Owning a car is a dream of many Filipinos. In fact, 77 percent of Filipino families prefer to possess their own vehicles over-relying on reliable public transit. They also view driving their own automobile as a leisure activity in and of itself and a mode of transportation.
Getting a car loan makes financial burdens more bearable since you only pay a small amount of the total vehicle price each month. In other words, you’re spreading the total cost over a more extended period of time, making it easier for you to pay for your car.
Car loans function by giving you a lump sum of cash to purchase a vehicle. The vehicle is then yours to drive while you gradually make monthly loan payments (plus interest). The title to the car is held by the lender until it is paid off in full, and they have the right to take it back if you stop making payments.
Here’s how to loan a car in the Philippines with Upfinance, it is now made easier to find the best car loan companies with reasonable auto loan interest rates in the Philippines for brand new and pre-owned cars. There isn’t a standardized policy for vehicle loan interest rates. But generally speaking, big banks provide cheap financing and low car loan rates on new cars and vehicles that are no more than five years old.
All financial institutions in the nation would use a single online loan application. Fill out a brief online loan application in under a minute. We will choose appropriate partners willing to lend to you and will transmit your information to them for free.
There are standard requirements for merchants in the Philippines. Use the auto loan calculator in the Philippines’ preliminary calculation if you are unsure that you can afford to pay. Prepare the following paperwork after that: (1) An accurately filled out form if it is from a bank (2) Valid ID (3) Official income (4) Proof of employment for workers and self-employed, and (5) Proof of an active business for businesspersons
The down payment, monthly payment, and the number of years to pay are calculated using the online vehicle loan calculator. Your total balance of payments and interest will be calculated automatically using a car loan calculator in the Philippines.
Apply now and buy an automobile by applying for a car loan in the best of the best banks for an auto loan, either first or second-hand car loans in the Philippines. Auto loans can be divided into the following types: (1) a New Brand car and (2) a Second-hand car. Most autos are considered collateral by lending organizations. However, used car loans in the Philippines have higher interest rates.
The Philippine Consumer Act protects both the lender and the borrower in the aforementioned transactions, and as a result, the lender is expected to supply and give the auto loan amount in accordance with the terms of their contract. On the other side, the borrower is responsible for making the monthly payments by the due date.
Listed below are the Top 10 Best Banks for Car Loans in the Philippines, which are considered to be the best and cheapest car loans in the Philippines, and will surely provide your requested assistance:
- RCBC Bankard online
– Established in 1960, Rizal Commercial Banking Corporation (RCBC) has developed into one of Southeast Asia’s largest enterprises.
Brand New – interest rates 5.75% – 30.3% (60 months)
Pre-owned – interest rates 8.4% – 33.9% (48 months)
- East West Bank Philippines
– The Philippines’ tenth-largest privately-owned domestic bank by assets is East West Bank (PSE: EW), also known as East West Banking Corporation.
Brand New – interest rates 5.9% – 31% (60 months)
Pre-owned – interest rates 7.19% – 36% (48 months)
- Producers Bank
– Financial institution Producers Bank, also known as Producers Savings Banking Corporation (PSBC), was established in 1995.
Brand New – interest rates 6% – 9% (60 months)
Pre-owned – interest rates 8% – 14% (24 months)
- UCPB interest rate and requirements
– In the Philippines, UCPB is a top supplier of financial goods and services to big firms, small and medium-sized enterprises, government agencies, and private institutions.
Brand New – interest rates 9,95% – 11,43% (60 months)
Pre-owned – interest rates 9,95% – 14% (36 months)
- Security Bank Online in the Philippines
– After the Second World War, it was the first private banking firm in the financial services sector that was under Filipino sovereignty.
Brand New – interest rates 6.77% – 37.63% (60 months)
Pre-owned – interest rates 16.5% – 24% (48 months)
- Robinsons Bank Corporation
– Before changing its name to Robinsons Bank Corporation in May 2011, the business was known as Robinsons Savings Bank.
Brand New – interest rates 8.6% – 10.2% (60 months)
Pre-owned – interest rates 16.7% – 22% (48 months)
- PNB in the Philippines
– One of the biggest banks in the Philippines is this one. On July 22, 1916, while the Philippines were under American occupation, it was founded by the Philippine government.
Brand New – interest rates 9,4% – 10,4% (60 months)
Pre-owned – interest rates 12% – 20% (48 months)
– The first full-service commercial bank to be granted a BSP license is Maybank Philippines Inc. (MPI), which is now nearly entirely owned by a foreign bank thanks to an increase in its stake to 99.96 percent.
Brand New – interest rates 12.48% – 18% (60 months)
Pre-owned – interest rates 18% – 20.76% (48 months)
- Online BDO
– The bank’s history began in 1963. Five foreign companies—from Germany, the United States, Canada, the Netherlands, and Great Britain—founded BDO. The bank was formerly known as Binder Seidman International Group until 1973.
Brand New – interest rates 17.33% – 30% (60 months
Pre-owned – interest rates 14.11% – 30% (48 months)
- Sterling Bank of Asia
– Sterling Bank of Asia was founded to offer affordable banking services and financial products to both the commercial and retail market segments.
Brand New – interest rates 14% – 19.04% (60 months)
Pre-owned – interest rates 19.74% – 26.65% (48 months)
If you’re interested in applying for a car loan, visit us on UpFinance: Car Loan Philippines just by following this link.