Which is the Best Bank for a Car Loan in the Philippines?

Venus Zoleta

Venus Zoleta

Last updated March 14, 2022

With the entire country slowly getting back on its feet after battling the pandemic, public transport is as bad as it was before COVID-19, according to a local transport group.[1] Thus, even with the community quarantines in 2020, the country ranked 11th among the countries in Asia with the highest passenger cars sold with approximately 153,000 vehicles.[2] 

As we face the new normal, vehicle ownership seems to be the easiest solution and the safest way to travel. With this, it’s important 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 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. To help you with that, we’ve listed them down for you. 

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 are updated and accurate as of March 2022.

AUB

best bank for a car loan in the philippines - aub

AUB’s motor vehicle loans help finance your vehicle ownership regardless of whether you're looking for a brand new or used car. 

Key Car Loan Features in AUB

  • Loan amount: Minimum of ₱200,000[3] 
  • Interest rate: Contact the nearest AUB branch for the best car loan offer
  • Repayment terms: Up to 60 months

Read more: Buying a Vehicle? Here are Your Car Financing Options

Bank of Commerce

best bank for a car loan in the philippines - bank of commerce

Bank of Commerce lets you drive your family 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 payable in 60 months, you’ll be paying a monthly amortization of around ₱17,000. 

Key Car Loan Features in Bank of Commerce

  • Vehicle type: Brand-new cars only[4] 
  • Loan amount: Minimum of ₱100,000
  • Down payment: 20% to 45%
  • Interest rate: 7.24% to 27.54%
  • Repayment terms: 12 to 60 months

BPI

best bank for a car loan in the philippines - bpi

If you’re looking for the best car loan in the Philippines, check out the BPI Auto Loan. Buying your brand new car with a BPI Auto Loan 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 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: ₱40,000
  • Loan amount: Minimum of ₱200,000
  • Down payment: 15% to 50%
  • Effective interest rate: Check BPI car loan rates[5]
    • 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 – This is 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.
  • BPI Flex Rewards - Customers who are approved of a car loan will receive ₱10,000 worth of Flex Rewards for every ₱500,000 loan amount. The Flex Reward can be used to pay your car insurance premiums, chattel mortgage fees, and amortizations. It can also be converted into credit card rewards which you can use for other cashless purchases. 
  • Up to 130,000 cash discounts from Ford - Driving a new Ford via a BPI Auto Loan is packed with discounts of up to ₱130,000. The cash discounts vary on the Ford car model you’ll purchase. You can get an exclusive BPI Auto Loan discount of ₱10,000 for a Ford Territory, ₱30,000 for a Ford Explorer, ₱70,000 for a Ford Everest, and ₱130,000 for a Ford Ecosport or a Ford Ranger. 
  • Zero Cash-Out, Deposit Holdout - BPI lets you own a car without paying any down payment. Instead of the usual cash out to pay for 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 is a 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?

EastWest Bank

best bank for a car loan in the philippines - eastwest bank

Whether you want a brand-new or a pre-owned car, getting one through an EastWest Bank Auto Loan provides lots of benefits. EastWest promises affordable down payment, convenient payment options, and easy amortization. 

Key Car Loan Features in EastWest Bank

  • Vehicle type: Brand-new and second-hand cars for personal or business use
  • Minimum monthly household income: ₱60,000
  • Interest rate: Check EastWest Bank car loan rates[6]
    • Brand-new – 5.99% to 31% (in arrears) / 5.20% to 29.85% (in advance)
    • Secondhand – 7.19% to 36.04% (in arrears) / 6.04% to 34.25% (in advance)
  • Repayment terms:
    • Brand-new – 12 to 60 months
    • Secondhand – 12 to 48 months
Personal loan in the Philippines

Metrobank

best bank for a car loan in the philippines - metrobank

Metrobank is also one of the best banks for a car loan in the Philippines as it offers manageable terms, competitive rates, and personalized services. For a car loan worth ₱1 million, you can prepare a down payment of around ₱200,000 and set a monthly budget of ₱17,269 for your monthly amortization. 

Key Car Loan Features in Metrobank

  • Vehicle type: Brand-new cars for personal or business use
  • Minimum monthly household income: ₱40,000
  • Loan amount: Minimum of ₱350,000 up to 80% of the net selling price
  • Down payment: Minimum of 20%
  • Interest rate: Check Metrobank car loan rates[7]
    • Standard – 4.77% to 28.02%
    • With one-month advance – 4.10% to 26.99%
  • Repayment terms: 12 to 60 months
  • Approval time: Within 24 hours

PSBank

best bank for a car loan in the philippines - psbank

The PSBank Auto Loan with Prime Rebate 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 that will help lower your monthly amortization. You can even shorten the loan term while you enjoy reduced payments each month. 

