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It is the first service that works with customers in online mode, without the help of a human operator! Its operation is fully automated. Any day of the week, regardless of time, holidays or non-working days, loans instantly. The “Robocash” is a new and improved software that can automatically study more than 1800 data of a client, based on the information of your form.

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TOP 10 Car Loans in the Philippines

Having your vehicle, whether for personal or business use, is no longer a luxury but it’s turned into a necessity. The country has an unstable transportation system with changing rules all the time, so you don’t know if your bus is allowed to enter the city or not, prompting you to wait for a ride to work or school with no certainty. So many Filipino families can have the option to own their vehicles. Vehicles are expensive but through a car loan, a vehicle can be obtained quickly.

When to Use a Car Loan?

A car loan is a necessity when a prospective buyer is unable to produce enough cash to pay for the vehicle’s price tag in one go so a car loan is the only way to purchase a vehicle.

This is usually done through bank financing. The bank will pay off the vehicle and the buyer will pay the bank back with some interest.

How does Car Loan Work?

To be qualified for a car loan, the buyer must have a good credit score: this proves to the bank or financier that the buyer is responsible enough to keep up with the payment. It’s also a major requirement to have a job because how else would the buyer pay up if he or she is unemployed?

In some cases, there are banks that will allow buyers to use their existing car as collateral to purchase a new one.

Car Loan Requirements

Aside from having a good credit score and a stable job, there are several documents a car loan applicant must possess. Below we will tell you about the standard requirements for a car loan.

– An application form filled with all the necessary information. This form can be obtained from the bank or whichever agency that acts as the financier;

– Photocopy of any valid ID. These IDs are pretty much common that any citizen can have them such as Voter’s ID, Social Security System (SSS) ID, Professional Regulation Commission (PRC) ID, Passport, Driver’s License, and others;

– Applicants running their own business or self-employed will have to submit photocopies of their ITR (with BIR stamp), Department of Trade and Industry certificate, or Securities and Exchange Commission certificate, plus a copy of audited financial statements for the last two years.

The applicant must also be qualified for the following:

  1. The applicant must be a Filipino resident and must be within 21-65 years old;
  2. The gross income of the applicant must not be below PHP 50,000.00;
  3. Self-employed applicants should have been running an active business for 2 years;
  4. Foreigner applicants must have a co-maker.

FAQ

  • Is it better to get a car loan from bank or dealer Philippines?
    You can get lower interest rates by borrowing directly from the bank. However, applying for a bank loan on your own requires a little more patience, time, and paperwork.
  • How much is the car loan interest rate in the Philippines?
    Currently, at the end of 2020, the lowest auto loan interest rate in the Philippines is around 5%.
  • Is a car loan safe?
    Yes, if you get it from a verified bank with a state license.

The Best of Car Loans in the Philippines

If you are interested in car loan car loan lowest interest rates, they are all collected below. Explore and compare car loan offers from the most popular Philippine banks. For a quick snapshot of the different interest rates from different banks, here’s a list of them.

BDO Car Loan

Minimum loan: PHP 100,000.00 or up to 80% of the car’s selling price.

Interest rate: 17.33% to 30.26% (for new cars) or 14.11% to 30.06% (for used ones).

Repayment terms: 36 to 60 months (for new vehicles) or 24 to 48 months (for used ones).

The conditions to obtain a car loan from BDO are the following:

  1. The applicant must be at least 21 years old but not be more than 70 by the end of the loan term;
  2. The applicant must be a Filipino citizen; if the applicant is a foreigner, he or she must have been living in the country for at least 2 years;
  3. The minimum gross family income of the applicant must be at least PHP 50,000.00;
  4. The applicant must have stable employment or business. The former should be at least 2 years old and the latter should be also 2 years old and has been profitable for those years. If employed overseas, it should be 2-3 years.

BPI Car Loan

Minimum loan: PHP 200,000.00.

Interest rate: 8.87% to 10.43% (arrears) or 9.21% to 10.45% (one month advance).

Repayment terms: 12 to 60 months.

