UnionBank Auto Loan
UnionBank Auto Loan auto loans cover brand-new and pre-owned cars priced up to ₱5,000,000. Rates range from 6.56% – 15% p.a., repayment runs 12 – 60 months, and the minimum equity is 20%. UnionBank is known for its digital-first lending platform.
Interest Rate
6.56% – 15% p.a.
Loan Term
12 – 60 months
Down Payment
20%
Processing
2 – 5 business days
Maximum loan amount: ₱5,000,000
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)
Photocopy of vehicle documents (OR/CR for used cars)
Latest 3 months bank statements
Special Power of Attorney if applicant is an OFW
Post-dated checks (PDCs) covering the loan term
TIN (Tax Identification Number)
Pros & Cons
Advantages
- Rates start at 6.56% p.a. — strong among Philippine bank auto loans.
- Maximum financing of ₱5,000,000 covers most new vehicles on the market.
- Loan terms up to 60 months keep monthly payments as low as ~₱110,667/month.
- Minimum down payment of just 20% reduces upfront cash needed.
- Applications accepted at digital channels or 200+ branches.
Drawbacks
- Maximum rate of 15% p.a. applies to used cars or longer terms.
- Requires at least 20% down payment — on a ₱5,000,000 vehicle that means ₱1,000,000 cash upfront.
- Processing takes 2 – 5 business days, slower than some dealer-arranged financing.
- Minimum gross monthly income requirement of ₱30,000 excludes entry-level earners.