Loan Guide

BPI vs PSBank Auto Loan

Side-by-side comparison of BPI (6.5% starting rate, 900+ branches) vs PSBank (6.99% starting rate, 300+ branches). This guide breaks down interest rates, loan terms, down payment requirements, approval speed, and total cost of ownership for Philippine car buyers in 2026.

Interest Rate

Varies by lender

Loan Term

12 – 60 months

Down Payment

20%

Processing

3 – 7 business days

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

TIN (Tax Identification Number)

Certificate of Employment with compensation details

Pros & Cons

Advantages

  • BPI offers rates from 6.5% — 900+ branches.
  • PSBank offers rates from 6.99% — 300+ branches.
  • 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).

Drawbacks

  • BPI maximum rate may reach 15% p.a. on longer terms or used cars.
  • PSBank 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, BPI or PSBank auto loan?
BPI starts at 6.5% (900+ branches), while PSBank starts at 6.99% (300+ branches). The best choice depends on your priorities — rate vs. convenience vs. bundled benefits.
What is the BPI auto loan rate in 2026?
BPI auto loan rates start at 6.5% for qualified borrowers with brand-new vehicles and shorter terms.
What is the PSBank auto loan rate in 2026?
PSBank auto loan rates start at 6.99%. The actual rate depends on your income, credit history, and vehicle age.
Can I switch from BPI to PSBank mid-term?
Yes, through refinancing. You would apply for a new loan with PSBank to pay off the BPI 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).

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BPI vs PSBank Auto Loan

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