Car loans in the Philippines 2026
By Aditya AmanPublished Sep 28, 2026Editorial PolicyLives in the Philippines and has driven nearly every Luzon expressway with his family.Expressway.ph compares car loans from 18 banks and carmaker finance companies: what your car costs a month, who will lend to you and where to apply.
Which car loan is best for you?
Question 1 of 5: Car
₱250,000 down, loan ₱1,000,000 (example price)
Car loan interest rates in the Philippines, 2026
A brand-new car loan in the Philippines costs 5.19% to 32.52% in add-on interest, depending on the bank and how many months you pay. The monthly payment below is the fairest way to compare, because it already includes the interest.
- Lowest rate
- 5.19% add-on, Metrobank, 12 months
- Highest rate
- 32.52% add-on, Security Bank, 60 months
- Add-on rate
- Charged once on the full loan for the whole term, so it rises with the term. Used by most banks.
- Yearly (effective) rate
- Charged each year on the balance you still owe. BDO quotes this way.
- Second-hand cars
- Higher rates and at least 30% down at most banks; 5 banks we compare lend on them.
Brand new cars, 60 months, on a ₱1,000,000 loan. Change the term in the Your loan bar.
- ₱20,967/mo25.80% add-on for 60 months, basis not statedAbout 9.4% a year by our calculationUnionBank car loan detailsLowest
- ₱21,217/mo27.30% add-on for 60 monthsAbout 9.9% a year by our calculationMaybank car loan details
- ₱21,494/mo10.50% a year, on the balance you still oweBDO car loan details
- ₱21,600/mo29.60% add-on for 60 monthsAbout 10.7% a year by our calculationRCBC car loan details
- ₱21,707/mo30.24% add-on for 60 monthsAbout 10.9% a year by our calculationEastWest car loan details
- ₱21,710/mo30.26% add-on for 60 monthsAbout 10.9% a year by our calculationMetrobank car loan details
- ₱21,835/mo31.01% add-on for 60 monthsAbout 11.2% a year by our calculationBPI car loan details
- ₱22,087/mo32.52% add-on for 60 months, basis not statedAbout 11.7% a year by our calculationSecurity Bank car loan details
Brand-new car loan rates by term
| Brand new | 12 mo | 18 mo | 24 mo | 36 mo | 48 mo | 60 mo |
|---|---|---|---|---|---|---|
| MetrobankAdd-on, whole term | 5.19% | 7.61% | 10.74% | 16.90% | 23.55% | 30.26% |
| BPIAdd-on, whole term | 5.43% | 7.73% | 11.30% | 17.76% | 24.13% | 31.01% |
| RCBCAdd-on, whole term | 5.35% | 7.70% | 10.47% | 16.98% | 22.88% | 29.60% |
| Security BankAdd-on, whole term | 5.61% | 8.44% | 12.14% | 18.18% | 24.72% | 32.52% |
| EastWestAdd-on, whole term | 6.84% | 9.60% | 12.41% | 18.18% | 24.12% | 30.24% |
| UnionBankAdd-on, whole term | 6.00% | 8.35% | 10.74% | 15.63% | 20.65% | 25.80% |
| MaybankAdd-on, whole term | 5.43% | 7.73% | 10.19% | 15.21% | 20.66% | 27.30% |
| BDOYearly, effective | 7.50% | 8.00% | 9.25% | 10.00% | 10.25% | 10.50% |
Second-hand car loan rates by term
| Second hand | 12 mo | 18 mo | 24 mo | 36 mo | 48 mo | 60 mo |
|---|---|---|---|---|---|---|
| BPIAdd-on, whole term | 7.89% | 11.87% | 16.08% | 24.80% | 34.20% | 44.32% |
| RCBCAdd-on, whole term | 8.26% | 12.14% | 16.39% | 24.72% | 33.70% | No rate for this term |
| Security BankAdd-on, whole term | 9.14% | 13.50% | 18.69% | 28.29% | 38.64% | No rate for this term |
| EastWestAdd-on, whole term | 8.82% | 12.99% | 17.53% | 26.94% | 37.40% | No rate for this term |
| BDOYearly, effective | No rate for this term | No rate for this term | 12.00% | 13.00% | 13.00% | No rate for this term |
Standard rates. Promo rates are listed on each bank's page.
