Car loan calculator Philippines 2026
By Aditya AmanPublished Sep 28, 2026Editorial PolicyLives in the Philippines and has driven nearly every Luzon expressway with his family.On a ₱1,200,000 car with 20% down over 60 months, the banks' standard rates put the monthly payment between ₱20,128 at UnionBank and ₱21,203 at Security Bank. Put in your own car below. Every rate is the bank's own standard rate.
Borrow ₱960,000 over 60 months
Monthly paymentExtra a month over the lowest
UnionBank: add-on rate 25.8% for the whole 60 months, about 9.43% a year on the declining balance (our calculation). The bank's table does not name its basis; its rates rise with the term, as add-on rates do. Standard rates. The table does not say new or used. UnionBank rate page
- Down payment
- ₱240,000
- Loan
- ₱960,000
- Interest
- ₱247,680
- The car costs you
- ₱1,447,680
Monthly figures leave out insurance, chattel mortgage and processing fees, which each bank quotes on approval. The bank's disclosure statement is the final word.
Car loan interest rates by bank, 2026
Brand new cars, standard rates. Most banks quote an add-on rate: one figure charged on the full loan for the whole term, so it grows with the term. BDO quotes a yearly rate on the declining balance instead. The two are not comparable by the number alone; compare the monthly payment in the calculator. The lowest add-on rate at each term is in bold.
| Bank | 12 months | 18 months | 24 months | 36 months | 48 months | 60 months | Rate sheet |
|---|---|---|---|---|---|---|---|
| MetrobankAdd-on, whole term | 5.19% | 7.61% | 10.74% | 16.90% | 23.55% | 30.26% | Dated 5 June 2026 |
| BPIAdd-on, whole term | 5.43% | 7.73% | 11.30% | 17.76% | 24.13% | 31.01% | Undated |
| RCBCAdd-on, whole term | 5.35% | 7.70% | 10.47% | 16.98% | 22.88% | 29.60% | Undated |
| Security BankAdd-on, whole term (basis not labelled) | 5.61% | 8.44% | 12.14% | 18.18% | 24.72% | 32.52% | Undated |
| EastWestAdd-on, whole term | 6.84% | 9.60% | 12.41% | 18.18% | 24.12% | 30.24% | Undated |
| UnionBankAdd-on, whole term (basis not labelled) | 6.00% | 8.35% | 10.74% | 15.63% | 20.65% | 25.80% | Undated |
| MaybankAdd-on, whole term | 5.43% | 7.73% | 10.19% | 15.21% | 20.66% | 27.30% | Dated March 2025 |
| BDOYearly, effective | 7.50% | 8.00% | 9.25% | 10.00% | 10.25% | 10.50% | Undated |
Source: each bank's rate page, linked in the last column. In-arrears or standard columns only; one-month-advance rates are lower and left out so every row compares the same thing. Promo rates are not shown.
Second-hand car loan rates
| Bank | 12 months | 18 months | 24 months | 36 months | 48 months | 60 months | Rate sheet |
|---|---|---|---|---|---|---|---|
| BPIAdd-on, whole term | 7.89% | 11.87% | 16.08% | 24.80% | 34.20% | 44.32% | Undated |
| RCBCAdd-on, whole term | 8.26% | 12.14% | 16.39% | 24.72% | 33.70% | None | Undated |
| Security BankAdd-on, whole term (basis not labelled) | 9.14% | 13.50% | 18.69% | 28.29% | 38.64% | None | Undated |
| EastWestAdd-on, whole term | 8.82% | 12.99% | 17.53% | 26.94% | 37.40% | None | Undated |
| BDOYearly, effective | None | None | 12.00% | 13.00% | 13.00% | None | Undated |
Banks also cap the car's age. Security Bank: age plus loan term up to 11 years. China Bank: up to 7 years at the end of the loan. BDO: model no older than 6 years at the end of the loan. Maybank: cars 1 to 10 years old.
How banks work out your monthly payment
An add-on rate is charged once on the full loan, for the whole term. Take Metrobank's 60-month rate of 30.26% on a ₱960,000 loan (₱1,200,000 car, 20% down):
- Loan
- ₱960,000
- Interest: loan × 30.26%
- ₱290,496
- Total to repay
- ₱1,250,496
- Monthly: total ÷ 60
- ₱20,842
Spread over the declining balance, that is about 10.93% a year by our calculation. Metrobank prints the same figure as its effective rate on the sheet. A longer term lowers the monthly payment and raises the interest you pay in total.
Questions
How do I compute the monthly payment on a car loan?
Most Philippine banks use an add-on rate: multiply the loan by the rate for your term, add it to the loan, and divide by the number of months. On a ₱960,000 loan at Metrobank's 60-month rate of 30.26%, that is ₱1,250,496 over 60 months, or ₱20,842 a month. BDO quotes a yearly rate on the declining balance instead, computed like a standard amortization.
Which bank has the lowest monthly payment?
On a ₱1,000,000 loan over 60 months for a brand new car, UnionBank has the lowest monthly payment, ₱20,967, and Security Bank's the highest, ₱22,087. The order changes with the term and the down payment, so run your own numbers above.
Does the monthly payment include insurance and fees?
No. Comprehensive insurance, chattel mortgage registration, documentary stamp tax and processing fees are extra; each bank quotes them on approval and lists them in the disclosure statement.
Before you apply
Not sure which bank fits? Answer 5 questions for a shortlist, and check the requirements and documents each bank asks for. The car price list has starting prices by model, dealerships lists showrooms by brand and city, and the loan comes with car insurance to arrange: EastWest, for one, requires comprehensive cover with Acts of God from an insurer it accredits.