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Car Loan
Getting a new car is considered a milestone for most people especially millennials. However, if it is your first time buying a car, you may not be well versed on how to go about applying for your first car loan.
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Properties of this loan
- Online loans up to ₱25 000
- Term 10 - 90 days
- Easy online application
Loan requirements
- 21-70 years old
- Employed individuals and selected professionals
- Filipino residents
About company
More information about the company Robocash Finance Group
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Properties of this loan
- Online loans up to ₱1 000 000
- Term 12 - 36 months
- Easy bank application
Loan requirements
- Must be 21 years old and above to apply and not more than 60 years old upon loan maturity.
- Filipino Citizen.
- Working or residing within 30 kilometers from the nearest BPI branch
About company
More information about the company Bank of the Philippine Islands
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Properties of this loan
- Online loans up to ₱50 000
- Term 61 - 365 days
- Quick online application
Loan requirements
- 18 + years old
- Employed individuals and selected professionals
- Filipino residents
About company
More information about the company Hovono Inc.
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Properties of this loan
- Online loans up to ₱15 000
- Term 91 - 2 years
- Easy online application
Loan requirements
- Age 18+
- Bank card
- Mobile phone
- The Philippines citizenship
About company
More information about the company SIA ROKSORE
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Properties of this loan
- Online loans up to ₱1 000 000
- Term 12 - 60 months
- Easy bank application
Loan requirements
- Must be at least 21 years old and no older than 65
- Must be a Philippine citizen
- Must have a Philippine mailing address and active local mobile number
- Must have a minimum gross monthly income of PHP 15,000
- If employed, must be tenured for at least 6 months or 1 year of continuous employment
- If self-employed, must be operating for at least 1 year
About company
More information about the company CIMB Bank Philippines Inc.
Fast information
Properties of this loan
- Online loans up to ₱2 000 000
- Term 12 - 36 months
- Easy bank application
Loan requirements
- At least 21 years old at the time of application but not more than 65 years old upon loan maturity
- Must be a Filipino Citizen Must have an office or residence landline
About company
More information about the company Security Bank Corporation
Fast information
Properties of this loan
- Online loans up to ₱250 000
- Term 24 - 36 months
- Easy bank application
Loan requirements
- Filipino Individuals residing in the Philippines
- Age of borrower from 22 years old to 54 years old upon application
- If employed, must be at least two years permanent work status with one year tenure in current employer
- If engaged in business, must be operating profitably for the last three years
- Gross monthly income of at least PhP15,000 for employed and PhP30,000 for self-employed
- With residential landline or mobile number, business landline and email address
- Preferably an active credit cardholder
About company
More information about the company Philippine Savings Bank
Fast information
Properties of this loan
- Mabilis na online na proseso ng aplikasyon
- walang nakatagong bayarin
- ligtas at secure na serbisyo
- walang epekto sa iyong credit history
Loan requirements
- Dapat ay nasa pagitan ng 18 at 70 taong gulang
- residente ng Pilipinas
- may bank account sa anumang bangko sa Pilipinas
- may aktibong numero ng telepono
About company
More information about the company Fininity Ltd
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Properties of this loan
- Mabilis na online na proseso
- walang nakatagong bayarin
- walang kolateral o garantor
- bukas 24/7
Loan requirements
- Dapat ay nasa pagitan ng 21 at 70 taong gulang
- Pilipinong residente
- may valid na government ID
- may aktibong numero ng telepono
About company
More information about the company Digido Finance Corp.