Car loan calculator: monthly payment for your car
Set your car, down payment and term once in the Your loan bar above. For an add-on rate the monthly payment is the loan times one plus the rate, divided by the months. The auto loan calculator ranks every bank for that exact car and shows what the car costs you in total, including the fees the bank charges.
Example car
₱1,250,000
Borrow ₱1,000,000 after 20% down, over 60 months. Set your own car in the Your loan bar.
What this car costs you with UnionBank
- Down payment
- ₱250,000
- Loan
- ₱1,000,000
- Interest
- ₱258,000
- Known fees
- On your disclosure statement
Insurance, processing and notarial fees are quoted by the bank on approval.
What a car loan really costs
A car loan costs the monthly payment plus a handful of one-time charges when the loan is released, and the car insurance the bank requires. Your bank lists every charge on the disclosure statement before you sign.
- Interest
- Built into the monthly payment
- One-time charges
- Documentary stamp tax, chattel mortgage annotation at the LTO, notarial fee, processing fee
- Insurance
- Comprehensive cover from an insurer the bank accredits; EastWest also asks for Acts of God cover
- Where to see the total
- The disclosure statement, which the bank must give you before you sign
What you pay on top of interestBank
- Documentary stamp tax₱1.50 for every ₱200 of the loanBDO, Metrobank
- Chattel mortgage annotation at LTO₱380 (BDO), ₱500 (BPI)BDO, BPI
- Notarial fee₱500 a document (BDO); ₱300 to ₱400 (Metrobank)BDO, Metrobank
- Processing feeDepends on where you live; the bank quotes it on approvalBDO, BPI
- InsuranceComprehensive cover with Acts of God, from an insurer the bank accreditsEastWest
The full amount is on your disclosure statement before you sign.
Do you qualify? Car loan eligibility
You qualify for a car loan when your age, income and work history meet the bank's minimums and your credit record is clean. Enter your age and income to see which banks you meet.
- Age
- 18 or 21 at the youngest, depending on the bank; no older than 65 to 70 when the loan ends
- Monthly income
- From ₱30,000 to ₱50,000, depending on the bank
- Work history
- Employed, self-employed and OFW borrowers each have their own rules
- Credit record
- Every bank checks it; meeting the minimums is not an approval
Loan length: 5 years, from the Your loan bar.
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.
Car loan requirements and documents
A car loan application needs a valid ID and proof of income. What counts as proof of income depends on how you earn. The count beside each document shows how many banks ask for it.
- Employed
- Certificate of employment and payslips
- Business owner
- Business registration papers and financial statements
- OFW or seafarer
- Employment contract and proof of remittance
- Certificate of employment with salaryBDO, BPI, Metrobank +8 more
- Valid government ID (two at most banks)BPI, Metrobank, Security Bank +7 more
- Latest ITR or BIR Form 2316BDO, Metrobank, Security Bank +6 more
- Payslips, usually the last 3 monthsBDO, BPI, Metrobank +5 more
- Signed application formSecurity Bank, RCBC, EastWest +3 more
- Proof of billing addressRCBC, UnionBank, China Bank +1 more
- Dealer's quotation for the carSecurity Bank
- Latest ITR with financial statementsBDO, BPI, UnionBank +3 more
- Business registration: DTI, SEC or mayor's permitBDO, BPI, UnionBank +2 more
- Audited financial statements, 2 to 3 yearsBDO, UnionBank, PNB +2 more
- Bank statements, 3 to 6 monthsBDO, BPI, PNB +1 more
- Trade referencesBPI, UnionBank, China Bank
- Proof of remittance, 3 to 6 monthsBDO, BPI, Metrobank +2 more
- Employment or crew contract (POEA contract for seafarers)BDO, BPI, Metrobank +2 more
- Payslips for the last 3 monthsBDO, BPI, Metrobank +1 more
- PassportBPI
How to apply for a car loan
Choose the car first, then apply for the loan with the dealer's quotation. Most banks decide within one to three business days once your documents are complete, and release the loan once you sign.
