Car Loan

        Car Loan

Getting a new car is considered a milestone for most people especially millennials. However, if it is your first time buying a car, you may not be well versed on how to go about applying for your first car loan.

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
₱50,000
Loan amount ₱5,000 - ₱50,000
Interest 61 %
Maturity 61 - 365 days

Fast information

Properties of this loan

  • Online loans up to ₱50 000
  • Term 61 - 365 days
  • Quick online application

Loan requirements

  • 18 + years old
  • Employed individuals and selected professionals
  • Filipino residents

About company

More information about the company Hovono Inc.

Borrow from ₱5,000 with interest from the 61 % Moread
₱25,000
Loan amount ₱1,000 - ₱25,000
Interest 2.18 %
Maturity 10 - 90 days

Fast information

Properties of this loan

  • Online loans up to ₱25 000
  • Term 10 - 90 days
  • Easy online application

Loan requirements

  • 21-70 years old
  • Employed individuals and selected professionals
  • Filipino residents

About company

More information about the company Robocash Finance Group

Borrow from ₱1,000 with interest from the 2.18 % 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
₱2,000,000
Loan amount ₱30,000 - ₱2,000,000
Interest 29.48 %
Maturity 12 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱2 000 000
  • Term 12 - 36 months
  • Easy bank application

Loan requirements

  • At least 21 years old at the time of application but not more than 65 years old upon loan maturity
  • Must be a Filipino Citizen Must have an office or residence landline

About company

More information about the company Security Bank Corporation

Borrow from ₱30,000 with interest from the 29.48 % Moread
₱1,000,000
Loan amount ₱5,000 - ₱1,000,000
Interest 5.9 %
Maturity 1 - 120 months

Fast information

Properties of this loan

  • Online loans up to ₱1 000 000
  • Term 1 - 120 months

Loan requirements

  • Must be at least 18 years old
  • Must be a Philippine citizen

About company

More information about the company Union Bank of the Philippines

Borrow from ₱5,000 with interest from the 5.9 % Moread
₱250,000
Loan amount ₱20,000 - ₱250,000
Interest 2.5 %
Maturity 24 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱250 000
  • Term 24 - 36 months
  • Easy bank application

Loan requirements

  • Filipino Individuals residing in the Philippines
  • Age of borrower from 22 years old to 54 years old upon application
  • If employed, must be at least two years permanent work status with one year tenure in current employer
  • If engaged in business, must be operating profitably for the last three years
  • Gross monthly income of at least PhP15,000 for employed and PhP30,000 for self-employed
  • With residential landline or mobile number, business landline and email address
  • Preferably an active credit cardholder

About company

More information about the company Philippine Savings Bank

Borrow from ₱20,000 with interest from the 2.5 % Moread

        Car Loan

If you are in such a situation, below are the six steps you should take in order to make the mos out of your car loan.

1. Determine Your Eligibility for a Car Loan

Before a bank in the Philippines can lend you money to buy a car, you must first meet all the set minimum car loan requirements. The requirements you need to meet before considering applying for a car loan are as follows.

The above requirements are but a baseline to determine if you can be considered for a car loan.

2. Determine How Much You Intend To Borrow

How much you can borrow typically depends on how much of your income you are willing to part with every month towards servicing the car loan. However, there are additional factors that play a role in deciding how much to borrow.  These factors include:

With this in mind you can begin looking for suitable lenders.

3. Comparing Car Loans

There are numerous lenders in the Philippines providing car loans. However, finding the best lender requires some due diligence in researching the different terms and rates available.

You can make use of a car loan calculator to determine which car loans have the best interest rates. However, you still need to read through the car loan contracts to ensure you fully understand the implications of the loan. Choose a lender whom you are comfortable with their car loan interest rates as well as their terms and conditions.

4. Applying for the Car Loan

Once you have a suitable lender in mind, you can ask the loans officer for the loan application form and fill in all the required information truthfully. When returning the application form you will be expected to provide the following supporting documents:

Before submitting the application make sure you have correctly filled in all the required information and provided the above documents; failure to which your application may get delayed or declined. After submitting the form all you have to do is wait for the loan to get approved and you buy your new car.


Car Loan rating: 4.5/5 from 20 votes.
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