Car Loans in the Philippines - Philippines Loan

Car Loans in the Philippines

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There is a demand for car loans and leasing not only among Filipino citizens, but also among businesses of different sphere. Companies that issue consumer loans to individuals also provide car loans services. This kind of financial product has always attracted interest among the audience of different segments of the population and from companies of different levels.

Various organizations offer car loans at a different interest rate and on different terms.

The list of lenders who issue car loans in the Philippines

BDO Bank

The main lender’s requirements for individuals, who want to get a car loan, are the following: borrowers, who work in salaried jobs, must provide copies of the bank deposit statements for the last 6 months and certificate of income as well; self-employed citizens must provide a copy of registration with the tax authority and a copy of the confirmed financial statements for the last year.

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Flexible repayment terms allow you to get a loan for a period of up to six years. Quick loan processing allows you to find out about the decision taken within 24 hours from the date of application. The interest rates are very convenient – their amount is no more than 10.43%, and their fluctuations depend on the chosen loan term. Car loans are issued both for SUVs and vans, and for cars as well.


Car loan from BPI Bank

Main requirements:

The age requirements are standard. The minimum age of the borrower must be at least 21 years, and the maximum age isn’t more than 65 years. A copy of the employment certificate must be provided; self-employed citizens must provide a copy of the confirmed financial statements for the last year and a copy of registration with the tax authority. The required minimum income of the borrower is from 30,000 pesos per month. Additionally, you will need: a copy of the passport, driver’s license, digitized TIN identifier, GSIS/SSS identifier, PRC identifier.

The decision making is quick. The waiting time is from three to eight hours only. The interest rate, which starts at just 4.10% for new cars, and at 7.72% for used ones, is very affordable. The loan term is up to 60 months.


Metropolitan Bank & Trust Co. (Metrobank)

This lender has specific requirements for borrowers. The requirements for employed citizens are the following: a copy of the employment certificate, a copy of the last full monthly fare. The requirements for self-employed citizens are: a certificate of business registration, a copy of the latest bank statements, a certified copy of the financial statements for the last year.

Loan period is from 12 up to 60 months. Car loans are granted to a minimum of two hundred and fifty thousand pesos and a maximum of 80% of the net selling price. Early repayment of the loan can be made in a month after formalization. There are different methods of the loan repayment right up to the postal order. The peculiarity for applicants, working in salaried jobs, is that they must work for at least two years at the last place of work. For self-employed citizens it is necessary to have the self-employment (or practice) in one place for at least five years.

Interest rates

Car loan Interest rates (during the loan overdue) Interest rates (in one month)
12 months 8,44% 7,27%
18 months 8,44% 7,57%
24 months 9,24 % 8,56 %
36 months 9,44 % 8,93%
48 months 9,53% 9,13%
60 months 9,68% 9,35%

Car loan from PNB bank

The loan period is up to 60 months. It is issued for all makes and models of new cars. The interest rate varies from 5.29% up to 28.10%. Loan conditions are standard. The borrower’s age must be at least 25 years. Affiliate firms and corporate companies are also eligible for a car loan from the Philippine National Bank. The requirements for the submitted documents are standard.

Interest rates table

Term Completely new
12 months 9,36% 5,29%
18 months 9,54% 7,72%
24 months 9,74% 10,46%
36 months 9,94% 16,05%
48 months 10,03% 21,80%
60 months 10,18% 28,01%


Used vehicles
Term Used
12 months 12.40% 7,97%
18 months 13,82% 11,29%
24 months 14,01% 15,25%
36 months 14,20% 23,39%
48 months 15,05% 33,70%
60 months Not Available Not Available

The variety of issued loans and a large number of lenders make the Philippine car market very wide. In this case, the borrower’s opportunity to choose is large, and everyone can choose the favourable conditions for themselves.

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