The conditions are the following:

  1. The applicant must sign an application form, include 2 valid IDs such as a Passport, Postal, Voter’s, Tax Identification Number (TIN), or SSS. There is a list of IDs and documents that can be found at their website;
  2. If the applicant is married, the couple should both sign the application form. If the applicant is signing with a co-borrower, both should sign separate application forms;
  3. The applicant should also have a job. If employed locally, he or she must present payslips from the last 3 months, a Certificate of Employment, and Income Tax Return (ITR). For self-employed applicants, SEC, DTI, and ITR for the last 2 years are required, a list of trade references (3 names with contact information);
  4. For those with medical practice, an ITR for the last 3 years is required along with clinic address(-es) and schedule. For those renting out properties, names of tenants and their monthly rent is required plus a photocopy of TCT/CCT.

METROBANK Car Loan

Minimum loan: PHP 350,000.00 or up to 80% of the vehicle’s net selling price.

Interest rate: 4.63% to 22.28% or 3.98% to 22.07% (with advanced payment).

Repayment terms: 12 to 60 months.

  1. Applicants must submit a valid government-issued ID. For non-citizens, SIRV/I-Card/ACR with receipt;
  2. Latest Income Tax Return (ITR) or Certificate of Employment that contains information about the salary, position, and length of employment within the company;
  3. If the applicant is an OFW, he or she is required to submit a photocopy of any government issued ID, COEC contact information of the employer, other bank’s statements, or ITR;
  4. If the applicant is in business, he or she is required to submit a photocopy of any government-issued ID, Audited Financial Statements, and ITR.

SECURITY BANK Car Loan

Minimum loan: PHP 400,000.00 or up to 80% of tag price (for brand new cars) or PHP 100,000.00 or up to 80% of the appraised value (for used ones).

Interest rate: 6.77% to 37.63% (for new cars) or 6.02% to 36.38% (for used ones).

Repayment terms: 12 to 60 months (for new cars) or 12 to 48 months (for used ones).

  1. The applicant must be a Filipino citizen residing in the Philippines. If the applicant is a foreigner, he or she must have a guarantor who is a Filipino citizen (it can also be a company operating in the Philippines);
  2. The applicant must be 21 to 65 years old. The applicant must not be older than 65 by the time the loan matures;
  3. The gross monthly income of the applicant must be at least PHP 40,000 for brand new cars or PHP 20,000 for used ones. If the applicant is married, the joint income of both should still meet the stated amounts;
  4. The applicant must be employed for at least 2 years;
  5. If the applicant is in business, the business must be legal and operating for at least 3 years.

UCPB Car Loan

Minimum loan: PHP 100,000.00.

Interest rate: 5.471% to 31.76%.

Repayment terms: 12 to 60 months (for new cars) or 12 to 36 months (for used ones).

  1.   An applicant must be 21-65 years old with a minimum annual income of PHP 360,000.00;
  2.   Must be employed for 2 years whether in business or under a company;
  3.   Must present photocopies of relevant documents such as IDs and certificates.

EASTWEST BANK Car Loan

Minimum loan: PHP 300,000.00.

Interest rate: 4.91% to 26.64% (for new cars, arrears) or 4.21% to 26.64% (advanced); 9.15% (for used ones, arrears) or 7.67% to 34.84% (advanced).

Repayment terms: 12 to 60 months (for new cars) or 12 to 48 months (for used ones).

  1. An applicant must submit an Application Form, ITR, Certificate of Employment (if employed);
  2. For those in business, they must submit photocopies of their Business Permit and other permits plus their financial statements for the last 3 years;
  3. It helps to have bank references/statements;
  4. Proof of Income sources;
  5. IDs like SSS/GSIS, Passport, company ID, etc.

PNB Car Loan

Minimum loan: 85% of the car’s price tag.

Interest rate: 8.75% (for new cars) or 11.20% (for used ones).

Repayment terms: 12 to 36 months.

  1. An applicant must be a Filipino citizen residing in the Philippines. The loan is also open to foreigners who live in the country and have a valid Alien Certificate of Registration (ACR);
  2. Ages 21 to 65 years old until the time of loan maturity;
  3. An applicant must have a stable source of income;
  4. At least 1 year employed in a permanent position;
  5. At least 3 years in operation of a business.

