14 Best bank Car loan lenders in Philippines

Last Updated on July 27, 2024 by admin

Getting bank Car loan in Philippines  is amazing when you qualify for one to buy your dream car with low rates and flexible payment options to suit your lifestyle.

Car loan is convenient way to acquire a car without exhausting your total saving since it involved a monthly basis instead of paying one time with a big amount. Car financing through a loan is the best option for anyone who plans to enjoy the benefits of the car and to also make sure that someone’s cash flow is in top shape.

However, Most lenders in Philippines offer loan to used and new car. If you’re in the market for a new vehicle, you’ve probably spent a lot of time researching car options, but do you have a good understanding of how car loans work?

What is car loan?

A car loan is a type of loan specifically designed for purchasing a vehicle, whether it be new or used. The borrower receives a lump sum of money from a lender to make the initial purchase of the car, and then agrees to pay back the loan over a set period of time, typically in monthly installments. Car loans are secured loans, meaning that the vehicle itself is used as collateral to secure the loan. This greatly reduces the risk to the lender, as they can repossess the car if the borrower defaults on the loan.

There are several key components to a car loan, including the loan amount, interest rate, term length, down payment, and monthly payments. The loan amount is the total amount borrowed to purchase the vehicle, while the interest rate is the percentage of the loan amount that the lender charges for borrowing the money. The term length is the amount of time the borrower has to repay the loan, usually between 3-7 years. A down payment is an upfront payment made by the borrower to reduce the loan amount, and monthly payments are the regular installments made by the borrower to repay the loan.

Car loans are a common way for individuals to finance the purchase of a car, as they provide the borrower with the ability to spread out the cost of the vehicle over time. However, it is important for borrowers to carefully consider the terms of the loan, including the interest rate and monthly payments, to ensure they are able to afford the loan and repay it on time. Additionally, borrowers should shop around for the best loan terms and rates to ensure they are getting the most favorable loan for their financial situation.

In general. A car loan, also known as an auto loan, is a type of loan specifically designed to help you finance the purchase of a vehicle, such as a car, truck, or SUV. It allows you to borrow a certain amount of money from a lender (like a bank or credit union) and then repay that amount, plus interest, over a set period.

How Car Loans Work:

1. Application: You start by applying for a car loan from a lender. They will assess your creditworthiness based on factors like your credit score, income, and debt-to-income ratio.
2. Approval: If approved, you’ll be offered a loan amount, interest rate, and repayment term.
3. Purchase: You use the loan to purchase your desired vehicle.
4. Repayment: You make regular monthly payments to the lender, including both principal (the amount borrowed) and interest (the cost of borrowing).

Key Factors in Car Loans:

• Loan Amount: The amount you can borrow depends on your financial situation and the value of the car.
• Interest Rate: The interest rate you’ll be charged will depend on your credit score and the prevailing market rates.
• Loan Term: This is the length of time you have to repay the loan, usually ranging from 24 to 84 months. A longer loan term will result in lower monthly payments but higher overall interest costs.
• Down Payment: This is the initial amount you pay upfront towards the car’s price, typically a percentage of the total cost. A larger down payment can reduce your loan amount and interest costs.

Benefits of Car Loans:

• Car loans make it easier for people to buy cars that they couldn’t afford to pay for in cash.
•  Making timely loan payments can help improve your credit score.
•  You own the car once you’ve fully paid off the loan.

Considerations Before Getting a Car Loan:

•  Determine how much you can realistically afford to pay each month.
• Compare loan offers from different lenders to find the best interest rates and terms.
• Pre-approval: Getting pre-approved can give you an idea of how much you can borrow and strengthen your negotiating power with dealerships.

Read: Banks and Online lenders in Philippines that offers Business Loans

What can you do with your Car loan?

1.Purchase of a brand new or second hand car for personal use
2.Reimbursement of a brand new vehicle
3.Refinancing of a second hand car/loan take-out
4.Purchase of a brand new car for business use such as:
Car Rental Services
5.Transport Services (e.g. Taxi, Grab, UV Express, School Service, Company Use / Employee Service)
6.Cargo (e.g. Trucks)

Basic requirement  to apply for Car loan in Philippines

The basic requirements to apply for a car loan in the Philippines typically include:

Age:

• You must be at least 21 years old at the time of application.
• You should not be older than 65 years old when the loan matures.

