In short
Used car loans come with tighter terms too: shorter maximum tenors, bigger down payments, and slower approval than a brand-new application.
- BPI, 60 months, new vs used, effective
- 11.19% vs 15.50%
- BPI loan-to-value, new vs used
- 85% vs 70% of purchase price
- Security Bank down payment, new vs used
- 20% vs 30%
- Security Bank approval time, new vs used
- 1 banking day vs 3 to 5 banking days
- Security Bank maximum vehicle age
- Age plus loan tenor within 11 years
- BDO pre-owned vehicle age cap
- Year model within 6 years of loan maturity
- Metrobank and PNB
- Brand-new vehicles only; no used-car product
How much more does a used car loan cost, bank by bank?
Every bank that separates new and used pricing charges more for used. BPI's gap is the clearest because it labels both add-on and effective rates.
At 60 months, that is 31.01% add-on brand new against 44.32% used, or 11.19% effective against 15.50%. See BPI's full rate table for every term.
Security Bank, EastWest and RCBC do not label their basis. Compare each bank's own new-versus-used gap; lining the banks up against each other would mean comparing different bases.
| Bank | Brand new | Used | Basis |
|---|---|---|---|
| BPI | 31.01% add-on / 11.19% effective | 44.32% add-on / 15.50% effective | Labelled |
| Security Bank | 32.52% | Not stated at 60 months (caps at 48) | Not labelled |
| EastWest | 29.11% | Not stated at 60 months (caps at 48) | Not labelled |
| RCBC | 29.60% | Not stated at 60 months (caps at 48) | Not labelled |
| BDO, annual effective | 10.50% | 13.00% (at 48 months, its longest pre-owned term) | Effective, declining balance |
How much more is the monthly payment for the same amount?
On a ₱500,000 loan at BPI's own add-on figures, a 36-month brand-new loan costs ₱16,355.56 a month against ₱17,333.33 for a used car. That is a difference of ₱977.78 a month.
At 48 months the gap widens slightly in pesos: ₱12,930.21 against ₱13,979.17.
RCBC's calculator shows the same pattern on the same loan amount: ₱16,248 new against ₱17,323 used at 36 months.
| Bank | Term | New | Used |
|---|---|---|---|
| BPI | 36 months | ₱16,355.56 | ₱17,333.33 |
| BPI | 48 months | ₱12,930.21 | ₱13,979.17 |
| RCBC | 36 months | ₱16,248 | ₱17,323 |
| RCBC | 48 months | ₱12,800 | ₱13,928 |
Every term for your car
| Pay over | Cheapest bank | Monthly | Total interest | Total paid |
|---|---|---|---|---|
| 12 months | BDO | ₱86,757 | ₱41,089 | ₱1,291,089 |
| 18 months | BDO | ₱59,140 | ₱64,525 | ₱1,314,525 |
| 24 months | BDO | ₱45,800 | ₱99,189 | ₱1,349,189 |
| 36 months | Maybank | ₱32,003 | ₱152,100 | ₱1,402,100 |
| 48 months | UnionBank | ₱25,135 | ₱206,500 | ₱1,456,500 |
| 60 months | UnionBank | ₱20,967 | ₱258,000 | ₱1,508,000 |
Example car, ₱1,250,000, brand new, at the bank with the lowest monthly for each term. Total paid includes the down payment, not insurance or one-time charges.
Are used car loans stricter, and which banks are more flexible?
Yes, on three fronts: down payment, loan-to-value and term. BPI finances up to 85% of a brand-new car's price against 70% for used.
Security Bank's gap is 80% versus 70% of appraised value, and its minimum down payment rises from 20% to 30% for a used unit.
BDO's terms shrink from a 5-year maximum on brand new to 4 years on pre-owned for personal use. Its minimum down payment also rises from 20% to 30%.
Maybank is the most flexible on term. It offers up to 60 months for used cars up to 10 years old, matching its own brand-new maximum.
See the full directory of used-car lenders for the rest.
- BPI loan-to-value, new vs used
- 85% vs 70% of purchase price
- Security Bank down payment, new vs used
- 20% vs 30%
- BDO maximum term, new vs used (personal use)
- 5 years vs 4 years
- Maybank used car term
- Up to 60 months, matching its new-car maximum
How old can the car be, per bank?
Age limits vary by bank, and most are stated as vehicle age plus loan tenor rather than a flat cutoff. Security Bank allows the vehicle's age plus the loan's remaining term to reach 11 years.
BDO caps the year model at 6 years old by the time the loan matures. Maybank finances units between 1 and 10 years old outright.
| Bank | Rule |
|---|---|
| Security Bank | Vehicle age plus loan tenor within 11 years |
| BDO | Year model within 6 years of loan maturity |
| Maybank | Unit must be 1 to 10 years old |
| Metrobank, PNB | No used-car product; brand new only |
Is approval slower for a used car?
At Security Bank, yes, and by design. Brand-new approval runs within 1 banking day, against 3 to 5 banking days for used.
That gap exists because a used unit needs inspection and appraisal first. Maybank quotes 3 days to process a used car loan.
See the full requirements checklist before you apply.
A used car loan also needs paperwork a brand-new application skips. Two items apply everywhere: an inspection and appraisal, and a car history check.
At Security Bank, add the LTO OR and CR under the seller's or applicant's name. Also add a notarized Deed of Sale and PNP clearance with macro etching.
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