Loan Guide
PSBank vs EastWest Auto Loan
Side-by-side comparison of PSBank (6.99% starting rate, 60 months max) vs EastWest (7.5% starting rate, 48 months max). 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)
- Certificate of Employment with compensation details
- 2 x 2 ID photo
Pros & Cons
Pros
- PSBank offers rates from 6.99% — 60 months max.
- EastWest offers rates from 7.5% — 48 months max.
- 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
- PSBank maximum rate may reach 16% p.a. on longer terms or used cars.
- EastWest maximum rate may reach 16% 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, PSBank or EastWest auto loan?
PSBank starts at 6.99% (60 months max), while EastWest starts at 7.5% (48 months max). The best choice depends on your priorities — rate vs. convenience vs. bundled benefits.
What is the PSBank auto loan rate in 2026?
PSBank auto loan rates start at 6.99% for qualified borrowers with brand-new vehicles and shorter terms.
What is the EastWest auto loan rate in 2026?
EastWest auto loan rates start at 7.5%. The actual rate depends on your income, credit history, and vehicle age.
Can I switch from PSBank to EastWest mid-term?
Yes, through refinancing. You would apply for a new loan with EastWest to pay off the PSBank 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).