Citizenship:

• Filipino citizens residing in the Philippines or abroad (including OFWs).
• Foreign residents with a valid work permit and a qualified Filipino co-borrower.

Income:

• Minimum monthly income requirement, which varies per bank. Generally, it ranges from ₱30,000 to ₱50,000 gross monthly income.
• Stable source of income from employment or business.
  • Employees: Typically require at least 2 years of employment with the current company.
  • Self-employed: Typically require at least 2 years of profitable business operation.

Documentation:

• Duly accomplished application form
• Valid government-issued ID with signature and photo (passport, driver’s license, etc.)
• Latest proof of billing (e.g., utility bill)

Additional documents depending on employment status:

• Locally Employed:
  • Certificate of Employment with Compensation
  • Latest Income Tax Return (ITR) or payslips
• Self-Employed:
  • Latest ITR with Audited Financial Statements for the last 2 years
  • Bank Statements for the last 3 months
  • DTI/SEC Registration and Mayor’s Permit
• OFW:
  • Proof of remittance, latest payslips, or contract

Read: 10 Philippines Banks that offer Personal Loans with Lowest Interest Rate

This post will outline top 14 car lenders in Philippines. along their  term, tenor and interest rate respectively.

1. Security Bank Car Loan

Security Bank offers Brand new car loan up to 80% of purchase price and Second  hand up to 70% of appraised value with  interest rates 6.77% – 37.63% APR loan term up to 60 months

They also offer used car with  interest rates 16.5% – 24% APR loan term up to 48 months

Brand New Payment Terms ranges from 12 to 60 months while  Second hand car package range from 12 to 48 months with Down Payment As low as 20% of purchase price

Key Security Bank Car Loan Features

• Vehicle type: Brand-new and secondhand cars for personal use / Brand-new cars for business use
• Maximum car age: Up to 11 years old
• Minimum monthly household income:
  • Brand-new: ₱40,000
  • Secondhand: ₱20,000
• Loan amount:
  • Brand-new: Minimum of ₱400,000 up to 80% of the purchase price
  • Secondhand: Minimum of ₱100,000 up to 70% of the appraised value
• Down payment: 20% to 50%
• Interest rate:
  • Standard: 6.77% to 37.63%
  • With one-month advance: 6.02% to 36.38%
• Repayment terms: 
  • Brand-new: 12 to 60 months
  • Secondhand: 12 to 48 months
• Approval time: Within one banking day

2. RCBC Car loan

RCBC (Rizal Commercial Banking Corporation) offers various car loan products in the Philippines to help individuals and businesses finance their vehicle purchases.

.Rcbc has Auto Loan with Minimum Loan Amount: Php 300,000

.Downpayment: 20%
.Payment Terms: 12 to 60 months
.Interest Rate: 5.54%
.Low monthly amortization

.Brand New – interest rates 5.75% – 30.3% APR loan term up to 60 months
.Pre-owned – interest rates 8.4% – 33.9% APR loan term up to 48 months

Eligibility Requirements:

• Filipino citizen or a foreigner with an Alien Certificate of Registration (ACR) with permanent residency status.
• 21 to 65 years old.
• Minimum gross monthly income of ₱30,000 or three times the monthly amortization.
• Employed for at least two years, with at least one year in the current company, or self-employed with a business registered with the Department of Trade and Industry (DTI) for at least two years.

Required Documents:

• Duly accomplished application form.
• Two valid government-issued IDs.
• Latest income tax return and certificate of employment (if employed).
• DTI registration and proof of billing (if self-employed).
• Latest 3-month bank statements.
• Other documents may be required depending on the loan type and your profile.

How to Apply:

1. Online Application: Fill out the online application form on the RCBC website.
2. Branch Visit: Submit the required documents to your preferred RCBC branch.

3. EastWest Bank Auto Loan

EastWest Bank’s Auto Loan in the Philippines helps you finance your dream car, whether it’s brand new or pre-owned.