- Settle the car and get the dealer's quotationSecurity Bank lists the quotation among its requirements.
- Apply online or at a branchBDO and Metrobank take applications online. Toyota Financial Services takes them at Toyota dealers.
- Submit your ID and income documentsThe lists by borrower type are in the Documents section above.
- Get the decisionWithin a day at BDO, RCBC, Security Bank and EastWest; as fast as 3 business days at Metrobank.
- Read the disclosure statement before you signBanks must give you one showing the full cost of the loan (BSP rule).
- Register the chattel mortgageBDO and PNB ask you to register on the Personal Property Security Registry before the loan is released.
Bank loan or dealer in-house financing?
A bank auto loan is money you borrow from a bank, at the bank's rate for your term. Dealer (in-house) financing is a loan the showroom arranges for you, from the carmaker's own finance company or a bank the dealer works with. Here is how the two differ, point by point.
| Point | Bank auto loan | Dealer in-house financing |
|---|---|---|
| Who lends | The bank: BDO, BPI, Metrobank, RCBC and others | The carmaker's finance company (Toyota Financial Services, Mitsubishi Motors Finance) or a partner bank: Mitsubishi Motors Finance books its loans with Security Bank; Hyundai Finance works through EastWest, BDO and BPI |
| Where you apply | Online or at a branch; BPI also takes applications at its accredited dealers | At the showroom, when you buy the car |
| Interest rate | On the bank's rate table for each term (see the rates above) | On the dealer's quotation for your car |
| Down payment | From 15% (BPI); 20% at most banks | From 10% at Toyota Financial Services; 20%, 30% or 40% and up at Mitsubishi Motors Finance |
| Loan term | 12 to 60 months at most banks | Up to 60 months (Toyota's Balloon Payment Plus runs 24 to 60; Mitsubishi Motors Finance up to 60) |
| Decision | Within a day at RCBC, Security Bank, EastWest, Maybank and BDO | As fast as 24 hours at Toyota Financial Services |
| Payment plan | Equal monthly payments until the loan is paid | Toyota's Balloon Payment Plus: lower monthly payments, then a lump sum you pay or settle by trading the car in (45% of the price on 60 months for the Rush) |
| Applying online | Online forms at BDO, BPI, Metrobank, RCBC, Security Bank, EastWest, PSBank, China Bank and Landbank | Toyota: at the dealer. Mitsubishi Motors Finance: an online inquiry form, then its sales team calls you |
Auto loan terms and conditions to check
Five terms decide what happens after you sign: the fee to release the mortgage, late payment charges, the cost of paying early, promo loan lock-ins and whether the rate can change. Ask your bank for each one in writing.
- Release of mortgage after full payment₱500 (BDO), ₱800 (BPI)BDO, BPI
- Late payment5% a monthMetrobank
- Paying off early₱7,500 pre-payment processing feeMetrobank
- Promo loansNo early payment or pre-termination in the first 3 years, on promo loans onlyBPI
- Rate changesBalance can be repriced if the bank's cost of money changes or Manila CPI rises 15% or moreUnionBank
Compare car loan lenders
Expressway.ph compares 18 car loan lenders: 15 banks, 2 carmaker finance companies and 1 financing company. Open one for its rates, requirements, fees and how to apply, or tick up to three to compare them side by side.
Pag-IBIG, SSS, GSIS and other car loans people ask about
Pag-IBIG, SSS, GSIS, Home Credit and CTBC do not make loans to buy a car, and Robinsons Bank is now part of BPI. Several have a loan you could put toward a car, with limits worth knowing.
Does Pag-IBIG offer a car loan?
No car loan. One housing-loan product can be used to buy a car.
- Multi-Purpose Loan
- Cash loan of up to 90% of your Pag-IBIG savings, over 12, 24 or 36 months. Uses include car repair, not buying a car
- Home Equity Appreciation Loan
- Can be used to buy a car, but only by housing-loan borrowers whose loan is at least 5 years old and paid on time for the last 12 months; the house is the collateral
Does SSS have a car loan?
