Which Banks Offer the Best Car Loan Deals?

by Venus Zoleta, on category "Personal Loan"

September 19, 2018


Best Car Loan Deals Philippines | MoneyMax.ph

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 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 is which banks have the deals that appeal to you.
Here’s a quick overview of what the best auto loan providers offer to vehicle buyers in the Philippines (Note: Information accurate as of September 14, 2018).

BDO

Car Loan in BDO

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:
    a. Brand-new: 20% to 40%
    b. Second-hand: 30% to 50%
  • Interest rate:
    a. Brand-new: 16.48% to 28.76%
    b. Second-hand: 16.39% to 34.93%
  • Repayment terms:
    a. Brand-new: 36 to 60 months
    b. Second-hand: 24 to 48 months

Other BDO Auto Loan Features

  • BDO Rewards: Earn 10 rewards points per PHP 100,000 (for a minimum PHP 500,000 loan amount) redeemable at SM malls and retail partners.
  • Car loan promo: Earn up to PHP 20,000 rebate when you apply for a car loan in BDO until September 30, 2018 and get approved by November 30, 2018.

BPI

Car Loan in BPI

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 30,000
  • Loan amount: Minimum of PHP 200,000
  • Down payment: 20% to 50%
  • Interest rate: (Check BPI car loan rates here.)
    a. Brand-new: 4.10% to 27.28%
    b. Second-hand: 6.57% to 44.17%
  • Repayment terms:
    a. Brand-new: 12 to 72 months
    b. Second-hand: 12 to 60 months
    c. Brand-new truck: 12 to 36 months

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 3% rebate at participating Petron stations.
  • Car loan promo: Enjoy a PHP 10,000 down payment discount, free chattel mortgage fee, and other perks when you apply for a car loan in BPI until October 31, 2018 and get approved by December 31, 2018:

EastWest Bank

Car Loan East West Bank

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: 4.20% to 32% (Check EastWest Bank auto loan rates here.)
  • Repayment terms: 12 to 60 months

Metrobank

Car Loan in Metrobank

Facebook photo from JoyFul Alburo

Key Car Loan Features in Metrobank

  • Vehicle type: Brand-new cars only
  • Minimum monthly household income: PHP 35,000
  • Loan amount: Minimum of PHP 250,000 up to 80% of the net selling price
  • Down payment: Minimum of 20%
  • Interest rate: 4.10% to 27.28% (Check Metrobank car loan rates here.)
  • Repayment terms: 12 to 60 months

PSBank

Car Loan PSBank

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
  • Interest rate: 4.85% to 30.26% (Check PSBank car loan rates here.)
  • Repayment terms: 12 to 60 months

Other PSBank Auto Loan Feature

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

Security Bank

Car Loan Security Bank

Key Car Loan Features in Security Bank

  • Vehicle type: Brand-new and second-hand cars
  • Maximum car age: Up to 11 years old
  • Minimum monthly household income:
    a. Brand-new: PHP 40,000
    b. Second-hand: PHP 20,000
  • Loan amount:
    a. Brand-new: Up to 80% of purchase price
    b. Second-hand: Up to 70% of appraised value
  • Down payment: 20% to 50%
  • Repayment terms:
    a. Brand-new: 12 to 60 months
    b. Second-hand: 12 to 48 months

Other Security Bank Auto Loan Feature

Car loan promo: Get up to PHP 15,000 worth of free gas when you apply and get approved for a car loan in Security Bank until November 30, 2018.

Final Thoughts

If you need further assistance in finding the best auto loan for you, use this car loan comparison tool. It allows you to view the best deals based on your preferred loan amount and term, income, and other relevant information.