The 5 Best Banks for Car Loans in the Philippines
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The 5 Best Banks for Car Loans in the Philippines

Our Criteria for the Best Banks for Car Loans in the Philippines


We looked into the available terms of each bank and delved into the loanable amount that they offer, together with other rates they impose.


For the purpose of convenience, we included banks that have branches in major cities in the country and offer online applications.


We took into consideration the prerequisites of each bank and chose those with few and simple financing requirements.


We selected banks that provide low downpayment percentages and those that provide a range of downpayment choices.

1. Banco De Oro

Banco De Oro Homepage


Main Office: 7899 Makati Avenue, Makati City

Contact Number: 631-8000

Operating Hours: 8:30 AM – 5:30 PM

Loan Terms Available: Min. 24 months, Max. 60 months

Minimum Downpayment: 20%

Loanable Amount4.7/5
Interest Rates4.5/5
Installment Options4.8/5
Branches Available4.8/5
Loan Monitoring4.6/5
Application Process4.7/5


  • Offers promo benefits
  • Fast approval 
  • Offers all-in financing
  • Few documents are needed for application


  • High minimum income requirement
  • Requires car insurance

If you’re searching for a car loan with quick approval and simple application process, we believe that Banco De Oro (BDO) is a good choice. 

We like that they have fast loan approval within 24 hours after you submit all the requirements that they need. We noticed that they also have the simplest application process because you only need a few documents for the application. 

Aside from the application form, you only need one (1) valid ID, your latest payslip, and your certificate of employment with your salary to apply.

The eligibility is also straightforward and they offer the loan to 21 years old up to 65 years old. For foreign nationals, BDO is also a good option because they are already eligible if they have lived in the Philippines for at least two years.

It’s also a plus that they offer promo benefits like waived fees, free first-year motor insurance, BDO rewards bonus points, and more for eligible customers.

Should you failt to qualify for their promo offerings, we think that you’ll still appreciate that they provide all-in financing. With this, your loan will already include the costs of the insurance and chattel mortgage fees.

However, we didn’t like that the bank’s minimum income requirement is Php 50,000, which is higher compared to other banks on this list.  

Nevertheless, if you have a high monthly income and don’t mind paying for mandatory car insurance, BDO is a wise choice. 

2. Bank of the Philippine Islands


Main Office: 6/F Ayala Wing, BPI Building, 6768 Ayala Avenue, Makati City

Contact Number: (02) 8891 0000

Operating Hours: 9:00 AM – 4:30 PM

Loan Terms Available: Min. 12 months, Max. 60 months

Minimum Downpayment: 15%

Loanable Amount4.7/5
Interest Rates5/5
Installment Options5/5
Branches Available5/5
Loan Monitoring4.8/5
Application Process4.9/5


  • Has a wide range of loan terms
  • Lower interest rates
  • Low downpayment


  • Requires car insurance and only accredited ones are accepted
  • Co-maker is necessary for some customers

If you’re seeking for a bank that offers low downpayment for car loans, then Bank of the Philippine Islands (BPI) is your best bet.

We like that they only require a downpayment of as low as 15% of the total price of your chosen car while other banks require at least 20%.

Aside from the downpayment, we’re also happy that they have lower interest rates compared to other banks. For brand-new cars, the interest rates range from 4.10% up to 26.28%. 

Similarly, we think that it’s great because even for second-hand cars, the interest rates are also lower. This ranges from 6.57% up to 44.17%, depending on the terms that you choose.

We’re also impressed that the minimum salary requirement is lower than other banks’. If you want to avail of their car loan, you only need to have a monthly salary of Php 30,000.

We’re also amazed that they offer a wide range of loan terms which includes 12, 18, 24, 30, 36, 48, and 60 months. Hence, you’ll have more options to choose the best term fit for you.

However, we noticed that they are stringent when it comes to car insurance. If you have picked a non-BPI accredited insurance carrier, you must have it approved by BPI. 

In case your insurance is denied, you must get one from a BPI-accredited insurance company.

Aside from that, we’re quite disappointed that foreigners and people older than 70 who want to avail of their loan need to have an eligible co-maker. Because of this, we think that the BPI’s process is quite more tedious than other banks on this list.

3. Security Bank

Security Bank Homepage


Main Office: 6776 Ayala Avenue, Makati City

Contact Number: (02) 8887 9188

Operating Hours: 9:00 AM – 4:00 PM

Loan Terms Available: Brand new: 12 months to 60 months

Second hand: 12 months to 48 months

Minimum Downpayment: 20%

Loanable Amount4.3/5
Interest Rates4/5
Installment Options4.5/5
Branches Available4.5/5
Loan Monitoring4.3/5
Application Process4.9/5


  • Has free 1-year car insurance
  • Has fast approval
  • Has only 3% late payment fee


  • Has a lot of requirements needed before application
  • Has high-interest rates for longer terms

If you’re looking for a car loan that comes with free insurance, then we recommend Security Bank. 