No car loan. The Salary Loan is cash you can spend on anything.
- Salary Loan
- One or two months' salary credit, depending on your contributions (36 or 72)
- Rate and term
- 8% a year (10% on some renewals), paid over 24 months, with a 1% service fee
- Where to apply
- Online through My.SSS
Does GSIS have a car loan for government employees?
No car loan. GSIS finances bicycles, e-bikes and electric personal mobility devices.
- Ginhawa Bike and E-Mobility Loan
- Up to ₱300,000 for a brand-new bicycle, e-bike or electric personal mobility device, over 36 months at 5% a year charged upfront
- Who qualifies
- Members with at least 3 years in service; apply in the GSIS Touch app
- MPL Flex
- Cash for any purpose, 1 to 14 times your basic monthly salary, over 1 to 15 years
Does Robinsons Bank still offer car loans?
Robinsons Bank merged into BPI on 1 January 2024. New car loans are BPI Auto Loans.
- Existing Robinsons auto loans
- Continue under BPI with a new BPI account number; call BPI at (+632) 889-10000
- BPI Auto Loan
- Brand new or second hand, from 15% down, up to 5 years
Does Home Credit finance cars?
No. Home Credit finances motorcycles, not cars.
- Motorcycle loan
- Instalments at 500+ partner stores, for ages 18 to 68 with one primary ID; new clients show proof of income
- Cash loan
- ₱3,000 to ₱150,000
Does CTBC Bank Philippines offer a car loan?
No car loan. CTBC lends for homes, salaries and businesses.
- CTBC loans
- Home loan, home equity loan, Salary Stretch personal loan, back-to-back loan and SME business loan
Car loan guides
Six guides for the questions that come after the rates: fees, dealer financing, second-hand cars, insurance, motorcycles and transferring a loan.
- FeesCar Loan Penalty Charges Guide PhilippinesLate payment charges and the cost of paying your loan off early
- Dealer financingBank Loan vs Toyota In-House FinancingA bank auto loan set against Toyota's own financing, term by term
- Second-hand carsUsed Car Financing PhilippinesCar age limits, down payments and rates for used cars
- InsuranceCar Loan Insurance Requirements PhilippinesThe cover banks ask for while you are still paying
- MotorcyclesMotorcycle Loan PhilippinesWhere to finance a motorcycle and what lenders ask for
- TransfersHow to Transfer a Car Loan PhilippinesPassing a car loan to a new owner, and what the bank needs
Car loan questions
Answers use the rates and rules on this page.
What is the best bank for a car loan in the Philippines?
It depends on what matters most to you. Lowest monthly payment: UnionBank, ₱20,967 a month on ₱1,000,000 over 5 years. Lowest down payment: BPI, from 15%. Fastest decision: RCBC, Security Bank, EastWest, Maybank and BDO, within a day. The finder at the top of this page ranks the banks for your own car and budget.
What is a car loan?
A car loan (auto loan) is money a bank or financing company lends you to buy a car, repaid in monthly instalments, usually over 1 to 5 years. The car stays mortgaged to the lender through a chattel mortgage, annotated on its LTO registration, until you finish paying.
What are the two types of car financing?
Bank financing, where you borrow from a bank at its rate for your term, and dealer in-house financing, which the showroom arranges through the carmaker's finance company or a partner bank. The table in the bank vs dealer section compares them point by point.
What is the normal interest rate for a car loan in the Philippines?
For a brand new car over 5 years, add-on rates run from 25.80% to 32.52% for the whole term, which works out to about 9.4% to 11.7% a year. Second-hand car loans cost more.
Which bank has the lowest car loan rate in the Philippines?
On a ₱1,000,000 loan over 60 months for a brand new car, UnionBank has the lowest monthly payment, ₱20,967, and Security Bank's the highest, ₱22,087. The order changes with the term and down payment, so compare at your own figures in the calculator.
How is the monthly amortization of a car loan computed?
Most banks use an add-on rate: the loan times the rate for your term, added to the loan, divided by the number of months. At Metrobank's 60-month add-on rate of 30.26%, a ₱1,000,000 loan costs ₱21,710 a month. BDO quotes a yearly rate on the declining balance instead.
