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Motorcycle Loan Guide in the Philippines

In the Philippines, if it’s not meant for business operations, having a car is a luxury. For Filipinos earning an average income, owning a bike or motorcycle is the best substitute for a car. It has a low maintenance cost, plus it is more fuel-efficient than four-wheeled vehicles. Additionally, with bike and motorcycle, parking space is never an issue.

During these days of the pandemic, most Filipinos are eyeing bikes and motorcycles in exchange for public transport. Ever since the Department of Transportation (DOTr) lifted the enhanced community quarantine (ECQ), many had considered these two-wheelers for transportation. Commuting via jeepneys, buses, and the like has now limited capacity to encourage social distancing.

Coping with the new normal, shifting to bikes or motorcycles is not a problem for those who already have them. But if you’re among those who don’t own one, choosing between a bike or motorcycle may probably cross your mind. So, let’s take a better look at what suits you best: a bike or a motorcycle?

What to Choose: Bike or Motorcycle?

Before anything else, let’s point out the differences between the two. And obviously, the main distinction is the engine. Bicycles or bikes have no engines. It functions only on how much energy the rider exerts in the pedals. While motorcycles have engines powered by gas or electricity (if it is an electric-powered motor).

Their weight and cost also differ. And even though they are both equipped with gears, bikes can have 1 to 21 gears or more. Meanwhile, motorcycles have 4 to 6 gears. This is the reason why their attainable speeds vary from each other. Motorcycles also have various types. There are big bikes and small bike motorcycles. Although they both share almost the same usage, small bike motorcycles are heavier and powerful than small bikes. Generally, big bikes are great for spirited riding. However, practically speaking, small bikes are more budget friendly. They typically cost below six-digit figures. Additionally, they are more fuel-efficient than big bike motorcycles. When it comes to the similarity between bicycle and motorcycle, of course, you need to wear a helmet. There is no difference in the case of turning as both have brakes and gears. You can press the handlebar in the direction you want to go.

So, which one is the best for you?

Deciding whether to get a bicycle, a big bike or a small bike motorcycle varies on your preferences. You need to list down the important factors that could affect your decision. Determine your purpose as well as your location and available parking space.
Nonetheless, your intention is probably for your safety because of the pandemic. Commuting in public transport is risky nowadays. You should also take into consideration the area where you live. Are the roads good for bikes or motorcycles? Do you have appropriate parking space for your two-wheeled vehicle?

If you have already decided which one to get, the next big question is how will you finance it?


  • What is a good interest rate on a motorcycle loan?
    For borrowers with a high credit rating, the average APR will be somewhere between 6.0% and 10.0%. If the credit rating is below average, the APR will be just over 20%.
  • What kind of loan can I get for a motorcycle?
    A motorcycle loan is a secured loan, that is, the motorcycle acts as collateral. But if that option doesn't suit you, you can apply for an unsecured loan for urgent needs and buy a motorcycle.
  • Is a Motorcycle loan safe?
    Yes, if you get it from a verified bank with a state license.

Where to Apply for a Bike Loan?

Buying a bike in full payment may not be very ideal for Filipinos who are earning an average income. If you are one of those, and you have a short budget, you can get a loan to finance your ideal bike. The National Bicycle Organization and Home Credit offer bike loan programs suitable for Filipinos looking for flexible payment. The National Bicycle Organization (NBO) promotes bike commuting to Filipinos as an alternative way of transportation. In 2018, they launched NBO Bike Loan Program in partnership with Rizal Prime Consumers Cooperative (RPCC). The program offers more affordable bicycles with 0 interest. The payment terms range between 3 to 24 months for as low as PHP 300 monthly. However, RPCC prioritizes the members of NBO.

On the other hand, Home Credit does not require any membership to get a bike loan. You can apply for a Home Credit Bike Loan if you:

· are a Filipino citizen whose age is 18-68 years old;
· have two valid IDs;
· have a reliable source of income.

You can use the motorcycle loan calculator on their website to check the payment options you prefer. Home Credit doesn’t limit the applicant’s choice of bike brands. But they demand to purchase the bike in their partners’ stores.
It might be easier to apply for a bike loan Ph because bicycles are more affordable than motorcycles. But when it comes to usage, bicycles have limited places to go. With motorcycles, you can go to farther places because they have engines equipped to ride along with other four-wheeled vehicles. Plus, most roads nowadays are more appropriate for motorcycles than bikes, particularly in urban areas.
If you are looking for a better alternative mode of transportation, getting a motorcycle is the best option to choose.

