BPI vs Security Bank car loan 2026

By Aditya AmanPublished Sep 28, 2026Editorial PolicyLives in the Philippines and has driven nearly every Luzon expressway with his family.

On the same ₱1,000,000 brand new car loan over 60 months, BPI costs ₱252 less a month. Below: every term, your own car, and where each bank is ahead.

Lower monthlyBPI

Lower down paymentBPI

BPI vs Security Bank rates by term

Brand new car, ₱1,000,000 loan. The lower monthly payment at each term is marked.

Pay over	BPI rate	BPI monthly	Security Bank rate	Security Bank monthly	Difference a month
12 months	5.43%	₱87,858	5.61%	₱88,008	₱150 less at BPI
18 months	7.73%	₱59,850	8.44%	₱60,244	₱394 less at BPI
24 months	11.30%	₱46,375	12.14%	₱46,725	₱350 less at BPI
36 months	17.76%	₱32,711	18.18%	₱32,828	₱117 less at BPI
48 months	24.13%	₱25,860	24.72%	₱25,983	₱123 less at BPI
60 months	31.01%	₱21,835	32.52%	₱22,087	₱252 less at BPI

BPI: add-on rate for the whole term. Security Bank: add-on rate for the whole term. Standard rates.

BPI vs Security Bank, point by point

Point	BPI	Security Bank
Interest rate, brand new	5.43% to 31.01% add-on	5.61% to 32.52% add-on
Monthly on ₱1,000,000, 60 months	₱21,835, about 11.2% a year	₱22,087, about 11.7% a year
Down payment	From 15%	From 20%
Loan term	1 year minimum, up to 5 years	12 to 60 months brand new; 12 to 48 months second hand
Loan amount	Loan amount, brand new: ₱200,000 minimum, up to 85% of the purchase price	Loan amount, brand new: ₱400,000 minimum, up to 80% of the purchase price
Second-hand cars	Yes, with its own rates	Yes, with its own rates
Minimum income	₱30,000 a month (household)	Security Bank decides case by case
Decision	Not stated by BPI	1 banking day, brand new
Fees	LTO encumbrance ₱500; mortgage cancellation ₱800	Security Bank lists them on the disclosure statement
Paying early	Promo loans: no early payment in the first 3 years	Not stated by Security Bank
How to apply	Apply through the online application form, at any of over 800 BPI branches, or at an accredited dealership	Apply online or at your nearest branch

Documentary stamp tax of ₱1.50 per ₱200 of the loan is a national tax and applies at every bank.

Requirements: BPI vs Security Bank

What each bank asks an employed borrower for. Business owners and OFWs: see each bank's page.

BPI

Completed application form; both spouses sign if married, and a co-borrower fills in a separate form
2 valid IDs, for example PhilSys, SSS, driver's license or passport
Pensioners: certificate of pension and 3 months of pension account bank statements

BPI car loan in full

Security Bank

Signed car loan application form
Valid government ID with signature and photo for borrower, spouse, co-borrower and co-maker: one primary or two secondary IDs
Dealer quotation
Used or imported units: OR/CR, deed of sale, PNP clearance and macro etching certificate; import papers for imported units

Security Bank car loan in full

BPI or Security Bank: questions

Which is better, BPI or Security Bank car loan?

On the same ₱1,000,000 brand new car loan over 60 months, BPI costs ₱252 less a month (₱15,100 over the loan). BPI down payment: from 15%; Security Bank: from 20%. BPI decision: not stated by bpi; Security Bank: 1 banking day, brand new.

Which has the lower car loan rate, BPI or Security Bank?

Over 60 months for a brand new car, BPI charges 31.01% add-on (₱21,835 a month on ₱1,000,000) and Security Bank 32.52% add-on (₱22,087). Compare the monthly payment, not the rate, when the two banks charge interest differently.

Which needs a lower down payment, BPI or Security Bank?

BPI: From 15%. Security Bank: From 20%.

More bank comparisons

Not set on these two? Answer 5 questions to see the three car loans that fit you best.

How we compare car loans.