.EastWest Bank offer brand new car and second hand vehicle
.Flexible Payment Terms of 12 months to 60 months
. Brand New – interest rates 5.9% – 31% APR loan term up to 60 months
. Pre-owned – interest rates 7.19% – 36% APR loan term up to 48 months

Eligibility:

• Filipino citizen: At least 21 years old with a regular monthly income of ₱40,000 or higher. If your income is lower, you can explore a joint application with your spouse (if applicable).

Requirements:

• Valid government-issued ID
• Proof of income:
  • Employed: Latest Income Tax Return (BIR Form 2316) or the latest 1-month payslip.
  • Self-employed: Latest Income Tax Return (BIR Form 1701) and Audited Financial Statements (AFS) for the past two years.
• Other documents:
  • If buying a brand new car: Proforma invoice or quotation from a car dealer.
  • If buying a pre-owned car: An appraisal fee may apply.

How to Apply:

1. Online: Fill out the application form on the EastWest Bank website:

2. In-person: Visit any EastWest Bank branch and submit your application along with the required documents.

4. BDO Unibank Auto Loan

BDO Unibank Auto Loan is a financial product offered by BDO Unibank in the Philippines to help individuals purchase their desired vehicles, whether they are brand new or pre-owned.

The  car loan have competitive rates and you can get loan approval within 24 hours. You can get Brand New or Pre-Owned loan

Brand New: Personal Use Maximum Loan Term is 5 years while Business Use is 3 years
Pre-Owned: Personal Use is 4 years while Business Use is 2 years

Brand New – interest rates 17.33% – 30% APR loan term 36 – 60 months
Pre-owned – interest rates 14.11% – 30% APR loan term 24 – 48 months

Downpayment: 20%-40%

Eligibility Requirements:

• Age: Must be between 21 and 65 years old.
• Citizenship: Filipino citizen or a foreigner residing in the Philippines for at least two years with the required visa.
• Income:
  • Minimum gross monthly income of ₱50,000 for employed individuals.
  • Self-employed individuals must have at least two years of profitable income with bank statements and ITR.

Required Documents:

• Duly accomplished application form
• Two valid government-issued IDs
• Latest income tax return
• Certificate of employment with income indicated (for employed individuals)
• Business registration documents (for self-employed individuals)
• Latest 3-month bank statements (for self-employed individuals)

How to Apply:

1. Check Your Eligibility: Review the eligibility requirements and use the BDO Auto Loan calculator to estimate your monthly payments.
2. Prepare Requirements: Gather all the necessary documents.
3. Apply Online or In-Branch: You can apply online through the BDO website or visit your nearest BDO branch.

5. Maybank Philippine Car loan

Maybank Philippines offers car loans to help you finance your dream car, whether brand new or for business use. They provide competitive interest rates and flexible payment terms.

Maybank Philippine offers Refinancing| Auto Loan for both Used and new vehicle

Brand New – interest rates 12,48% – 18% APRloan term up to 60 months
Used Car– interest rates 18% – 20,76% APR loan term up to 48 months

Key Maybank Car Loan Features

• Vehicle type: Brand-new cars
• Loan amount: Details will be provided upon Maybank Auto Loan application
• Down payment: 20%
• Interest rate: Contact the nearest Maybank branch for the best car loan off
• Repayment terms: Up to 60 months
• Approval time: Within one day

Eligibility Requirements:

• Citizenship: Must be a Filipino citizen.
• Age: Between 18 and 65 years old.
• Credit History: Must have no adverse credit records.
• Residency: Must own a residence in the Philippines.

Required Documents:

• Completely filled-out and signed application form.
• 2 valid IDs (borrower and spouse/authorized signatory).
• Latest income tax return.
• Compensation certificate with income indicated (if employed).  
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• Business Papers (SEC Registration, Articles of Incorporation & By-Laws if Partnership and Corporation; DTI Registration if Single Proprietorship).
• Latest 3 months Bank Statements (if self-employed).  
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• Vehicle quotation from the dealer.

How to Apply:

1.  Gather all the required documents.
2.  Go to your nearest Maybank branch and submit your application along with the documents.
3. The bank will review your application and inform you of their decision.