Key Car Loan Features in PSBank

  • Vehicle type: Brand-new and secondhand cars
  • Minimum monthly household income: ₱30,000
  • Loan amount: Minimum of ₱100,000
  • Down payment: Minimum of 20%
  • Interest rate (add-on): Check PSBank car loan rates[8]
    • 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. The rebates earned are computed on a daily basis starting from the posting date of your payment. All rebates are credited to your account every due date. 

RCBC

best bank for a car loan in the philippines - rcbc auto loan

RCBC Auto Loan offers one of the best car loan deals in the Philippines with the freedom to choose your loan type. You can take out a car loan with low amortization, free insurance coverage for the first year, and low down payment. 

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 ₱8,684 monthly for your car loan payment. 

Key Car Loan Features in RCBC

  • Vehicle type: Brand-new and secondhand cars[9] 
  • Minimum monthly household income: ₱40,000
  • Loan amount: Minimum of ₱300,000
  • Down payment: 20% to 80%
  • Interest rate: 5.75% to 30.30%
  • Repayment terms: 12 to 60 months

Security Bank

best bank for a car loan in the philippines - security bank

If you’re planning to purchase a car for personal or business use, a Security Bank Auto Loan is probably the right choice for you. You can find the best car loan for business here, which you can use for car rental services or cargo and transport services. 

Key Car Loan Features in Security Bank

  • 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: Check Security Bank car loan rates[10]
    • 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

UCPB

best bank for a car loan in the philippines - ucpb

With a UCPB car loan, purchase a brand new or pre-owned car plus have the option to apply for a multi-purpose loan and use your vehicle as collateral. The UCPB DriveEasy Auto Loan lets you apply easily online. Just fill out the DriveEasy Auto Loan application form, attach the required documents, authenticate your application through a one-time password, and wait for feedback. 

Try the UCPB DriveEasy Auto Loan calculator before applying. If you want to own a car worth ₱1 million, you should have a minimum monthly gross income of ₱50,000. 

Key Car Loan Features in UCPB

  • Vehicle type: Brand-new and secondhand cars 
  • Minimum monthly household income: ₱30,000
  • Loan amount: Minimum of ₱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

UnionBank

best bank for a car loan in the philippines - Unionbank Auto Loan

Looking for the best bank for a car loan in the Philippines? UnionBank can be a good option for financing your car purchase. The UnionBank Auto Loan provides fast approval, simple online application, and great customer service. Application can be done in three simple steps: calculate your loan, fill out the form, then submit. Using the calculator, you can have a rough estimate of the entire loanable amount, insurance premium cost, and your monthly amortization. 

Key Car Loan Features in UnionBank

  • Vehicle type: Brand-new cars, second hand cars, and brand-new light trucks 
  • Minimum monthly household income: ₱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

Other UnionBank Auto Loan Features

Get a chance to avail yourself of the following promos when you get a UnionBank Auto Loan:

  • All New Tiggo 2 Pro - Own an all-new Chery Tiggo 2 Pro with lower rates and discounts until March 31, 2022. All approved auto loan applications will get up to a ₱10,000 discount. 
  • Mitsubishi Limitless Journey - If you’re planning to own a Mitsubishi car, then here’s your chance to get one at discounted rates. With a minimum loan amount of ₱200,000, you can qualify for up to ₱138,000 discount depending on the Mitsubishi car you get approved for. 
  • Driven by Excellence with Subaru - Get cash discounts of up to ₱230,000 on the SRPs of select Subaru vehicles with a minimum loan amount of ₱200,000. 

Final Thoughts

Having your own car saves you from the hassles of a daily commute. It will also shield you and your loved ones from the threats of the pandemic. Certainly, 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, make sure to compare your options. Review the rates and service fees so you don’t end up paying more. Take time to search for promos and discounts which can significantly reduce your costs. 

Compare Other Loan Options

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!

Personal Loan Provider Features
Citibank Personal Loan
Get a Citibank Personal Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • Loan amount of up to ₱2 million
  • Flexible payment terms of up to five years
EasyRFC Multi-Purpose Loan
Get EasyRFC Multi-Purpose Loan with Moneymax
  • Fast approval time in as fast as 24 hours
  • High loan amount of up to ₱3 million
  • Payment term of up to 12 months
SB Finance Personal Loan
Get SB Finance Personal Loan with Moneymax
  • Get approved within five banking days
  • High loan amount of up to ₱2 million
  • Flexible payment terms of up to 36 months
TALA Personal Loan
Get TALA Personal Loan with Moneymax


  • Fast approval time in as fast as 24 hours
  • Quick cash loan up to ₱15,000
  • 24/7 application using an Android phone

Sources:

Venus leads the blog content strategy and optimization at Moneymax as the Head of Editorial Content. She has 15+ years of experience in content marketing, corporate communications, and public relations. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. Before joining Moneymax, Venus had written informative guides and articles, specializing in personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. A hardcore Hallyu Tita, she enjoys bingeing K-dramas on Netflix while bonding with her rescued cats. Follow Venus on LinkedIn.