Security Bank vs Maybank car loan 2026

By Aditya AmanPublished Sep 28, 2026Editorial PolicyLives in the Philippines and has driven nearly every Luzon expressway with his family.

On the same ₱1,000,000 brand new car loan over 60 months, Maybank costs ₱870 less a month. Below: every term, your own car, and where each bank is ahead.

Lower monthlyMaybank

Lower down paymentTie

Faster decisionTie

Security Bank vs Maybank rates by term

Brand new car, ₱1,000,000 loan. The lower monthly payment at each term is marked.

Pay over	Security Bank rate	Security Bank monthly	Maybank rate	Maybank monthly	Difference a month
12 months	5.61%	₱88,008	5.43%	₱87,858	₱150 less at Maybank
18 months	8.44%	₱60,244	7.73%	₱59,850	₱394 less at Maybank
24 months	12.14%	₱46,725	10.19%	₱45,913	₱813 less at Maybank
36 months	18.18%	₱32,828	15.21%	₱32,003	₱825 less at Maybank
48 months	24.72%	₱25,983	20.66%	₱25,138	₱846 less at Maybank
60 months	32.52%	₱22,087	27.30%	₱21,217	₱870 less at Maybank

Security Bank: add-on rate for the whole term. Maybank: add-on rate for the whole term. Standard rates.

Security Bank vs Maybank, point by point

Point	Security Bank	Maybank
Interest rate, brand new	5.61% to 32.52% add-on	5.43% to 27.30% add-on
Monthly on ₱1,000,000, 60 months	₱22,087, about 11.7% a year	₱21,217, about 9.9% a year
Down payment	From 20%	From 20%
Loan term	12 to 60 months brand new; 12 to 48 months second hand	Up to 60 months (the bank's pages differ: up to 84 months elsewhere)
Loan amount	Loan amount, brand new: ₱400,000 minimum, up to 80% of the purchase price	Not stated by Maybank
Second-hand cars	Yes, with its own rates	Not stated by Maybank
Decision	1 banking day, brand new	One-day approval, brand new
Fees	Security Bank lists them on the disclosure statement	Chattel mortgage fee by loan and location (₱25,000 on a ₱800,000 loan in Metro Manila); release fee ₱1,000
Late payment	Not stated by Security Bank	5% a month on the unpaid monthly installment
Paying early	Not stated by Security Bank	Pay-off amount given within 7 banking days
How to apply	Apply online or at your nearest branch	Go to the nearest Maybank branch or lending center

Documentary stamp tax of ₱1.50 per ₱200 of the loan is a national tax and applies at every bank.

Requirements: Security Bank vs Maybank

What each bank asks an employed borrower for. Business owners and OFWs: see each bank's page.

Security Bank

Signed car loan application form
Valid government ID with signature and photo for borrower, spouse, co-borrower and co-maker: one primary or two secondary IDs
Dealer quotation
Used or imported units: OR/CR, deed of sale, PNP clearance and macro etching certificate; import papers for imported units

Security Bank car loan in full

Maybank

Signed application form
2 valid IDs for the borrower and spouse, or the authorized signatory
Latest ITR
Used cars: copy of LTO registration, plus the original registration and official receipt for inspection

Maybank car loan in full

Security Bank or Maybank: questions

Which is better, Security Bank or Maybank car loan?

On the same ₱1,000,000 brand new car loan over 60 months, Maybank costs ₱870 less a month (₱52,200 over the loan). Security Bank down payment: from 20%; Maybank: from 20%. Security Bank decision: 1 banking day, brand new; Maybank: one-day approval, brand new.

Which has the lower car loan rate, Security Bank or Maybank?

Over 60 months for a brand new car, Security Bank charges 32.52% add-on (₱22,087 a month on ₱1,000,000) and Maybank 27.30% add-on (₱21,217). Compare the monthly payment, not the rate, when the two banks charge interest differently.

Which needs a lower down payment, Security Bank or Maybank?

Security Bank: From 20%. Maybank: From 20%.

More bank comparisons

Not set on these two? Answer 5 questions to see the three car loans that fit you best.

How we compare car loans.