Bank
Sterling Bank Auto Loan
With interest rates starting at 8% p.a., Sterling Bank Auto Loan finances new and used vehicles up to ₱2,000,000. Borrowers need at least 30% down and can spread payments over 12 – 36 months. Sterling Bank focuses on small-ticket auto loans with faster approval turnaround.
Interest Rate
8% – 16% p.a.
Loan Term
12 – 36 months
Down Payment
30%
Processing
3 – 5 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
Special Power of Attorney if applicant is an OFW
Latest 3 months bank statements
Pros & Cons
Advantages
- Rates start at 8% p.a. — attractive among Philippine bank auto loans.
- Maximum financing of ₱2,000,000 covers most new vehicles on the market.
- Loan terms up to 36 months keep monthly payments as low as ~₱68,889/month.
- Minimum down payment of just 30% reduces upfront cash needed.
- Applications accepted at 50+ branches.
Drawbacks
- Maximum rate of 16% p.a. applies to used cars or longer terms.
- Requires at least 30% down payment — on a ₱2,000,000 vehicle that means ₱600,000 cash upfront.
- Processing takes 3 – 5 business days, slower than some dealer-arranged financing.
- Minimum gross monthly income requirement of ₱30,000 excludes entry-level earners.
Frequently Asked Questions
What is the Sterling Bank auto loan interest rate in 2026?
Sterling Bank auto loan interest rates range from 8% – 16% p.a. depending on the vehicle age, loan term, and borrower profile. Shorter terms and brand-new vehicles typically qualify for the lower end of the range.
How much down payment does Sterling Bank require for a car loan?
Sterling Bank requires a minimum down payment of 30% of the vehicle's selling price. For example, on a ₱1,000,000 car the minimum equity is ₱300,000.
How long does Sterling Bank auto loan approval take?
Sterling Bank auto loan applications are typically processed within 3 – 5 business days. Having complete documents ready at the time of application speeds up the release.
Can I use a Sterling Bank auto loan for a used car?
Yes, Sterling Bank finances both brand-new and pre-owned vehicles. Used car loans may carry higher rates (closer to 16% p.a.) and the vehicle must generally be no older than 8 years at loan maturity.
What documents do I need for a Sterling Bank auto loan?
You will need a valid government ID, proof of income (latest 3 months payslips or ITR), proof of billing address, and a completed application form. Self-employed applicants must also submit DTI/SEC registration and audited financial statements.