Loan Guide

Security Bank vs Maybank Auto Loan

Side-by-side comparison of Security Bank (6.5% starting rate, local network) vs Maybank (7% starting rate, ASEAN backing). 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)

Special Power of Attorney if applicant is an OFW

Pros & Cons

Advantages

  • Security Bank offers rates from 6.5% — local network.
  • Maybank offers rates from 7% — ASEAN backing.
  • 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

  • Security Bank maximum rate may reach 15% p.a. on longer terms or used cars.
  • Maybank 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, Security Bank or Maybank auto loan?
Security Bank starts at 6.5% (local network), while Maybank starts at 7% (ASEAN backing). The best choice depends on your priorities — rate vs. convenience vs. bundled benefits.
What is the Security Bank auto loan rate in 2026?
Security Bank auto loan rates start at 6.5% for qualified borrowers with brand-new vehicles and shorter terms.
What is the Maybank auto loan rate in 2026?
Maybank auto loan rates start at 7%. The actual rate depends on your income, credit history, and vehicle age.
Can I switch from Security Bank to Maybank mid-term?
Yes, through refinancing. You would apply for a new loan with Maybank to pay off the Security Bank 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).

Other Loan Guide Providers

₱10,000/Month Car Loan Options Philippines

Varies by lender

₱15,000/Month Car Loan Options Philippines

Varies by lender

20% vs 30% Down Payment Car Loan

Varies by lender

₱20,000/Month Car Loan Options Philippines

Varies by lender

₱25,000/Month Car Loan Options Philippines

Varies by lender

₱30,000/Month Car Loan Options Philippines

Varies by lender

All Car Loans

Get Pre-Approved Today

Security Bank vs Maybank Auto Loan

Free QuotesNo ObligationExpert Help

By submitting, you agree to be contacted regarding your inquiry. Your data is secure and will not be shared with third parties.