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’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:

  1. 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.
  2. Reimburse the cost of a brand new vehicle within 30 days from purchase.
  3. Get cash loan by using your existing car as collateral.
  4. Refinance an existing auto loan.

Get the best mileage for your budget 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 P150,000 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.

Auto Loan in the Philippines: How it works

Getting a car loan in the Philippines is a convenient way to acquire a car without the need to shell out a huge amount of money. It is a type of personal loan that enables buyer to pay on a monthly basis instead of paying one time with a big amount.

To get approved, the potential buyer must have a good credit score as proof to the bank or preferred financiers that you are capable to pay on schedule. Clients are highly advised to pay a higher deposit to help lower interest rates and pay lighter monthly.

When to use an Auto Loan Calculator in the Philippines?

It is best to be well informed before signing up for a car loan.

There are numerous banks and financial institutions in the country that offer loans. However, information overload can cause confusion to customers, who often end up without full understanding of the terms.

It’s good that you can use a calculator that’s accessible online and compare available auto loan interest rates in the Philippines based on your monthly income and other specifications.

This will also help you choose the bank loan offer that caters most to your needs and financial capacity. It is also a time saver because you don’t need to go from one bank branch to another to gather the information you need.

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 is the list of leading banks offering car loans in the Philippines:


  • 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

Documents Required

  • Completely filled auto loan application form
  • Photocopy of any valid ID (Passport, Driver's License, Voter's ID, SSS ID, GSIS ID, PRC ID)
  • For employed applicants, they must submit the following: Original copy of COE or Certificate of Employment, Photocopy of at least 2 months payslip, ITR or Income Tax Return with BIR or bank stamp for 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

Frequently Asked Questions for Car Loans

Getting a car is made easy through car loan application. By borrowing money from banks, you get lower rates compared to other types of car financing. You’ll only need to meet the banks’ qualifications which involves your work tenure, meeting the minimum gross monthly income, providing your Income Tax Return (ITR), and completing other required documents.

To get started, use’s easy-to-use auto loan comparison portal to search for the best car loan rates. When you’ve found the right bank, our sales representatives will assist you with the loan application, free of charge. This saves you a lot of time and money in processing your auto loan.

The following answers for frequently asked questions about car loans should guide you through your preparations.

Can I make my own car as a collateral to apply for a car loan?

Yes. Some banks will allow you to use your own car as collateral when you apply for a car loan.

Will I need to pay a huge down payment when I apply for a car loan?

The down payment will depend on your car dealer. Nowadays, you’ll find dealers offering low up-front payments. It is your obligation to know how much your down payment will be for your chosen vehicle prior to applying for a loan.

When I get approved for an auto loan, how do I pay for it?

Auto loan repayments can be done over the counter (OTC) , through post-dated checks (PDC), or you can opt for auto-debit.

Can I apply for car loan, even I’m a foreigner residing in the Philippines?

Yes, provided that co-maker is a Filipino. If you have no relatives here, it can be your co-employee or of the same position.

I have an existing car loan in a bank, can I still apply for another loan?

You can still apply for a car loan in another bank as long as you have maintained good credit record and have the capacity to pay for another loan.

How to avoid late payment charges?

No matter your payment method, (see question no. 2) you should regularly pay on or before your due date. If you’re using post-dated checks, make sure that your account is well funded. Know your cut-off and due dates so you don’t miss any payments and avoid late payment charges.

What are the common vehicles I can apply for an auto loan?

The common vehicles that people apply for are action utility vehicle (AUV), sports utility vehicle (SUV), and sedan, whether brand new or second hand.

Can I still apply for a car loan even if I have a bad credit?

Getting a car loan with bad credit is not possible. Banks only accept applicants with good credit standing, with a gross monthly income of at least P50,000.