Bank
EastWest Bank Auto Loan
EastWest Bank offers auto loans with one of the lowest starting rates in the Philippine market at 5.10% per annum for select new vehicles. With over 400 branches, EastWest provides competitive financing for both new and pre-owned cars. They are known for straightforward application processes and responsive customer service for auto loan inquiries.
Quick Facts
5.10% – 12% p.a.
Interest Rate
20%
Min. Down Payment
12 – 60 months
Loan Term
3 – 5 business days
Processing Time
Maximum loan amount: ₱3,000,000
Requirements
- Valid government-issued ID
- Proof of income (latest 3 months payslips)
- Latest ITR or Certificate of Employment
- Proof of billing address
- Minimum gross income: ₱30,000/month
Pros & Cons
Pros
- Lowest starting rate at 5.10% p.a. among Philippine banks for select vehicles.
- Lower income requirement of ₱30,000/month, accessible to more borrowers.
- 400+ branches for convenient loan servicing.
- Straightforward documentation requirements.
- Finances both new and pre-owned vehicles.
Cons
- Best rates (5.10%) limited to select new vehicle brands and shorter terms.
- Maximum loan amount of ₱3M may not cover luxury vehicles.
- Less established online banking platform compared to BDO or BPI.
- Processing time of 3-5 days is average, not the fastest.
Frequently Asked Questions
What is the EastWest auto loan interest rate?
EastWest Bank auto loan rates start at 5.10% p.a. for select new vehicles, among the lowest in the Philippines. Rates vary by vehicle and loan term.
What is the minimum income for EastWest auto loan?
EastWest requires a minimum gross monthly income of ₱30,000.
Does EastWest finance used cars?
Yes, EastWest Bank finances pre-owned vehicles with slightly higher rates than new car loans.
How long does EastWest auto loan approval take?
EastWest typically processes applications within 3-5 business days.
Can I apply for EastWest auto loan at a dealer?
Yes, EastWest has partnerships with major car dealerships where you can apply directly at the point of sale.