Also read: Banks and online lenders that offer Salary loan in Philippines

6. Robinsons bank car loan

Robinsons Bank offers car loans to help you finance your dream car purchase in the Philippines. They have options for both brand new and second-hand cars.

Robinsons bank Loan Amount for car loan:

Brand New – Up to 80% of Net Cash Price
Used Cars – Up to 70% of appraised value

Brand New – interest rates 8,6% – 10,2% APR loan term – 12 to 60 months
Used Cars – interest rates 16.7% – 22% APR loan term – 12 to 48 months

Down Payment: As low as 20% SRP

Eligibility Requirements:

• Filipino Citizen: Must be a Filipino citizen.
• Age: 21 to 65 years old.
• Income:
  • Employed: Minimum gross monthly income of PHP 30,000
  • Self-employed: Must have a business registered with the Department of Trade and Industry (DTI) with at least PHP 100,000 gross monthly income
• Employment:
  • Employed: Must be employed for at least two years, with at least one year in the current company.
  • Self-employed: Must be in business for at least two years.

Required Documents:

• Valid government-issued ID
• The quote from the car dealer
• Certificate of employment and Income Tax Return (if employed)
• DTI registration and proof of billing (if self-employed)
• 3-month bank statement
• Latest GIS (for corporations)
• Board resolution (for corporations)
• Secretary’s certificate (for corporations)
• Audited financial statement (for corporations)

How to Apply:

1. You can find the form on the Robinsons Bank website: 
2. After filling out the online form, the bank will provide a list of documents you need to submit. You can submit them at a Robinsons Bank branch.
3. The bank will assess your application and documents. If approved, they will contact you with the loan offer.

7. Producers Bank Auto Loan

Producers Bank offers auto loans to help individuals finance the purchase of their desired vehicles. They provide competitive interest rates and flexible payment terms to make car ownership more attainable.

Brand New – interest rates 6% – 9% APR loan term up to 60 months
Pre-owned – interest rates 8% – 14% APR loan term up to 24 months

Key Features of Producers Bank Auto Loan:

• Loan Amount: The bank offers financing of up to 80% of the vehicle’s purchase price.
• Loan Term: You can choose a repayment period of up to 60 months (5 years).
• Interest Rates: Producers Bank offers competitive interest rates, which may vary depending on the loan amount, term, and prevailing market conditions. It’s best to inquire directly with the bank for the latest rates.
• Insurance: The bank requires comprehensive insurance coverage for the vehicle throughout the loan term.

Eligibility Requirements:

To be eligible for a Producers Bank Auto Loan, you generally need to meet the following criteria:

• Age: Be at least 21 years old and not older than 65 years old upon loan maturity.
• Citizenship: Be a Filipino citizen or a foreigner with permanent resident status.
• Income: Have a stable source of income with a minimum gross monthly income. The specific income requirement may vary depending on the loan amount.
• Employment: Be employed for at least two years, or self-employed with a profitable business for at least two years.

Required Documents:

• Duly accomplished loan application form
• Two valid government-issued IDs
• Proof of income (latest ITR, payslips, or business financial statements)
• Proof of billing
• Vehicle quotation or proforma invoice

How to Apply:

1.  Visit a Producers Bank branch or contact their customer service to inquire about their auto loan product.
2. Gather all the required documents and submit them to the bank.
3.  The bank will assess your application based on your eligibility and creditworthiness.
4. If approved, you will receive a loan offer with the terms and conditions.
5. Once you accept the offer, the bank will release the funds to the car dealer or seller.

8. BPI Auto Loan

BPI (Bank of the Philippine Islands) Auto Loan offers various financing options to help you purchase your dream car in the Philippines, whether it’s brand new or pre-owned.

BPI offers new car Loan at 5.36% Interest Rate with Monthly Repayment of ₱ 9,673

Key BPI Car Loan Features

• Vehicle type: Brand-new and second-hand cars for personal or business use
• Maximum car age: Up to 10 years old
• Minimum monthly household income: ₱30,000
• Loan amount: Minimum of ₱200,000
• Down payment: 15% to 70%
• Effective interest rate:
  • Brand-new cars: 9.87% to 11.18%
  • Secondhand cars: 14.26% to 15.50%
• Repayment terms: 12 to 60 months

Eligibility Requirements:

• Must be a Filipino citizen or a foreigner residing in the Philippines.
• Must be at least 21 years old and not over 65 years old at the time of loan maturity.
• Must have a minimum gross annual income depending on the chosen loan type.
• Must meet the bank’s credit requirements.

