Find the Best Car Loan in the Philippines
Through an auto loan, you can purchase a vehicle with the use of consumer credit. A car loan allows an individual to buy a vehicle that is more expensive than what could be afforded in a lump sum, or cash, purchase. With the help of financial institutions in the Philippines, a person can acquire a vehicle at more affordable payment terms, which is usually in an installment basis.
You can now choose an auto loan with flexible payment options to suit your lifestyle. With eCompareMo.com’s car loan calculator, your dream car is just a few clicks away.
When to use a car loan
There are many ways consumers can make use of an auto loan:
- Purchase a new or used vehicle through bank financing and paying it back for a specific period of time, which is usually in equal monthly amortization of principal and interest.
- Reimburse the cost of a brand new vehicle within 30 days from purchase.
- Get cash loan by using your existing car as collateral.
- Refinance an existing auto loan.
- At least 21 years of age and not exceed 65 years at the time of loan maturity
Get the best mileage for your budget
eCompareMo.com gives you the convenience of choosing from a wide range of car loan with the lowest interest rate, most flexible terms, hassle-free documentation, and the fastest processing time.
- Get a car loan starting from P100,000 up to 80% of the purchase price of the vehicle.
- Purchase a brand-new or secondhand car, SUV, or van.
- Finance your vehicle for up to 6 years for brand new vehicles and up to 4 years for secondhand vehicles.
- Have your car loan application approved in as fast as 8 hours.
List of Car Loans in the Philippines
Owning a car is everyone’s dream. However, not all are fortunate enough to own one. They don’t have access to the funds needed to buy the car of their choice. However, they can loan the necessary amount from any bank institutions. Here are the list of leading banks offering car loans in Philippines:
- BDO Car Loan
- BPI Car Loan
- PBCOM Car Loan
- PS Bank Car Loan
- RCBC Car Loan
- UnionBank Car Loan
- Security Bank Car Loan
- AUB Car Loan
- Plantersbank Car Loan
- UCPB Car Loan
- Applicant must be between 21-65 years old
- Must be a resident of the Philippines
- For employed applicants, the gross income must not be below P50,000
- For self employed applicants, they must be the owner of a business and operating for at least 2 years
- Completely filled auto loan application form
- Photocopy of any valid ID (Passport, Driver's License, TIN ID, Voter's ID, SSS ID, GSIS ID, PRC ID)
- For employed applicants, they must submit the following (Original cop of COE or Certificate of Employment, Photocopy of at least 2 month pay slip, ITR or Income Tax Returh with BIR or bank stamp fot at least 1 year)
- For self-employed applicants, they must submit the following (Photocopy of latest ITR with BIR stamp, Photocopy of Business Registration from DTI or SEC, Copy of Audited Financial Statements of at least 2 years)