BPI vs UnionBank 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, UnionBank costs ₱868 less a month. Below: every term, your own car, and where each bank is ahead.

Lower monthlyUnionBank

Lends on second-hand carsBPI

BPI vs UnionBank 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	UnionBank rate	UnionBank monthly	Difference a month
12 months	5.43%	₱87,858	6.00%	₱88,333	₱475 less at BPI
18 months	7.73%	₱59,850	8.35%	₱60,194	₱344 less at BPI
24 months	11.30%	₱46,375	10.74%	₱46,142	₱233 less at UnionBank
36 months	17.76%	₱32,711	15.63%	₱32,119	₱592 less at UnionBank
48 months	24.13%	₱25,860	20.65%	₱25,135	₱725 less at UnionBank
60 months	31.01%	₱21,835	25.80%	₱20,967	₱868 less at UnionBank

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

BPI vs UnionBank, point by point

Point	BPI	UnionBank
Interest rate, brand new	5.43% to 31.01% add-on	6.00% to 25.80% add-on
Monthly on ₱1,000,000, 60 months	₱21,835, about 11.2% a year	₱20,967, about 9.4% a year
Down payment	From 15%	Not stated by UnionBank
Loan term	1 year minimum, up to 5 years	12, 18, 24, 36, 48 or 60 months
Loan amount	Loan amount, brand new: ₱200,000 minimum, up to 85% of the purchase price	Not stated by UnionBank
Second-hand cars	Yes, with its own rates	Yes
Minimum income	₱30,000 a month (household)	UnionBank decides case by case
Decision	Not stated by BPI	Up to 24 hours, or as fast as 5 minutes, depending on product and applicant
Fees	LTO encumbrance ₱500; mortgage cancellation ₱800	Borrower pays DST, notarial and registration fees; ₱5,000 off the chattel mortgage fee on promo loans to 31 December 2026
Late payment	Not stated by BPI	5% a month on the unpaid monthly installment
Paying early	Promo loans: no early payment in the first 3 years	Full or partial prepayment on written request, paying the balance plus interest to that date
How to apply	Apply through the online application form, at any of over 800 BPI branches, or at an accredited dealership	Use Get a Quote or Apply Now on the auto loan page

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

Requirements: BPI vs UnionBank

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

UnionBank

2 government-issued IDs with signature
Proof of billing address

UnionBank car loan in full

BPI or UnionBank: questions

Which is better, BPI or UnionBank car loan?

On the same ₱1,000,000 brand new car loan over 60 months, UnionBank costs ₱868 less a month (₱52,100 over the loan). BPI down payment: from 15%; UnionBank: not stated by unionbank. BPI decision: not stated by bpi; UnionBank: up to 24 hours, or as fast as 5 minutes, depending on product and applicant.

Which has the lower car loan rate, BPI or UnionBank?

Over 60 months for a brand new car, BPI charges 31.01% add-on (₱21,835 a month on ₱1,000,000) and UnionBank 25.80% add-on (₱20,967). Compare the monthly payment, not the rate, when the two banks charge interest differently.

Which needs a lower down payment, BPI or UnionBank?

BPI: From 15%. UnionBank: Not stated by UnionBank.

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.