Which Banks Offer the Best Car Loan Deals in the Philippines?

Published: July 9, 2020 | Updated: August 4, 2020 | Posted by: Venus Zoleta | Personal Loan


Car Loan Deals in the Philippines | Moneymax

Shopping for the best car loan deals 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 have to consider the type of car you’re going to buy, your budget, and your qualifications.

This is why researching and comparing auto loans matter a lot before you apply for a car loan. One of the most important things to know in which banks have deals that appeal to you.

Which Bank is Best for Car Loan in the Philippines?

Here’s a quick overview of what auto loan providers offer to vehicle buyers in the Philippines. Information are updated and accurate as of July 2020.

AUB

Car Loan Deals in the Philippines - AUB Auto Loan

Key Car Loan Features in AUB

Loan amount: Minimum of PHP 200,000[1] 
Interest rate: Contact the nearest AUB branch for the best car loan offer
Repayment terms: Up to 60 months

Bank of Commerce

Key Car Loan Features in Bank of Commerce

  • Vehicle type: Brand-new cars only[2] 
  • Loan amount: Minimum of PHP 100,000
  • Down payment: 20% to 45%
  • Interest rate: 7.24% to 27.54%
  • Repayment terms: 12 to 60 months

BDO

Car Loan Deals in the Philippines - BDO Auto Loan

Key Car Loan Features in BDO

  • Vehicle type: Brand-new and second-hand cars for personal or business use
  • Maximum car age: Up to six years old upon loan maturity
  • Minimum monthly household income: PHP 50,000
  • Loan amount: Minimum of PHP 100,000 up to 80% of the car’s selling price
  • Down payment:
    • Brand-new: 20% to 40%
    • Second-hand: 30% to 50%
  • Interest rate: Check the BDO Auto Loan online calculator for updated rates[3]
    • Brand-new: 17.33% to 30.26%
    • Second-hand: 14.11% to 30.06%
  • Repayment terms:
    • Brand-new: 36 to 60 months
    • Second-hand: 24 to 48 months
  • Approval time: Within 24 hours

Other BDO Auto Loan Features

  • BDO Rewards: For a minimum PHP 500,000 loan amount, earn 10 rewards points per PHP 100,000 redeemable at SM malls and retail partners.
  • Auto Loan Online Promo: Earn up to PHP 20,000 rebate when you apply for a car loan in BDO online until July 31, 2020 and get approved by September 30, 2020.

BPI

Car Loan Deals in the Philippines - BPI Auto Loan

Key Car Loan Features in BPI

  • Vehicle type: Brand-new and second-hand cars for personal or business use
  • Maximum car age: Up to five years old
  • Minimum monthly household income: PHP 40,000
  • Loan amount: Minimum of PHP 200,000
  • Down payment: 15% to 50%
  • Effective interest rate: Check BPI car loan rates[4]
    • In arrears: 8.87% to 10.43%
    • With one-month advance: 9.21% to 10.45%
  • Repayment terms: 12 to 60 months
  • Approval time: As fast as three to eight hours

Other BPI Auto Loan Features

  • Free BPI credit card: BPI issues a Petron-BPI Mastercard (with no annual fee for the first year) to approved auto loan customers. The BPI card can be used to purchase fuel products with a 3% rebate at participating Petron stations.
  • Auto Loan Step Up PayPlan – An option that 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.

EastWest Bank

Car Loan Deals in the Philippines - EastWest Bank Auto Loan

Key Car Loan Features in EastWest Bank

  • Vehicle type: Brand-new and second-hand cars for personal or business use
  • Minimum monthly household income: PHP 40,000
  • Interest rate: Check EastWest Bank auto loan rates[5]
    • Brand-new – 4.91% to 26.64% (in arrears) / 4.21% to 25.64% (in advance)
    • Second-hand – 9.15% to 36.66% (in arrears) / 7.67% to 34.84% (in advance)
  • Repayment terms:
    • Brand-new – 12 to 60 months
    • Second-hand – 12 to 48 months

