PSBank vs EastWest Bank car loan 2026
By Aditya AmanPublished Sep 28, 2026Editorial PolicyLives in the Philippines and has driven nearly every Luzon expressway with his family.PSBank and EastWest Bank side by side: rates, down payment, requirements and how to apply, with a calculator for your car.
PSBank vs EastWest Bank: monthly payment for your car
Pick your car and down payment. Both banks are priced on the same loan, so the difference is real.
Example car, ₱1,250,000, 20% down, 60 months, brand new
PSBank quotes its rate when you apply.
₱21,707/mo
30.24% rate, ₱1,552,400 in all
PSBank vs EastWest Bank rates by term
Brand new car, ₱1,000,000 loan. The lower monthly payment at each term is marked.
| Pay over | PSBank rate | PSBank monthly | EastWest Bank rate | EastWest Bank monthly | Difference a month |
|---|---|---|---|---|---|
| 12 months | – | – | 6.84% | ₱89,033 | – |
| 18 months | – | – | 9.60% | ₱60,889 | – |
| 24 months | – | – | 12.41% | ₱46,838 | – |
| 36 months | – | – | 18.18% | ₱32,828 | – |
| 48 months | – | – | 24.12% | ₱25,858 | – |
| 60 months | – | – | 30.24% | ₱21,707 | – |
PSBank quotes its rate on application. EastWest Bank: add-on rate for the whole term. Standard rates.
PSBank vs EastWest Bank, point by point
| Point | PSBank | EastWest Bank |
|---|---|---|
| Interest rate, brand new | Given with PSBank's quote | 6.84% to 30.24% add-on |
| Monthly on ₱1,000,000, 60 months | Given with PSBank's quote | ₱21,707, about 10.9% a year |
| Down payment | At least 20% of the selling price | From 20% |
| Loan term | 12 to 60 months | 12 to 60 months, depending on the vehicle variant and year model |
| Loan amount | Minimum loan: ₱100,000 for brand-new cars; ₱300,000 for second-hand units (the bank's pages differ: ₱300,000 for all elsewhere) | Minimum loan: ₱200,000 |
| Second-hand cars | Yes | Yes, with its own rates |
| Minimum income | PSBank decides case by case | ₱40,000 a month (individual) |
| Decision | Credit decision by SMS in as fast as 24 hours | Within a day, with complete documents |
| Fees | Chattel mortgage, insurance, Registry of Deeds and LTO encumbrance fees at booking; loan certification ₱100 | EastWest Bank lists them on the disclosure statement |
| Late payment | 5% a month on each unpaid installment | Not stated by EastWest Bank |
| How to apply | Apply online; the online facility takes individual applications only | Fill out and submit the online application form |
Documentary stamp tax of ₱1.50 per ₱200 of the loan is a national tax and applies at every bank.
Requirements: PSBank vs EastWest Bank
What each bank asks an employed borrower for. Business owners and OFWs: see each bank's page.
PSBank
- Completely filled-out PSBank Auto Loan application form
- Copy of 1 valid primary ID or 2 valid secondary IDs
EastWest Bank
- Completed EastWest Bank Auto Loan application form
- At least 2 government-issued IDs
- Income documents such as ITR, certificate of employment or audited financial statements
- On approval: spouse as co-maker if married
- Second-hand units: vehicle inspection, appraisal and car history check
- Online form: TIN and SSS numbers
PSBank or EastWest Bank: questions
Which is better, PSBank or EastWest Bank car loan?
PSBank and EastWest Bank differ on down payment (At least 20% of the selling price vs From 20%) and decision time (Credit decision by SMS in as fast as 24 hours vs Within a day, with complete documents). PSBank quotes its rate when you apply, so ask for it in writing to compare.
Which needs a lower down payment, PSBank or EastWest Bank?
PSBank: At least 20% of the selling price. EastWest Bank: From 20%.
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Not set on these two? Answer 5 questions to see the three car loans that fit you best.