Useful Tips for Choosing a Motorcycle Loan

When looking for ways to finance a motorcycle, it is always advisable to follow these simple steps:

1. Go for a motorcycle window shopping. Check the type of motorcycle you want to buy thoroughly.

2. Research for motorcycle loans or big bike loans available online. Due to the pandemic, most of the financing companies provide online loan applications. It’s now easier to research all types of loans, including where to get a big bike loan in the Philippines.

3. Select 3 loan programs that you think suit your financial needs. Make inquiries from their customer service if necessary. Weigh in the factors that can influence your decision, then choose the best among them.

4. Complete the requirements. Take note of all essential information such as the interest rate, payment terms, mode of payment, and the loan conditions.

Requirements for Motorcycle Loan

In the Philippines, most financing institutions have the same requirements for a motorcycle loan. Generally, these are:

· The applicant should be a Filipino citizen whose age is 21 years old or above;
· Currently employed or has a reliable source of income;
· Have valid IDs.

Each financing company may have different qualifications and requirements, so you need to keep them in mind. Considering these can also influence your decision in choosing a motorcycle loan program that suits your goal.

The Best Motorcycle Loans in the Philippines

For the record, the among the best financing institutions that offer motorcycle loans in the Philippines are:

· Security Bank;
· Robinsons Bank;
· City Savings Bank.

They are the top three companies that provide the lowest motorcycle loan rates in the Philippines. Here are some of the essential conditions of their loan programs to give you an idea:

Security Bank

Security Bank offers high-end big bike loans in the Philippines. The applicant can be an individual or a company. For their motorcycle loan program of an individual applicant, the necessary documents needed to submit include:

· Filled out and signed loan application form;
· Copy of valid government-issued ID;
· Latest BIR Form 2316, or:
– Latest three months’ pay slip;
– Certificate of Employment;
– Employment Contract for OFW.

Robinsons Bank

Meanwhile, Robinsons Bank offers different motorcycle loan features. You can choose to get a loan for a regular / solo bike, big bike, or second-hand unit. Down payment and terms vary from each other. For the individual applicant, you need to secure the the following:

· Filled out and signed loan application form;
· Copy of government-issued IDs;
· Proof of billing.

But take note that the additional requirements differ depending on your employment status.

· If locally employed, you also need to submit your latest one-month pay slip or Certificate of Employment;
· If self-employed, submit your latest three-month Bank Statements and your DTI Registration;
· If OFW, submit a copy of your Employment Contract and the latest three-month proof of remittance.

City Savings Bank

City Savings Bank’s loan program offers 2 types of features: Two-Wheeler and Three-Wheeler. Just like the other financing companies, a government-issued ID is a must. They also require additional documents for individual applicants based on their employment status:

· For the employed, a Certificate of Employment (COE) or one-month pay slip;
· For the sole proprietor, a Business Permit (Barangay or Municipal), and a DTI Permit;
· For the pensioner, a Statement of Account (SOA) with at least one-month pension credit;
· For the OFW, at least two-month proof of remittance within the past 6 months, or remittance slips / bank’s statement of account.

These three financing companies also provide a motorcycle loan calculator with their terms and rates offered in the Philippines. You can use them to estimate the loan amount and terms applicable to you.

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What if I Only Need a Loan to Repair My Motorcycle?

The repair and maintenance cost of a motorcycle can give you trouble, especially if you have no funds for it. It is more crucial if you still have ongoing loan amortization and have no sufficient cash for repairs. You know in yourself that you are a good payer. But how can you finance unexpected spending?

How much money do you need?
10 000
Min: ₱ 1 000
Max: ₱ 10 000
You return: 10 000
All your data is under secure protection!

One of the best options you can consider is getting a quick cash loan.

Here, in the Philippines, it is now simple and easy to find a reliable lending company that offers short-term loans online. And one of the most trusted online lenders is the Robocash.Robocash has a fast approval process with a very minimal interest rate.

For first-time borrowers, you can apply for a loan up to PHP 10,000. And repeat borrowers can avail up to PHP 25,000. You don’t have to worry about the requirements as they can accept just your government-issued ID. You also don’t need a bank account to apply for a loan.

All operations are performed online - you don't have to leave your house
In only 4 minutes you can receive up to 5000 pesos in your bank account
We don't require guarantors representation, documentation, or guarantee deposits.
The service is fully automated


Searching for a motorcycle loan that meets your financial needs requires patience. When applying for a loan, it is also vital to examine thoroughly the conditions included in it. Don’t hesitate to reach out to a customer service representative to discuss your inquiries.
Nevertheless, short-term borrowings can come in handy if there are contingencies that need funding, such as repairs. Unfortunately for banks, they do not provide quick cash loans with faster approval. With online loans like Robocash, they can ease your worry financially during emergencies.

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Robocash Reviews

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Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Robocash Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.