Metrobank

Car Loan Deals in the Philippines - Metrobank Auto Loan

Key Car Loan Features in Metrobank

  • Vehicle type: Brand-new cars for personal or business use
  • Minimum monthly household income: PHP 40,000
  • Loan amount: Minimum of PHP 350,000 up to 80% of the net selling price
  • Down payment: Minimum of 20%
  • Interest rate: Check Metrobank car loan rates[6]
    • Standard – 4.63% to 22.28%
    • With one-month advance – 3.98% to 22.07%
  • Repayment terms: 12 to 60 months
  • Approval time: Within 24 hours

PSBank

Car Loan Deals in the Philippines - PSBank Auto Loan

Key Car Loan Features in PSBank

  • Vehicle type: Brand-new and second-hand cars
  • Minimum monthly household income: PHP 30,000
  • Loan amount: Minimum of PHP 100,000
  • Down payment: Minimum of 20%
  • Interest rate (add-on): Check PSBank car loan rates[7]
    • Standard – 5.58% to 28.76%
    • With one-month advance – 4.85% to 27.70%
  • Repayment terms: 12 to 60 months
  • Approval time: Within 24 hours

Other PSBank Auto Loan Feature

PSBank Prime Rebate: Earn rebates when you pay in advance or a higher amount than your monthly amortization.

RCBC

Car Loan Deals in the Philippines - RCBC Auto Loan

Key Car Loan Features in RCBC

  • Vehicle type: Brand-new and second-hand cars[8] 
  • Minimum monthly household income: PHP 40,000
  • Loan amount: Minimum of PHP 300,000
  • Down payment: 20% to 80%
  • Interest rate: 5.75% to 30.30%
  • Repayment terms: 12 to 60 months

Other RCBC Auto Loan Feature

Auto Loan Fully-Loaded Deals Promo: Get 15% down payment, free chattel mortgage, and other perks when you apply for an RCBC auto loan until December 31, 2020 and get approved by January 21, 2021.

Security Bank

Car Loan Deals in the Philippines - Security Bank Auto Loan

Key Car Loan Features in Security Bank

  • Vehicle type: Brand-new and second-hand cars for personal use / Brand-new cars for business use
  • Maximum car age: Up to 11 years old
  • Minimum monthly household income:
    • Brand-new: PHP 40,000
    • Second-hand: PHP 20,000
  • Loan amount:
    • Brand-new: Minimum of PHP 400,000 up to 80% of the purchase price
    • Second-hand: Minimum of PHP 100,000 up to 70% of the appraised value
  • Down payment: 20% to 50%
  • Interest rate: Check Security Bank car loan rates[9]
    • Standard: 6.77% to 37.63%
    • With one-month advance: 6.02% to 36.38%
  • Repayment terms:
    • Brand-new: 12 to 60 months
    • Second-hand: 12 to 48 months
  • Approval time: Within one banking day

UCPB

Car Loan Deals in the Philippines - UCPB Auto Loan

Key Car Loan Features in UPCB

  • Vehicle type: Brand-new and second-hand cars[10] 
  • Minimum monthly household income: PHP 30,000
  • Loan amount: Minimum of PHP 100,000
  • Down payment: 20% to 50%
  • Interest rate: 5.471% to 31.76%
  • Repayment terms:
    • Brand-new: 12 to 60 months
    • Second-hand: 12 to 36 months

Other UCPB DrivEasy Auto Loan Feature

It Takes Zero To Drive Promo: Enjoy 0% down payment and free chattel mortgage when you apply for a UCPB DrivEasy Auto Loan until July 31, 2020.

UnionBank

Car Loan Deals in the Philippines - Unionbank Auto Loan

Key Car Loan Features in UnionBank

  • Vehicle type: Brand-new cars, second-hand cars, and brand-new light trucks[11] 
  • Minimum monthly household income: PHP 50,000
  • 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

When looking for the best car loan deal for you, make sure to compare your options. Review the rates and service fees so you don’t end up paying more than you originally expected. Lastly, should you get a car loan or a personal loan is enough? Learn the answer here.

Get the right personal loan for you!

Sources:

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