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.
Interest Rate
8% – 20% p.a.
Loan Term
12 – 48 months
Down Payment
15%
Processing
Same day – 2 business days
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
Advantages
- 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.
Drawbacks
- 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.