In short
What actually moves the number is the term, whether you pay one month in advance, and new versus used. On BPI's own table, the 60-month brand-new rate is 31.01% add-on, an 11.19% effective rate.
That is against 15.50% effective on a used car at the same bank. There is also no legal ceiling on car loan interest, so a bank is free to set its own rate within what it lists.
- BPI brand-new, 60 months
- 31.01% add-on / 11.19% effective
- Metrobank, 60 months, one month advance vs in arrears
- 29.13% vs 30.26% add-on
- Security Bank, 60 months, standard vs one month advance
- 32.52% vs 31.29%
- Regulatory ceiling on car loan interest
- None (BSP MORB Sec. 305)
- One bank client discount
- BPI Preferred NEXT, 0.15% off stated rates
- Metrobank refinancing fee
- 2% of balance or ₱15,000, whichever is higher
Are car loan rates negotiable in the Philippines?
Not in any stated sense. None of BPI, Metrobank, Security Bank or EastWest states that a borrower can request a lower rate.
None state that a relationship manager has room to move on it either.
There is also no ceiling that limits what a bank can charge. BSP's own rulebook states that interest on any secured or unsecured loan, credit cards aside, is not subject to a regulatory ceiling.
A bank sets its own stated rate, and that rate is what you get.
What actually lowers the rate, on the bank's own table
Three things move the stated number: a shorter term, paying one month in advance instead of in arrears, and choosing brand new over used.
Metrobank and Security Bank both print two columns for the same term, one for standard or in-arrears payment and one for paying a month ahead. The advance column is always cheaper.
BPI does not offer that choice, but its brand-new table is consistently cheaper than its second-hand table at every term.
Compare within one bank and one basis. BPI and Metrobank label their figures as add-on and effective.
Security Bank and EastWest print numbers without saying which basis they use. Do not line those two up against BPI's effective column.
| Bank | 12 months | 36 months | 60 months |
|---|---|---|---|
| BPI, brand new | 5.43% | 17.76% | 31.01% |
| BPI, second hand | 7.89% | 24.80% | 44.32% |
| Metrobank, in arrears | 5.19% | 16.90% | 30.26% |
| Metrobank, one month advance | 4.45% | 15.96% | 29.13% |
| Security Bank, standard | 5.61% | 18.18% | 32.52% |
| Security Bank, one month advance | 4.80% | 17.16% | 31.29% |
| EastWest, in advance | 5.91% | 17.15% | 29.11% |
Do existing clients get a discount?
Only one is stated. BPI Preferred NEXT clients get a 0.15% discount versus BPI's stated rate, plus terms up to 7 years on select brands and models.
No general loyalty discount for ordinary depositors appears on any other bank's page.
- BPI Preferred NEXT discount
- 0.15% off stated rate
- BPI Preferred NEXT extended term
- Up to 7 years, select brands and models
Do promos lower the rate, and what is the catch?
Sometimes, but always with a condition attached. BPI's Dream More Deals promo runs through 30 September 2026.
It offers a discounted rate, without stating the actual figure, on brand-new loans of at least ₱500,000. The catch: the term must be exactly 60 months, and advance payment or pre-termination is barred for the first three years.
EastWest states its stated rates do not apply to dealer all-in promos or agent-referred accounts with a premium attached. A promo rate and EastWest's standard table are not directly comparable either.
See our roundup of what is currently running and the trade-offs in a promo rate versus a standard one.
3 of 3 still to check
Can a dealer's partner bank get you a better deal?
Yes, on specific brand promos. Hyundai's September 2026 sales promo gives an extra per-model discount to buyers financing through its partner banks, BPI, EastWest or RCBC.
For example, that is ₱10,000 off a Venue 1.6 GL 6MT and ₱100,000 off a Custin.
This is a brand discount layered on a bank's standard rate, not a separate negotiated rate from the bank itself.
- Hyundai partner banks
- BPI, EastWest, RCBC
- Example discount
- ₱100,000 off a Custin, through 30 September 2026
How do you compare two offers on the same basis?
Use the effective interest rate, not the add-on figure a dealer or bank may lead with. BSP requires every lender to disclose the EIR consistently across all loan documents and marketing material.
This lets a borrower compare offers without doing the add-on math themselves.
Ask for the bank's disclosure statement before signing. It must be given to you before the transaction is finalized.
Can you choose your own insurer to cut the total cost?
Yes, in most cases. When a bank requires insurance as a condition of the loan, BSP rules say the borrower should be free to choose the provider.
That choice is subject to standards the bank discloses upfront.
BPI's own help center confirms this for accounts without a free-insurance package: you may insure with your preferred company. Free-insurance accounts must either renew with BPI's partner insurer or pay the full first-year premium to switch.
- Right to choose insurer
- BSP Circular 1160, subject to the bank's disclosed standards
- BPI exception
- Free-insurance accounts must renew with the partner insurer or pay the full premium to switch
Can you refinance to a lower rate later?
BSP rules give every borrower the right to prepay in whole or in part before maturity, with any prepayment cost disclosed upfront.
Metrobank charges a processing fee for a loan takeout or refinancing, 2% of the outstanding balance or ₱15,000, whichever is higher. It also charges a separate ₱7,500 pre-payment processing fee.
Weigh that fee against the rate difference before refinancing. See reducing what you pay in interest for the full prepayment picture across banks.
| Fee | Amount |
|---|---|
| Loan takeout or refinancing | 2% of balance or ₱15,000, whichever is higher |
| Pre-payment processing fee | ₱7,500 |