Chinabank Savings Auto Loan
Chinabank Savings Auto Loan offers auto loan rates from 7.5% – 15% p.a. with terms up to 48 months and a minimum down payment of 25%. Chinabank Savings is the thrift banking arm of China Banking Corporation. Maximum financing amount reaches ₱2,000,000, and applications can be filed at 100+ branches.
Interest Rate
7.5% – 15% p.a.
Loan Term
12 – 48 months
Down Payment
25%
Processing
5 – 7 business days
Maximum loan amount: ₱2,000,000
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)
2 x 2 ID photo
Filled-out auto loan application form
Post-dated checks (PDCs) covering the loan term
TIN (Tax Identification Number)
Certificate of Employment with compensation details
Pros & Cons
Advantages
- Rates start at 7.5% p.a. — strong among Philippine bank auto loans.
- Maximum financing of ₱2,000,000 covers most new vehicles on the market.
- Loan terms up to 48 months keep monthly payments as low as ~₱54,167/month.
- Minimum down payment of just 25% reduces upfront cash needed.
- Applications accepted at 100+ branches.
Drawbacks
- Maximum rate of 15% p.a. applies to used cars or longer terms.
- Requires at least 25% down payment — on a ₱2,000,000 vehicle that means ₱500,000 cash upfront.
- Processing takes 5 – 7 business days, slower than some dealer-arranged financing.
- Minimum gross monthly income requirement of ₱25,000 excludes entry-level earners.