Bank
Home Credit Auto Loan
Home Credit Auto Loan offers auto loan rates from 8% – 20% p.a. with terms up to 48 months and a minimum down payment of 15%. Home Credit is known for point-of-sale financing with same-day approval at partner dealerships. Maximum financing amount reaches ₱1,500,000, and applications can be filed at 10,000+ partner stores and dealerships.
Quick Facts
8% – 20% p.a.
Interest Rate
15%
Min. Down Payment
12 – 48 months
Loan Term
Same day – 2 business days
Processing Time
Maximum loan amount: ₱1,500,000
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)
- Filled-out auto loan application form
- Post-dated checks (PDCs) covering the loan term
- Special Power of Attorney if applicant is an OFW
- TIN (Tax Identification Number)
Pros & Cons
Pros
- Rates start at 8% p.a. — strong among Philippine bank auto loans.
- Maximum financing of ₱1,500,000 covers most new vehicles on the market.
- Loan terms up to 48 months keep monthly payments as low as ~₱41,250/month.
- Minimum down payment of just 15% reduces upfront cash needed.
- Applications accepted at 10,000+ partner stores and dealerships.
Cons
- Maximum rate of 20% p.a. applies to used cars or longer terms.
- Requires at least 15% down payment — on a ₱1,500,000 vehicle that means ₱225,000 cash upfront.
- Processing takes Same day – 2 business days, slower than some dealer-arranged financing.
- Minimum gross monthly income requirement of ₱30,000 excludes entry-level earners.
Frequently Asked Questions
What is the Home Credit auto loan interest rate in 2026?
Home Credit auto loan interest rates range from 8% – 20% 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 Home Credit require for a car loan?
Home Credit requires a minimum down payment of 15% of the vehicle's selling price. For example, on a ₱1,000,000 car the minimum equity is ₱150,000.
How long does Home Credit auto loan approval take?
Home Credit auto loan applications are typically processed within Same day – 2 business days. Having complete documents ready at the time of application speeds up the release.
Can I use a Home Credit auto loan for a used car?
Yes, Home Credit finances both brand-new and pre-owned vehicles. Used car loans may carry higher rates (closer to 20% p.a.) and the vehicle must generally be no older than 10 years at loan maturity.
What documents do I need for a Home Credit 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.