In short
BPI's minimum used-car loan is ₱200,000. Down payment starts as low as 10% at Toyota Financial Services and rises to 40% at BDO for business use.
Only BPI states an effective rate, 15.50%, for a 60-month used-car loan.
- Lenders financing used cars, own-site confirmed
- 9
- Lowest stated used-car down payment
- 10% (Toyota Financial Services, TFS-owned units)
- BPI second-hand loan-to-value
- Up to 70% of purchase price
- BPI second-hand effective rate, 60 months
- 15.50%
- Maybank vehicle age range
- 1 to 10 years old
- China Bank vehicle age rule
- Age plus loan tenor within 7 years
- Fastest stated approval
- Toyota Financial Services, as fast as 24 hours (TFS-owned units)
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.
Which banks finance second-hand cars?
Eight banks plus Toyota's own financing arm state second-hand terms on their own domain. Metrobank and PNB, by contrast, state their car loan is for brand-new vehicles only.
See new versus used rates side by side for the full comparison.
Use the table below as a directory, not a ranking: rate basis differs bank to bank and only BPI states an effective figure.
| Lender | Loan-to-value | Down payment | Maximum term | Stated rate |
|---|---|---|---|---|
| BPI | Up to 70% of purchase price | As low as 15% (product-wide) | Up to 60 months | 44.32% add-on / 15.50% effective at 60 months |
| Security Bank | Up to 70% of appraised value | As low as 30% | 48 months | 9.14% to 38.64%, basis not labelled |
| EastWest | Up to 80% of selling price (product-wide) | 20% minimum (product-wide) | 48 months (no 60-month rate stated) | 7.57% to 37.40%, basis not labelled |
| RCBC | Not stated separately for used | 30% (calculator default) | 48 months | 8.26% to 33.70%, basis not labelled |
| China Bank AutoPlus | Up to 70% of appraised value | Not stated | 48 months | Not stated |
| China Bank Savings Easi-Drivin' | Not stated | Not stated | 48 months for 1 to 2 year old units, 36 months for 3 to 4 year old units | Not stated |
| Maybank | Not stated | 20% | 60 months | Not stated |
| BDO | Not stated separately for used | 30% personal use, 40% business use | 4 years personal, 2 years business | 13.00% effective at 24 to 48 months |
| Toyota Financial Services | TFS-owned vehicles only | As low as 10% | Not stated | Not stated |
How old can the car be, and what income do you need?
Age rules are usually a formula, not a flat number. Security Bank allows the vehicle's age plus the remaining loan term to reach 11 years.
China Bank sets the same kind of rule at 7 years. BDO simply caps the year model at 6 years old by loan maturity.
Maybank is the most direct: the unit itself must be 1 to 10 years old.
Minimum income is stated for fewer lenders. Security Bank's second-hand page states a joint monthly gross income of ₱20,000 with a spouse.
Its main car loan page separately states ₱100,000, a conflict between the bank's own pages worth confirming directly with a branch. EastWest asks for at least ₱40,000 a month, and BDO for ₱50,000 in gross family income.
- Security Bank vehicle age
- Age plus loan tenor within 11 years
- China Bank vehicle age
- Age plus loan tenor within 7 years
- BDO vehicle age
- Year model within 6 years at maturity
- Maybank vehicle age
- 1 to 10 years old
- EastWest minimum income
- ₱40,000 a month
- BDO minimum income
- ₱50,000 a month, gross family income
What documents does a used car loan need beyond the usual application?
A used car adds paperwork a brand-new purchase skips, because the bank has to verify the vehicle's history and title before lending against it.
6 of 6 still to check
How long does approval take?
Most lenders do not state a used-car processing time; see what every lender asks for at application. Security Bank is the exception among banks, quoting 3 to 5 banking days once the application and requirements are complete.
Toyota Financial Services states the fastest figure of any lender compared, but only for its own TFS-owned used stock: approval as fast as 24 hours.
- Security Bank
- 3 to 5 banking days
- Toyota Financial Services (TFS-owned units)
- As fast as 24 hours
Toyota Financial Services: financing on its own used stock
This product only covers vehicles Toyota Financial Services already owns, typically from repossession or lease turn-in, not a used car you found elsewhere.
In exchange for that narrower scope, the down payment and approval time both beat the bank averages above. It offers as low as 10% down, approved in as fast as 24 hours.
See Toyota's in-house financing against a bank loan for how its products compare on a brand-new purchase.
- Scope
- TFS-owned vehicles only
- Down payment
- As low as 10%
- Approval
- As fast as 24 hours