Loan Guide
Promo Rate vs Standard Car Loan
Side-by-side comparison of Promo (0–5% starting rate, limited time/models) vs Standard (7–15% starting rate, available year-round). This guide breaks down interest rates, loan terms, down payment requirements, approval speed, and total cost of ownership for Philippine car buyers in 2026.
Quick Facts
Varies by lender
Interest Rate
20%
Min. Down Payment
12 – 60 months
Loan Term
3 – 7 business days
Processing Time
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)
- Latest 3 months bank statements
- 2 x 2 ID photo
Pros & Cons
Pros
- Promo offers rates from 0–5% — limited time/models.
- Standard offers rates from 7–15% — available year-round.
- Both options allow 20% minimum down payment for brand-new vehicles.
- This comparison saves you time by consolidating rate, term, and requirement data.
- Clear winner identified for different buyer profiles (rate-sensitive, convenience-focused, low-income).
Cons
- Promo maximum rate may reach 14% p.a. on longer terms or used cars.
- Standard maximum rate may reach 15% p.a. under less favorable conditions.
- Neither provider guarantees the advertised starting rate — actual rate depends on credit assessment.
- Switching lenders mid-term incurs pre-termination penalties of 3–5% of the remaining balance.
Frequently Asked Questions
Which is better, Promo or Standard auto loan?
Promo starts at 0–5% (limited time/models), while Standard starts at 7–15% (available year-round). The best choice depends on your priorities — rate vs. convenience vs. bundled benefits.
What is the Promo auto loan rate in 2026?
Promo auto loan rates start at 0–5% for qualified borrowers with brand-new vehicles and shorter terms. Contact the provider directly for the most current rates and requirements.
What is the Standard auto loan rate in 2026?
Standard auto loan rates start at 7–15%. The actual rate depends on your income, credit history, and vehicle age.
Can I switch from Promo to Standard mid-term?
Yes, through refinancing. You would apply for a new loan with Standard to pay off the Promo balance. Pre-termination fees of 3–5% may apply on the original loan.
How do I choose between two car loan providers?
Compare the total cost of the loan (not just the rate). Calculate total interest paid over the full term, add fees, and factor in convenience (branch access, online tools, approval speed).