Auto Loans

        Auto Loans

Auto Loans Philippines: What You Need To Know About Buying a Car in the Philippines

BPI

BPI  5
₱2,000,000
Loan amount ₱10,000 - ₱2,000,000
Interest 25.6 %
Maturity 12 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱1 000 000
  • Term 12 - 36 months
  • Easy bank application

Loan requirements

  • Must be 21 years old and above to apply and not more than 60 years old upon loan maturity.
  • Filipino Citizen.
  • Working or residing within 30 kilometers from the nearest BPI branch

About company

More information about the company Bank of the Philippine Islands

Borrow from ₱10,000 with interest from the 25.6 % Moread
₱500,000
Loan amount ₱5,000 - ₱500,000
Interest 3.32 %
Maturity 1 - 12 months

Fast information

Properties of this loan

  • Online loans up to ₱500 000
  • Term 1 - 12 months
  • Flexible repayment

Loan requirements

  • You must be a Filipino citizen ranging from 21 to 65 yrs. old
  • Working tenure for at least 3 months
  • ₱10,000 per month (Metro Manila), ₱7,000 per month (Provinces)
  • Has an existing company landline phone & personal mobile

About company

More information about the company ACOM Consumer Finance Corporation

Borrow from ₱5,000 with interest from the 3.32 % Moread
₱1,000,000
Loan amount ₱10,000 - ₱1,000,000
Interest 5.9 %
Maturity 12 - 60 months

Fast information

Properties of this loan

  • Online loans up to ₱1 000 000
  • Term 12 - 60 months
  • Easy bank application

Loan requirements

  • Must be at least 21 years old and no older than 65
  • Must be a Philippine citizen
  • Must have a Philippine mailing address and active local mobile number
  • Must have a minimum gross monthly income of PHP 15,000
  • If employed, must be tenured for at least 6 months or 1 year of continuous employment
  • If self-employed, must be operating for at least 1 year

About company

More information about the company CIMB Bank Philippines Inc.

Borrow from ₱10,000 with interest from the 5.9 % Moread

        Auto Loans

Taking an auto loan is one of the simplest ways to own a car in the Philippines. That’s because buying a car in one lump sum can be expensive and impractical for some Filipinos.  Auto loans are here to make the process affordable. With a car loan, you get to drive a vehicle of your choice while making payments in manageable installments spread over structured repayment period. 

Suppose you have to ride the train or bus to work everyday; when you get your car, at least you will get to enjoy the mileage while stuck at a traffic jam. Every once in a while you will get caught up in traffic, especially if you live in a congested city like Metro Manila.

With an auto loan of your choice, you can now manifest your dreams of driving that SUV you have always imagined. 

Why you May Need to Apply for a Car Loan

You may seek auto loans in Philippines for many reasons. Some of them include:

Auto Loan Features: What you need to know 

Here are some typical features of car loans in the Philippines.

Bank auto loan Vs in-house financing/car dealer

When applying for an auto loan in the Philippines you can through two channels: a bank or through a car-dealer, otherwise known as in-house financing. Each option has its pros and cons.

Bank auto loans:

With banks, you can borrow up to 80% of the loan. That means you only have to put down a deposit of 20% the price of the vehicle. Although you get to drive the car, it is not fully yours until you complete paying off the loan. Should you default in clearing the loan, the bank will repossess your vehicle. 

Here are some pros and cons of auto loans from banks:

Pros:

Cons:

In-house financing: 

Pros: 

Lower down payments: unlike banks that ask for at least 20%, many dealers ask for about 10-15% up front. Some dealers will set a fixed amount as the down payment. The price of the car is equivalent to the remaining percentage; the loan amount.

Few eligibility requirements: Car dealers ask for minimum documents and the background check is not as strict.

Fast approval time: Because the requirements and paperwork is minimal, loan approval is fast.

Enjoy unique freebies: It is hard to resist freebies like free seat covers, floor mats, tints, chattel mortgage, routine maintenance checks, and even free labor.

Cons:

What do you need to apply for an auto loan?

With most lenders, the typical requirements for applying for a car loan are as follows: 

Best banks for auto loans in Philippines

Some of the top rated banks with best auto loans in the Philippines include:

Final thoughts: 

You now have the floor. The decision to go for auto loan at a bank or a car-dealer is all up to you. You will have to reflect on your needs and financial status, and see what works for you. Should you choose a bank, the process can be a little demanding but on the bright side, the interest rates are pocket friendly. With the other option, you can have your car as soon as possible but be keen on the terms and conditions. The interest rates can be hefty and the terms unfriendly. Take your time; move with a strategy.
For starters, you can try auto loans calculators to estimate how much in interest you will pay for a respective borrowed amount within a given loan tenure. 


Auto Loans rating: 4.5/5 from 813 votes.
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