In short
BPI's household floor is ₱30,000 for any car. Across the 7 banks that quote an add-on rate, 60-month rates today run 25.80% to 32.52%, and the minimum down payment stated anywhere is 15% at BPI.
- Car loan built for low-income earners
- None stated by these lenders
- Lowest stated income floor
- ₱20,000 a month, joint with a spouse, at Security Bank, used car only
- Lowest floor for a brand-new car
- ₱30,000 a month, household, at BPI
- Lender with no peso floor
- UCPB Savings, evaluated on a 30% credit ratio instead
- Cheapest manufacturer-listed new car found
- Suzuki S-Presso, from ₱634,000
Check which banks' rules you meet
Loan length: 5 years.
Enter your age and monthly income to see which banks' rules you meet.
The banks' stated minimums. Banks also check your credit record and documents; meeting these rules is not an approval. Security Bank's income rule differs between its own pages, so this tool leaves it out.
Is there a car loan for low-income earners?
No. None of these lenders state a car loan, rate or eligibility rule aimed at low-income earners.
What exists is each bank's ordinary income floor, and those floors differ enough that where you fall changes which bank is worth applying to first.
Security Bank states two different figures on two different pages. Its main auto loan page states a joint monthly income of ₱100,000.
Its pre-owned car page states ₱40,000 for a brand-new car or ₱20,000 for a used car, both joint with a spouse. We show both below rather than pick one, since the bank has not reconciled them itself.
Minimum income, bank by bank
These income bases are not all measured the same way. BPI counts household income, and BDO, Metrobank and Mitsubishi Motors Finance count family income.
EastWest counts an individual applicant's income, and Security Bank counts a joint income with a spouse. A straight ranking would be misleading, so compare within the same basis where you can.
| Bank | Minimum income | Basis |
|---|---|---|
| Security Bank (used car) | ₱20,000 a month | Joint with spouse |
| BPI | ₱30,000 a month | Household |
| Security Bank (used car, brand new) | ₱40,000 a month | Joint with spouse |
| Metrobank | ₱40,000 a month | Family |
| EastWest | ₱40,000 a month | Individual |
| Mitsubishi Motors Finance | ₱40,000 a month | Family |
| BDO | ₱50,000 a month | Family |
| Security Bank (main page) | ₱100,000 a month | Joint with spouse |
| UCPB Savings | No peso floor stated | 30% credit ratio: amortization divided by gross monthly income |
| RCBC | No income floor stated | Not stated |
Adding a co-borrower or spouse's income
Several banks already build a second income into their stated floor. It isn't a separate add-on.
Security Bank's floors above are joint figures by design, meant to include a spouse. BPI states separately that a co-borrower or co-mortgagor needs their own application form alongside the primary applicant's.
UCPB Savings applies its 30% credit ratio to the applicant's own gross monthly income. It states no rule on adding a second earner's income to that ratio.
A freelancer or business owner adding household income should also see how self-employed applicants are assessed, since the income basis differs again there.
The cheapest new cars a bank loan can actually finance
Manufacturer pricelists put the cheapest widely available new cars above ₱600,000. Here are the three models most often named in low-income car searches, priced directly from each brand's own site.
| Model | Manufacturer price | Source |
|---|---|---|
| Suzuki S-Presso GL MT | ₱634,000 | Suzuki Philippines pricelist |
| Toyota Wigo J M/T | ₱615,000 | Toyota Philippines |
| Mitsubishi Mirage G4 GLX MT | From ₱793,000 | Mitsubishi Motors Philippines |
Our own vehicle catalogue lists a small number of entries under ₱600,000. Those are data errors, the low end of an unrelated price range rather than a real selling price. Size a loan against a manufacturer's own pricelist; a catalogue's minimum figure can be wrong.
What a ₱1,000,000 loan actually costs per month
Loan-size matters more than the sticker price once you are financing near your income floor. Here is BPI's brand-new add-on schedule on a flat ₱1,000,000 loan, the same figures our calculator uses.
Run your own car's price and down payment through it for an exact number.
| Term | Monthly payment | Total interest |
|---|---|---|
| 36 months | ₱32,711 | ₱177,600 |
| 48 months | ₱25,860 | ₱241,300 |
| 60 months | ₱21,835 | ₱310,100 |
36 or 60 months: how much more interest you pay
A longer term lowers the monthly payment but raises the total interest, since BPI's add-on rate itself climbs with the term. On the same ₱1,000,000 loan, BPI's add-on rate is 17.76% at 36 months and 31.01% at 60 months.
That is why the interest columns above widen the way they do. If your income floor is the binding constraint, a longer term buys qualification.
If the total cost matters more, the shortest term your budget can carry saves the most.
Cooperatives, microfinance and government loans compared here
Cooperatives, microfinance apps and government funds are the lenders most often suggested for a low-income car purchase. Two cooperatives state real vehicle loan terms; nothing else on this list offers a car loan at all.
A senior citizen weighing the same cash-loan options should see our senior citizen car loan guide for the SSS Pension Loan's own limits.
| Lender | What it actually offers |
|---|---|
| KooPinoy (SIDC), cooperative | Vehicle Loan, Car: 13% a year, up to 5 years, brand new or second hand, 20% equity for brand new, members only |
| PHCCI, cooperative | Auto Loan: 8.25% a year straight-line or 15.6% a year diminishing, based on credit history, members only |
| Home Credit | Motorcycle installments and cash loans; no car loan |
| Tala | Cash loans up to ₱25,000; no vehicle loan |
| Rizal Microbank | Small business loans and value chain financing; no auto loan |
| Pag-IBIG | Multi-Purpose Loan covers car repair as a cash expense, not a car purchase |
| SSS | Salary Loan and other member loans are cash loans; no vehicle loan on the list |
Low-income car loan claims no lender actually states
A common version of this page invents a ₱25,000 universal income threshold and a microfinance car loan at Rizal Microbank or Tala. It also invents a lower down payment for cars under ₱600,000.
And it invents a 12% flat rate that adds 30% to 35% to the vehicle price over 60 months. None of that exists on any lender's page.
The real stated floors range from ₱20,000 to ₱100,000 depending on the bank and the income basis. Rizal Microbank and Tala state no vehicle product at all.
BPI's real 60-month add-on rate is 31.01% of the loan amount, not 12% of the vehicle price.