Among the banks on this list, Security Bank is the only one that offers free 1-year comprehensive insurance with acts of nature. For that reason, we’re hooked on them because that kind of insurance can be quite expensive.

For you to qualify, you only need to have loaned a brand new car for private use with a minimum loan of Php 500,000, and minimum terms of 36 months. Thus, we recommend this for those who don’t want to pay more premiums.

Aside from that perk, we like that they also provide loans for the reimbursement of brand-new cars, and refinancing of used cars.

For small families, we think that Security Bank is also an ideal option because of the low attainable monthly income requirement. 

The minimum joint monthly gross income with a spouse is only PHP40,000 for brand-new and PHP20,000 for second-hand or used cars.

However, while we appreciate that they have one-day fast approval, we’re still quite unhappy that they require a lot of documents to be submitted before you can apply.

For instance, you need to provide the latest proof of billing under your name aside from the proof of employment, application form, and other documents.

Additionally, we also noticed that for their terms, they have high-interest rates compared to others on this list. 

Nonetheless, we think that Security Bank is still one of the most consumer-friendly options because they have low late payment fees of only 3%, while others charge 5%.

4. Philippine National Bank

Philippine National Bank Homepage


Main Office: PNB Financial Center, Pres. D Macapagal Blvd., Pasay City

Contact Number: (02) 8573 8888

Operating Hours: 9:00 AM – 4:00 PM

Loan Terms Available: Min. 12 months, Max. 60 months

Minimum Downpayment: 20%

Loanable Amount4.3/5
Interest Rates4.9/5
Installment Options4.7/5
Branches Available4.7/5
Loan Monitoring4.2/5
Application Process4.5/5


  • Accepts customers that are permanently employed for 1 year
  • Has low competitive interest rates
  • Has a user-friendly loan calculator


  • Has high minimum salary requirement and loan amount
  • Requires a PNB bank account before you can apply

If you only have been employed for 1 year and want to avail a car loan, we believe that Philippine National Bank (PNB) is the most suitable option.

We like that, in comparison to other banks, PNB allows you to acquire a car even if you’re new to your job. Others require 3-5 years of employment before you can get a car loan.

It’s also a plus that you don’t even have directly go to the bank to have a computation for your target loan because they have a user-friendly loan calculator.

When we tried the car loan calculator to see their rates, we noticed that they also have competitively low rates. To give you an idea, if the car you want costs Php 1 million and is paid off in 60 months, you’ll only pay a monthly amortization of roughly Php 17,000.

Undoubtedly, if you have a monthly salary of Php 50,000, which is the minimum salary requirement, you should be able to afford the loan if you reallocate your resources wisely.

However, we also noticed that they have a high minimum loan amount of Php 300,000. Other banks offer car loans for as low as Php 100,000. 

Another downside is that you must have an existing PNB account before you can avail of their services. This is an additional step for many potential clients, which can prove to be too inconvenient.

5. Robinsons Bank

Robinsons Bank Homepage


Main Office: Robinsons Bank Corporation 17/F, Galleria Corporate Center EDSA corner Ortigas Avenue, Quezon City.

Contact Number: (+632) 8637-2273

Operating Hours: 9:00 AM – 4:00 PM

Loan Terms Available:

Brand New – 12 months to 60 months

Used Cars – 12 months to 48 months

Minimum Downpayment: 20%

Loanable Amount4.5/5
Interest Rates5/5
Installment Options4.2/5
Branches Available4/5
Loan Monitoring4.5/5
Application Process4.8/5


  • Has low-interest rates
  • Easy online application process
  • Has a lot of payment channels available


  • Needs more requirements compared to other banks on this list
  • Only accepts customers that have at least 3 years of employment or business operation
  • Minimum age requirement of applicants is 25 years old

If you’re looking for a bank that has the lowest interest rates in their car loans, we think that you should consider Robinsons Bank.

We think highly of Robinsons Bank because their interest rates are low, ranging from 4.22% to 27.70%. This is relatively more affordable compared to other banks that offer interest rates starting from 6% and can go as high as 40%.

We like that their online process is also straightforward and that you can be done with the process in less than 30 minutes. You just have to fill out their application form, submit the necessary documents, and sit back and wait for the approval. 

Aside from that, we’re happy that loans can be paid easily because Robinson’s Bank has a lot of payment channels available. Some of their payment channels include Robinsons Bank’s ATMs, Robinsons Bank app, Instapay, 7-11, and GCash.

However, Robinsons Bank requires a lot of documentation, which can prove cumbersome. Aside from the certificate of employment, they also require borrowers to present their income tax return, proof of billing, and more. 

Additionally, they only accept customers that have at least 3 years of employment or business operation. Thus, it’s not the bank for those who are just starting their careers.

It’s not the friendliest for freelancers, either. Self-employed individuals need to present their DTI registration to be considered. 

We’re also quite shocked that their minimum age requirement is 25 years old, which shaves off a decent chunk of its potential client base.

Nevertheless, we still admire Robinsons Bank because they are budget-friendly and convenient for those eligible for car loans. 

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