RCBC Car Loan

Minimum loan: PHP 300,000.00.

Interest rate: 5.75% TO 30.30%.

Repayment terms: 12 to 60 months.

  1. An applicant must be a Filipino citizen or have dual citizenship, one of which is Filipino;
  2. At least 21 years of age;
  3. Not more than 65 years old upon maturity of loan or 70 if self-employed;
  4. An applicant must possess a working phone number, a residence or office phone number;
  5. An applicant must be employed for a minimum of 1 year and a gross monthly income of PHP 40,000.00. If engaged in business, the business must be stable and in operation for at least 2 years.

PS BANK Car Loan

Minimum loan: PHP 100,000.00.

Interest rate: 5.58% to 28.76% or 4.85% to 27.70% (with advanced payment).

Repayment terms: 12 to 60 months.

For individual, self-employed, or corporate applicants.

  1. The applicant must be a Filipino citizen;
  2. Foreigners must have an ACR;
  3. Must be between 21-65 years old;
  4. If married, the spouse must also agree to the loan;
  5. At least 2 years staying at the current residence;
  6. Must be employed for 2 years;
  7. Income 3 times monthly amortization.

AUB Car Loan

Minimum loan: PHP 200,000.00.

Interest rate: applicants must contact their local branch to get a proper car loan computation.

Repayment terms: up to 60 months.

  1. Fully accomplished application form;
  2. 2 Valid IDs (Driver’s License, Passport, SSS, GSIS, etc.);
  3. Income Tax Return (ITR);
  4. Certificate of Employment (COE) (if applicable);
  5. A copy of the applicants latest Financial Statement;
  6. For those in business under sole proprietorship, a DTI registration.
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What if I Only Need a Loan to Repair My Car?

In this case, of course, there is no point in taking a car loan. Very often the car can be repaired for a little money. If you know how to fix the car, you will need to spend money only for spare parts. But even if you pay for the repair, it will still be much cheaper than a new car. For car repairs, you don’t have to look far and wide for the cash you need to do simple repairs. You can obtain the needed cash for repairs from online lending services like Robocash PH.

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!

What are the Requirements for Getting a Robocash Loan?

To be qualified for a loan, the applicant must meet the following requirements:

– Must be Filipino citizen;

– Must be between 21-70 years old. The applicant must not be more than 70 by the time the loan term ends;

– Must have a stable job. The applicant may be required to submit certain documents like a Certificate of Employment;

– A valid ID like a Voter’s, SSS, or Passport may be required;

– Photocopies of utility bills like power and water.

You can get here an amount up to 10,000 pesos on the first loan and up to 25,000 pesos for up to 1 month on the next 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

Conclusion

Car loans come in different flavors and depending on which bank you choose, there will always be some common requirements needed such as the age range, the common being 21 to 70. The information provided here is just a small snapshot of the different offerings that banks provide. You can get a better glimpse of an idea by calling a bank representative or looking up information directly on their website. In some cases, it may be enough just to repair the machine to upgrade it. Then you will need not a car loan, but a loan from Robocash.

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Robocash Reviews

  • Ryan
    Robocash is one of a kind. They are true to their commitment that once u pass d review they will credit the loaned amount right away! In less than 5 mins we got the money transfered to my gf bank account. Amazing! Two thumbs up ROBOCASH!!!
  • Erica
    I tried Robocash out of curiosity. To cut to the chase, Robocash is ideal for "petsa de peligro" days where it's almost payday but also your bills is on due date because they have short payment terms (I was given 7 days term for my first loan). You can get approved as fast as 30mins and the loan will reflect immediately.
  • Sam
    I loved RoboCash not just the app but for the whole experienced that I had in applying for a loan. Hassle free and loan disbursement is as quick counting 1-2-3.

Download the Robocash mobile app and get loan instantly!

  • Borrowing 24/7
  • Approval rate over 90%
  • 1 Valid ID

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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.