal use or business? Owning one has never been easier with a Maybank Auto Loan. Enjoy fast approval and get one of the lowest bank car loan interest rates in the Philippines.
Key Maybank Car Loan Features
- Vehicle type: Brand-new cars
- Loan amount: Details will be provided upon Maybank Auto Loan application
- Down payment: 20%
- Interest rate: Contact the nearest Maybank branch for the best car loan off
- Repayment terms: Up to 60 months
- Approval time: Within one day
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📌 Metrobank
Metrobank[4] is also one of the best banks for auto loans in the Philippines, as it offers manageable terms, competitive rates, and personalized services. For a car loan worth around ₱950,000, you can prepare a down payment of around ₱190,000 and set a monthly budget of ₱16,500 for your monthly amortization.
Key Metrobank Car Loan Features
- Vehicle type: Brand-new cars for personal or business use
- Minimum monthly household income: ₱40,000
- Loan amount: Minimum of ₱350,000 and up to 80% of the net selling price
- Down payment: Minimum of 20%
- Interest rate:
- Standard: 6.4500% to 31.7600%
- With one-month advance: 5.5100% to 30.5700%
- Repayment terms: 12 to 60 months
- Approval time: Within 24 hours
📌 PNB
Looking for a bank that offers the lowest car loan interest rates in the Philippines can take time and effort. So make sure to check out the PNB Auto Loan if you want a brand-new car for yourself or your family with car loan payments you can afford.
Key PNB Car Loan Features
- Vehicle type: Brand-new cars
- Loan amount: ₱300,000 and up to 80% of purchase 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
📌 PSBank
The PSBank Auto Loan with Prime Rebate[5] lets you know the status of your car loan in 24 hours. And the most rewarding part? You can get rebates for your excess payments, which will help lower your monthly amortization. You can even shorten the loan term while enjoying reduced monthly payments.
Key PSBank Car Loan Features
- Vehicle type: Brand-new and secondhand cars
- Minimum monthly household income: ₱30,000
- 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. The rebates earned are computed daily starting from the posting date of your payment. All rebates are credited to your account on every due date.
📌 RCBC
RCBC Auto Loan[6] offers one of the best car loan deals in the Philippines, giving 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.
At a glance, if you take out a ₱500,000 car loan from RCBC, you’ll put a ₱100,000 down payment and set aside around ₱8,694 monthly for your car loan payment.
Key RCBC Car Loan Features
- Vehicle type: Brand-new and secondhand cars
- Minimum monthly household income: ₱40,000
- Loan amount: Minimum of ₱300,000
- Down payment: 20% to 80%
- Interest rate: 5.57% to 30.40%
- Repayment terms: 12 to 60 months
📌 Security Bank
Another option for the best auto loan in the Philippines comes from Security Bank.[7] If you’re planning to purchase a car for personal or business use, a Security Bank Auto Loan is the right choice. You can find the best car loan for business here—from car rental or cargo and transport services.
Key Security Bank Car Loan Features
- Vehicle type: Brand-new and secondhand cars for personal use / Brand-new cars for business use
- Maximum car age: Up to 11 years old
- Minimum monthly household income:
- Brand-new: ₱40,000
- Secondhand: ₱20,000
- Loan amount:
- Brand-new: Minimum of ₱400,000 up to 80% of the purchase price
- Secondhand: Minimum of ₱100,000 up to 70% of the appraised value
- Down payment: 20% to 50%
- 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 one banking day
📌 Sterling Bank of Asia
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. Enjoy a fast car loan application process, easy repayment modes, and flexible terms.
Key Sterling Bank of Asia Car Loan Features
- 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
📌 UnionBank
UnionBank is also a good option for financing your car purchase. The UnionBank Auto Loan provides fast approval, a simple online application, and excellent customer service. You can complete the application in three simple steps: calculate your loan, fill out the form, and submit it. Using the calculator, you can get a rough estimate of the entire loanable amount, insurance premium cost, and your monthly amortization.
Key UnionBank Car Loan Features
- 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
Final Thoughts
Indeed, 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. Review the rates and service fees, so you don’t end up paying more. Search for promos and discounts, which can significantly reduce costs.
Compare Other Loan 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!
Below is a list of best personal loans in the Philippines and their loan features. Compare your options and apply through Moneymax!
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Metrobank
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Sources:
- [1] AUB Auto Loan
- [2] Bank of Commerce Auto Loan
- [3] BPI Auto Loans
- [4] Metrobank Car Loan
- [5] PSBank Auto Loan
- [6] RCBC Auto Loan
- [7] Security Bank Car Loan
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