Fast information
Properties of this loan
- Mabilis na online na proseso ng aplikasyon
- walang nakatagong bayarin
- simpleng proseso
- bukas 24/7
Loan requirements
- Dapat ay nasa pagitan ng 20 at 70 taong gulang
- may bank account sa isang institusyong pampinansyal sa Pilipinas
- may aktibong mobile phone
Fast information
Properties of this loan
- Car loans up to ₱5 000 000
- Term 1 – 7 years
Loan requirements
- (2) Government issued IDs with signature
- Proof of billing address
About company
More information about the company Union Bank of the Philippines
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Properties of this loan
- Mabilis na online na microloans
- walang nakatagong bayarin
- simple at mabilis na proseso ng aplikasyon
- bukas 24/7
Loan requirements
- Dapat 18 taong gulang pataas
- nakatira sa Pilipinas
- may bank account para sa pagtanggap ng pera
About company
More information about the company Traffic Control OÜ
Fast information
Properties of this loan
- Mabilis na online na microloans
- walang nakatagong bayarin
- simple at mabilis na proseso ng aplikasyon
- bukas 24/7
Loan requirements
- Dapat 21–70 taong gulang
- nakatira sa Pilipinas
- may aktibong personal na bank account o e-wallet
- may valid na ID tulad ng Passport, National ID, Driver’s License, SSS, UMID, Postal ID, o PRC ID
About company
More information about the company Cash-Express Philippines Financing Inc.
Fast information
Properties of this loan
- Mabilis na online na pautang
- walang nakatagong bayarin
- simpleng proseso ng aplikasyon
- bukas 24/7
Loan requirements
- Dapat ay higit sa 18 taong gulang
- residente ng Pilipinas
- may bank account para sa pagtanggap ng pera
Fast information
Properties of this loan
- Mabilis at online na proseso ng aplikasyon
- walang nakatagong bayarin
- ligtas at secure na serbisyo
- walang epekto sa iyong credit history
Loan requirements
- Dapat ay higit sa 18 taong gulang
- residente ng Pilipinas
- may bank account sa anumang bangko sa Pilipinas
- may aktibong numero ng telepono
About company
More information about the company Traffic Control OÜ
If you are in such a situation, below are the six steps you should take in order to make the mos out of your car loan.
1. Determine Your Eligibility for a Car Loan
Before a bank in the Philippines can lend you money to buy a car, you must first meet all the set minimum car loan requirements. The requirements you need to meet before considering applying for a car loan are as follows.
- You should be a resident or citizen of the Philippines aged between 21 and 65 years of age.
- Your income should be at least between PHP30,000 and PHP50,000 depending on the lender
- For an individual you should have been employed for at least two years prior to the date of the application. Whereas for a business; it should have been running profitably for the past two years.
- You must have a good credit score.If you are unsure about your current credit score you can get it from a number of accredited credit bureaus.
The above requirements are but a baseline to determine if you can be considered for a car loan.
2. Determine How Much You Intend To Borrow
How much you can borrow typically depends on how much of your income you are willing to part with every month towards servicing the car loan. However, there are additional factors that play a role in deciding how much to borrow. These factors include:
- The type of vehicle and its price range.
- How much you can afford as a down payment. Banks often require you make a down payment of at least 20% of the vehicles value upfront. The higher the down payment the better.
- How long you intend or need to repay the loan. On average car loans range from 1-6 years in the Philippines.
With this in mind you can begin looking for suitable lenders.
3. Comparing Car Loans
There are numerous lenders in the Philippines providing car loans. However, finding the best lender requires some due diligence in researching the different terms and rates available.
You can make use of a car loan calculator to determine which car loans have the best interest rates. However, you still need to read through the car loan contracts to ensure you fully understand the implications of the loan. Choose a lender whom you are comfortable with their car loan interest rates as well as their terms and conditions.
4. Applying for the Car Loan
Once you have a suitable lender in mind, you can ask the loans officer for the loan application form and fill in all the required information truthfully. When returning the application form you will be expected to provide the following supporting documents:
- Copies of Government issued ID/ passport/ SSS ID/ Alien Certificate of Registration/ Driver’s license.
- Proof of employment, payslips, Income tax return.
- Business registration certificate, business bank statements, valid business permit
- Proof of residence.
Before submitting the application make sure you have correctly filled in all the required information and provided the above documents; failure to which your application may get delayed or declined. After submitting the form all you have to do is wait for the loan to get approved and you buy your new car.