What is the difference between an add-on rate and an effective rate?
An add-on rate is charged once on the full loan for the whole term, so it grows with the term. An effective rate is a yearly rate on the balance you still owe. Metrobank prints both on its rate sheet: 30.26% add-on over 60 months is about 10.93% a year.
How much is the down payment for a car loan?
For a brand new car, BPI asks for the least, 15%, and Landbank goes as low as 5% for its regular depositors. RCBC, Security Bank, EastWest, Maybank and BDO ask for at least 20%. For a second-hand car, BPI, RCBC, Security Bank and BDO ask for at least 30%.
What is the minimum income for a car loan?
Metrobank: ₱40,000 a month, family; BPI: ₱30,000 a month, household; EastWest: ₱40,000 a month, individual; BDO: ₱50,000 a month, family. Other banks set it case by case.
How long does car loan approval take?
RCBC, Security Bank, EastWest, Maybank and BDO decide within a day of receiving complete documents. Metrobank says as fast as 3 business days. Security Bank takes 3 to 5 banking days for second-hand cars.
Can I get a car loan for a second-hand car?
Yes. BPI, RCBC, Security Bank, EastWest and BDO lend on second-hand cars, at rates higher than brand new rates, usually with at least 30% down and shorter terms. Banks also cap the car's age: BDO wants the model no older than 6 years at the end of the loan; Maybank takes cars 1 to 10 years old.
Can I pay off my car loan early?
Yes, but check the fee. Metrobank lists a ₱7,500 pre-payment processing fee. BPI promo loans cannot be paid early in the first 3 years. Maybank gives the pay-off amount within 7 banking days.
Which is better, a BPI or BDO car loan?
On the same ₱1,000,000 brand new car loan over 60 months, BPI costs ₱21,835 a month and BDO ₱21,494. BPI asks for 15% down and BDO 20%. BDO decides within a day. Tick both in the lender list to compare every term side by side.
Where can I get a 0% interest car loan in the Philippines?
No bank's standard car loan rate is 0%. The 0% offers running now are for trucks and motorcycles, not cars: BPI's MV Agusta 0% promo. For a car, ask the dealer whether a 0% offer is on your quotation, and get the full price in writing.
How much salary do I need for a car loan?
Between ₱30,000 and ₱50,000 a month at the banks that set a minimum: Metrobank ₱40,000 (family), BPI ₱30,000 (household), EastWest ₱40,000 (individual), BDO ₱50,000 (family). Other banks decide case by case.
Can I get a car loan with a ₱25,000 salary?
Not at the banks that set a minimum income; the lowest is ₱30,000 a month (BPI), and several count household or family income, so a spouse's salary can help. Banks without a stated minimum look at each application on its own.
How much can I borrow for a car loan?
Most banks lend up to 80% of a brand new car's price, so you pay at least 20% down. BPI lends up to 85%, and Landbank up to 95% for its regular depositors. For second-hand cars, BPI, Security Bank and China Bank lend up to 70%.
What is the best loan term for a car loan?
The shorter the term, the less interest you pay in total, but the higher each monthly payment. At Metrobank's rates, ₱1,000,000 costs ₱51,900 in interest over 12 months, ₱169,000 over 36 months and ₱302,600 over 60 months.
How can I check if I qualify for a car loan?
Enter your age and monthly income in the eligibility checker on this page. It shows which banks' minimum age and income you meet. Banks also check your credit record and documents, so meeting the minimums is not an approval.
How we compare car loans
Expressway.ph is a Philippine motoring site: toll rates, routes, car prices and now car loans. Every rate, fee and rule here is the lender's own, and this page changes when the lender's terms do. The monthly payments and "about X% a year" figures are our calculations from those rates. When a lender does not state something, we say so rather than guess.
- Rates, fees and rules from each lender's own terms
- Rankings worked out from your loan, the same way for every lender
If you ask us for help applying, the Expressway.ph team calls you within 48 hours and points you to the lender and branch that fit. Read our editorial policy and privacy policy.