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
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- 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.
Read more: Car Loan Process: How Does an Auto Loan Work in the Philippines?
📌 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.
📌 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.
Related: Car Loan Restructure in the Philippines: Why You Should Apply for One and How to Do It
📌 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.
Read more: Fully Paid Car Loan? Here’s What You Should Do Next
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:
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:
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Sources:
- [1] Security Bank Car Loan
- [2] AUB Preferred Auto Loan
- [3] Bank of Commerce Auto Loan
- [4] BPI Auto Loan
- [5] China Bank Savings Easi-Drivin’ Auto Loan
- [6] Maybank Auto Loan
- [7] Metrobank Car Loan
- [8] PNB Auto Loan
- [9] PSBank Auto Loan with Prime Rebate
- [10] RCBC Auto Loan
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