Best online auto loans services in the Philippines
Crediting, which provides loans for cars turned out to be a productive service in the world financial market. The Philippines is among the countries where banks and financial institutions operate successfully. In that country literally in five years, in the absence of the banking system, was formed a model according to which citizens can get quick loans through the Internet to solve various problems.
The advantages of car loans in the Philippines
Against the high and growing demand for a fast auto loan in the financial market of the Philippines, similar programs are offered by more and more banks and financial institutions. Advantages of this type of car loans include:
Fast application registration through the Internet;
High probability of approval;
Lack of ensuring or pledge;
Possibility of a loan registration for a used or a new car.
But with all these advantages, it is worth considering that the car loan in the Philippines provides interest payments, so before you apply, it is worthwhile to calculate the total cost of debt. You can do by using the online calculator, which is available on the official website of each bank.
Where is it better to take a car loan in the Philippines
Car loans are offered by many financial institutions in the Philippines. All our latest offers are presented on our website. The principle of their work practically does not differ, we will consider them via the examples of the most reliable and popular banks.
Car loan in Security Bank
In the market of auto lending in the Philippines, offers from Security Bank are quite attractive. The main advantages are comparatively low interest rates (5.07-9.44% per annum), comfortable loan repayment conditions, small initial deposit, lack of ensuring or pledge, the possibility of lending for the purchase of both new and used cars.
Borrowers can expect to receive 80% of the total cost of the purchased vehicle, with an initial contribution of 20%.
To repay the debt, you can use several methods: you can pay monthly in cash in the bank according to the schedule. The debt amount can be debited from the borrower’s settlement account automatically.
The car loan of the Security Bank is available for the residents of the Philippines aged from 21 to 65 (at the moment of debt repayment) who are constantly working during the last two years (minimum). At the same time for a new auto loan registration, the monthly income should be at least 20 thousand Philippine Pesos, and for used cars – P40 thousand.
Car loans can be issued to individual entrepreneurs who have been successfully operating on the market for at least three years. All customers can use the free services of support specialists who will accompany you at all stages of the transaction.
Car loan in Metrobank
The car loan in the Philippine Metrobank provides the money issuance for the purchase of a used or a new car for a period of one to five years. The maximum amount that a client can receive is 80% of the market value of the vehicle purchased.
There are certain restrictions for obtaining a loan:
The borrower’s age must be at least 21 years and not more than 65 years at the time of debt repayment;
The client must have a permanent place of work with a stable income for a period of at least two years;
It is necessary to have a permanent residence permit for a period of not less than 5 years and a home telephone.
The car loans in the Metrobank are attractive for clients due to low interest rates (4.79-8.93% per annum).
Car Loan of EastWest Bank in the Philippines
Quite attractive conditions for a quick loan to the car are offered in the Philippine EastWest Bank. The main advantages of this financial product are low interest rates, the ability to apply for any kind of vehicle (new or used), flexible repayment terms (1-5 years), quick application processing (within three hours). After the contract is signed, the money is credited immediately according to the method chosen by the borrower.
If you apply for a credit, the small size of an initial payment is required, it is possible to receive financial support in the amount from 80% of a market cost of the purchased vehicle. The car loans of EastWest Bank are available exclusively for residents of the Philippines of at least 21 years, the maximum age of the borrower at the time of the loan repayment should not exceed 70 years.
A required condition for obtaining a car loan is the availability of a permanent job with a monthly income of 50 thousand Pesos. As confirmation, reporting documents are required for the last two months. At the same time, the borrower should have an ideal credit reputation. Private entrepreneurs and business owners with a successful working period of not less than two years will also be able to use the auto loan.
A quick car loan is offered by other banking and credit organizations (BDO, BPI, PBCOM, PS Bank, UnionBank, etc.). The best programs can be found on our website.
Requirements for applicants to get a car loan
In all credit institutions, a car loan is provided for certain conditions. The mandatory requirements are:
age from 21 years;
presence of a permanent residence permit;
stable income of 50 thousand Pesos (monthly);
for private entrepreneurs and legal entities – a successful activity for a period not less than two years.
For all of these statements, documentary evidence (ID cards, financial reports, etc.) is required.
How to increase the probability of a car loan approval in the Philippines?
To find a suitable offer for quick car loans in the Philippines, we suggest you use a special form on our website. After specifying the required parameters (desired amount, interest rate, monthly income, type of vehicle, maturity date, etc.), the system will issue a list of banks where loans for the purchase of autos by your requirements are offered.
To increase the approval probability, you can send applications to all organizations. With several positive answers, you can compare the conditions of each offer and choose the most appropriate option.
Calculate your loan
Written by Mikka Montero | Modified date: August 28, 2019