In short
There is no new-car finance product. It carries no rate of its own, only a general market range of 6% to 12% a year.
It also gives a down payment guide of 20% to 30%. A direct bank car loan on ₱1,000,000 over 60 months starts at ₱20,967 a month at UnionBank.
- Is Carmudi a lender
- No. It is a facilitator; the loan is approved and contracted by the partner financier
- Product name
- Used Car Finance, for used cars only; no new-car finance page exists
- Partner lenders
- More than 10 financing companies and banks, including EastWest, Asia Link, JACCS and Chailease Berjaya
- Rate stated
- No Carmudi-specific rate; FAQ states a general market range of 6% to 12% a year
Does Carmudi offer car financing, and is it a lender?
Carmudi Philippines Inc. runs a real used-car financing service, but it is not the lender. Its own page states that it coordinates with multiple financing partners to secure terms for you.
The actual loan is approved and contracted by whichever partner you are matched with. Carmudi calls the product Used Car Finance, not "Carmudi Finance"; there is no product by that name anywhere on carmudi.com.ph.
There is also no new-car equivalent. Typing /new-car-finance/, /car-finance/ or /car-loan/ into Carmudi's site all redirect to its homepage.
The Finance menu lists only Used Car Finance, Sangla OR/CR, a Personal Loan and Finhomes. Carmudi Philippines Inc. started in 2014, incubated by Rocket Internet, and was acquired by CarDekho in 2019; it also runs the zigwheels.ph automotive listings site.
Who actually lends through Carmudi
Carmudi states it has partnered with more than 10 financing companies and banks for Used Car Finance. Its logo partners include Asia Link, Global Dominion, JACCS, SAFC, TRBank, Chailease Berjaya, EastWest Bank, Netbank, 88 Asia Finance Bank and Radiowealth Finance.
Its separate Sangla OR/CR refinance page lists a partly different set. It includes Aiful Finance, Cycle Finance and Forbes Credit Finance alongside several of the same names.
Verify a specific partner on its own site before relying on Carmudi's page for that lender's terms.
- Partner count stated
- More than 10 financing companies and banks
- Used Car Finance partners
- Asia Link, Global Dominion, JACCS, SAFC, TRBank, Chailease Berjaya, EastWest and others
- Loan approved by
- The chosen financing partner, not Carmudi
Rate, down payment and term Carmudi actually states
Carmudi carries no interest rate of its own. Its FAQ gives a general market statement instead: rates typically range from 6% to 12% a year, varying by lender, vehicle age and credit profile.
This is a description of the market, not an offer from Carmudi. Its EMI calculator widget defaults to a monthly rate of 1.3%, adjustable from 1.1% to 1.75%.
That is a calculator setting, not a quoted rate, and should never be read as Carmudi's own price.
Down payment and term follow the same pattern. The FAQ states most lenders require 20% to 30% down for a used car loan.
Terms typically run 12 to 60 months, depending on the lender you are matched with. Both figures describe the market broadly, not a fixed Carmudi rule.
| Item | What Carmudi's FAQ states |
|---|---|
| Typical rate | 6% to 12% a year, varies by lender |
| Typical down payment | 20% to 30% of the vehicle's price |
| Typical term | 12 to 60 months, depending on the lender |
| Vehicle condition covered | Used cars only |
Eligibility and documents
Carmudi's primary-borrower rule is a Filipino citizen (its FAQ separately allows a permanent resident too), aged 21 to 65.
The borrower must be not older than 65 at the end of the loan term, with a documented and verifiable source of income. A co-borrower from your immediate family, aged 21 to 65 with documented income, is required.
This applies especially for OFWs or applicants with limited capacity on their own.
Every applicant provides 2 government-issued IDs, a proof of billing, a TIN and an SSS or GSIS number. An employed applicant adds a Certificate of Employment, 3 months of payslips and an ITR.
A business owner adds a Business Permit, SEC or DTI registration, 3 months of bank statements and 2 years of audited financial statements. A co-borrower abroad needs a Special Power of Attorney alongside their own ID and income proof.
- Start your application at the dealership
You initiate the loan for your chosen used vehicle where you are buying it.
- Carmudi collects and submits your documents
Your ID, income proof and vehicle details go to the matched financing partner.
- 2 government IDs
- Proof of billing
- TIN and SSS/GSIS number
- Income documents matching your employment type
- Wait for the financier's approval
Carmudi does not decide; the partner financier does.
- Sign the contract and take vehicle release
The dealer then completes the vehicle's documentation.
Sangla OR/CR, and a bank comparison
Carmudi's other financing product, Sangla OR/CR, lends cash against a car you already own rather than financing a purchase. It states you can borrow up to 75% of your car's appraised value.
Approval typically takes 2 to 3 business days after all documents are submitted, following an NFIS/BAP check and a vehicle inspection where required. This is a different product from Used Car Finance, and should not be confused with it.
A new car, or a used-car loan needing a lender's confirmed rate rather than Carmudi's general market range, is better priced elsewhere. Security Bank and EastWest both carry current rate tables.
The car loan calculator compares all 8 banks for your own down payment and term. On a ₱1,000,000 loan over 60 months, add-on rates at the 7 that quote one currently span 25.80% to 32.52%.