Bank
Chinabank Savings Auto Loan
Chinabank Savings Auto Loan offers auto loan rates from 7.5% – 15% p.a. with terms up to 48 months and a minimum down payment of 25%. Chinabank Savings is the thrift banking arm of China Banking Corporation. Maximum financing amount reaches ₱2,000,000, and applications can be filed at 100+ branches.
Quick Facts
7.5% – 15% p.a.
Interest Rate
25%
Min. Down Payment
12 – 48 months
Loan Term
5 – 7 business days
Processing Time
Maximum loan amount: ₱2,000,000
Requirements
- Valid government-issued ID (passport, driver's license, or UMID)
- Proof of income (latest 3 months payslips or ITR)
- Proof of billing address (utility bill dated within 3 months)
- 2 x 2 ID photo
- Filled-out auto loan application form
- Post-dated checks (PDCs) covering the loan term
- TIN (Tax Identification Number)
- Certificate of Employment with compensation details
Pros & Cons
Pros
- Rates start at 7.5% p.a. — strong among Philippine bank auto loans.
- Maximum financing of ₱2,000,000 covers most new vehicles on the market.
- Loan terms up to 48 months keep monthly payments as low as ~₱54,167/month.
- Minimum down payment of just 25% reduces upfront cash needed.
- Applications accepted at 100+ branches.
Cons
- Maximum rate of 15% p.a. applies to used cars or longer terms.
- Requires at least 25% down payment — on a ₱2,000,000 vehicle that means ₱500,000 cash upfront.
- Processing takes 5 – 7 business days, slower than some dealer-arranged financing.
- Minimum gross monthly income requirement of ₱25,000 excludes entry-level earners.
Frequently Asked Questions
What is the Chinabank Savings auto loan interest rate in 2026?
Chinabank Savings auto loan interest rates range from 7.5% – 15% p.a. depending on the vehicle age, loan term, and borrower profile. Shorter terms and brand-new vehicles typically qualify for the lower end of the range.
How much down payment does Chinabank Savings require for a car loan?
Chinabank Savings requires a minimum down payment of 25% of the vehicle's selling price. For example, on a ₱1,000,000 car the minimum equity is ₱250,000.
How long does Chinabank Savings auto loan approval take?
Chinabank Savings auto loan applications are typically processed within 5 – 7 business days. Having complete documents ready at the time of application speeds up the release.
Can I use a Chinabank Savings auto loan for a used car?
Yes, Chinabank Savings finances both brand-new and pre-owned vehicles. Used car loans may carry higher rates (closer to 15% p.a.) and the vehicle must generally be no older than 10 years at loan maturity.
What documents do I need for a Chinabank Savings auto loan?
You will need a valid government ID, proof of income (latest 3 months payslips or ITR), proof of billing address, and a completed application form. Self-employed applicants must also submit DTI/SEC registration and audited financial statements.