Car Loan? Find Out the Financing Rates in the Philippines


The heavy Metro traffic can’t stop you from buying a car. But wait, do you have the cash to get the keys to your own ride? You want it don’t you? You actually need it, you say to yourself. And then really hits you that you don’t have the money to buy even a second-hand car.

Well, there are car loans available out there that can enable you to afford the car you wanted. But do you know the best deals that are out there? Let us help you.

Check out the table below and see what fits you best.

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 Name
Monthly Car Loan Installment
Interest Rate per Year
Effective Interest Rate
Total 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

Source: PinoyMoneyTalk


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Gabriel

Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.