Financing Company
Used Car Financing Philippines
Used Car Financing Philippines compares bank and dealer financing options for second-hand vehicles aged 1–10 years in the Philippines through Used Car Financing Philippines. Used car loans typically finance up to 70% of the appraised value, not the asking price.
Interest Rate
8% – 22% p.a.
Loan Term
12 – 48 months
Down Payment
20–40%
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)
Latest 3 months bank statements
Photocopy of vehicle documents (OR/CR for used cars)
2 x 2 ID photo
Pros & Cons
Advantages
- Rates from 8% p.a. available for qualified applicants.
- Down payment starts at 20–40%, reducing the upfront cash barrier.
- Repayment terms of 12 – 48 months allow flexible monthly budgeting.
- Approval within 3 – 7 business days is quick compared to traditional bank channels.
- Used car loans typically finance up to 70% of the appraised value, not the asking price.
Drawbacks
- Maximum rate of 22% p.a. is above top-tier bank auto loan rates.
- Loan terms max at 48 months — shorter than the 60-month ceiling at major banks.
- Down payment of 20–40% may still be a barrier for first-time buyers on a tight budget.
- Processing of 3 – 7 business days depends on full submission of requirements.
Frequently Asked Questions
What are the Used Car Financing Philippines interest rates in 2026?
Used Car Financing Philippines rates range from 8% – 22% p.a.. The exact rate depends on your credit profile, loan amount, and chosen repayment term.
How do I apply for Used Car Financing Philippines?
You can apply at a branch or through the provider website. Prepare a valid ID, proof of income, and proof of billing address before starting.
What is the minimum down payment for Used Car Financing Philippines?
The minimum down payment is 20–40% of the vehicle price. A higher down payment reduces both monthly amortization and total interest paid.
How long does Used Car Financing Philippines approval take?
Expect approval within 3 – 7 business days. Complete and accurate documentation speeds up the process.
Can I use Used Car Financing Philippines for expressway-ready vehicles with RFID?
Yes, any vehicle financed through Used Car Financing Philippines can be equipped with Autosweep or Easytrip RFID. Most dealerships install RFID stickers at no extra cost during vehicle release.