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Car Loan financing rates in the Philippines




Looking to buy a new car soon?

If you don’t have enough cash on hand, chances are you’ll rely on car loans to finance your purchase. Do you know which banks offer the best car deals?

Check out our list below to guide you!

Sample computations for a purchase of a car that costs P700,000 are shown below.

The bank would normally require 20% downpayment, which means P140,000 will already be paid outright to the bank. This leaves you with a total principal car loan in the amount of P560,000.

Assuming you plan to pay this P560,000 balance in 36 months (3 years), you can check out the table below to see how much:

  1. the annual interest rate charged to your loan;
  2. the amount of your monthly car loan installment; and
  3. the total interest you will pay to the bank.

Car Loan Interest Rates (2014)

 Bank NameMonthly Car Loan InstallmentInterest Rate per YearEffective Interest RateTotal Interest over Loan Period
1Security BankP17,7914.79%8.93%P80,472
2BPIP17,9875.21%9.68%P87,528
3UnionbankP17,9875.35%9.69%P87,528
4PNBP18,0525.49%9.93%P89,880
5ChinabankP18,1185.59%10.18%P92,232
6RCBCP18,1645.59%10.36%P93,912
7BDOP18,1835.63%10.43%P94,584
8EastwestP18,2765.83%10.78%P97,944
9PSBankP18,7626.87%12.60%P115,416
10MetrobankP19,9619.44%16.98%P158,592

Make sure you’re able to afford your monthly loan installments before deciding to buy a car. Vroom vroom!

Must read these other awesome, useful posts!

Sources: Official websites of credit card companies, iMoney.ph, MoneyMax.ph


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About this post: car loan philippines lowest interest rate, car loan philippines, which bank gives 15% autoloan philippines, is it the right time for a car loan manila philippines 2016, interest rates in house financing car philippines

One thought on “Car Loan financing rates in the Philippines”

  1. John Terry says:

    {hwajurong12@gmail.com or hwa.jurong@yahoo.com.sg)

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