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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4 thoughts on “Car Loan financing rates in the Philippines”

  1. God i thank you for sending this reliable loan lender to me this year 2018 to change my business and life financially. Its a good year for me already and not as worst as 2016 and 2017 that the two loan lenders i came across were scammers and liars. Barlow loans worldwide made me to really confirm the part of the holy bible that says out of twelve there must really be a Judah. Kudos to the board of directors of Barlow loans that really granted me my dream loan of $155000 CAD.Reach out to them on there company email address which is /// derekbarlowloans@yahoocom

    Reply
  2. In case of absence of enough cash a person will rely on a car loan to finance the purchase. The car loan finance rates have been changing over the years. Hence it all depends on the company policies.

    Reply

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