How to Apply:

1. Online Application: Visit the BPI Auto Loan website and fill out the online application form: 
2. Branch Application: Visit your nearest BPI branch and submit the required documents.

Required Documents:

• Duly accomplished application form
• Valid government-issued ID
• Proof of income (e.g., latest Income Tax Return, payslips, etc.)
• Other documents as required by the bank

10. Sterling Bank Asia auto Loan

Sterling Bank of Asia offers auto loans to help you finance the purchase of your dream car.

Sterling Bank Asia Loanable Amount is P100,000.00 and up—-Loan Terms 12 to 60 mos.(Brand New) 12 to 48 mos. (Second Hand) with Payment Options of Post-dated checks and Automatic debit arrangement

Brand New – interest rates 14% – 19,04% APR loan term up to 60 months
Pre-owned – interest rates 19,74% – 26,65% APR loan term up to 48 months

Eligibility:

• Age: Not less than 18 and not more than 65 years old.
• Income: Monthly amortization of the vehicle to be financed should not exceed 30% of the gross monthly income of the borrower.
• Employment:
  • Employed: At least 2 years of continuous employment with current employer. Employer must be at least operating for 3 years.
  • Self-employed: Engaged in the business or profession for at least 3 years.
  • Corporate: At least operating profitably for at least 2 years.

Loan Features:

• Competitive interest rates
• Flexible payment terms
• Fast approval process

Requirements:

• Completely filled-out Auto Loan Application Form
• At least 2 government-issued IDs (Applicant & Spouse)
• Bank Statements (last 3 months)
• Proof of Income (for employed individuals)
• Business Registration Documents (for self-employed and corporate applicants)

11. PNB Sure Wheels Auto Loan

PNB Sure Wheels Auto Loan is a financing product offered by Philippine National Bank (PNB) to help individuals acquire their dream car, whether it’s brand new or pre-owned.

PNB offer loan for brand new and used car with Monthly Repayment ₱ 9,671

Brand New – interest rates 9,4% – 10,4% APR loan term up to 60 months
Pre-owned – interest rates 12% – 20% APR loan term up to 48 months

Key Features:

• Loan Amount: You can borrow a minimum of ₱300,000 for brand new cars and ₱150,000 for pre-owned cars. The maximum loanable amount is up to 80% of the purchase price for new cars and a lower percentage for used cars.
• Interest Rates: PNB offers competitive interest rates, which may vary depending on the loan amount, term, and prevailing market conditions. Interest rates are as follows:
  • Brand new car: 5.29% to 28.01%
  • Used car: 7.97% to 33.70%
• Payment Terms: You can choose from flexible payment terms, up to 60 months for brand new cars and 48 months for pre-owned cars.
• Down Payment: The minimum down payment is 20% of the purchase price for new cars and 25% for pre-owned cars.

Eligibility Requirements:

• Citizenship: Filipino citizen or permanent resident.
• Age: 21 to 65 years old.
• Income:
  • Employed: Must have a regular income for at least two consecutive years.
  • Self-employed: Must have a profitable business for at least two years.

Required Documents:

• Completed and signed application form
• 2 valid government-issued IDs
• Proof of income (latest ITR and Certificate of Employment with Compensation for employed individuals)
• Business registration documents (for self-employed individuals)
• Latest 3-month bank statements
• Vehicle quotation from the dealer

How to Apply:

1.  You can download the form from the PNB website or get it from a branch
2. Submit the completed application form and the required documents to your nearest PNB branch.
3. The bank will assess your application and notify you of their decision.

12. Metrobank Car Loan

Metrobank Car Loan is a financial product offered by Metrobank in the Philippines to help individuals purchase their dream car. They provide personalized services, manageable payment terms, and competitive rates to make car ownership easier.

Metrobank new car loan has Interest Rate of 4.79% with Monthly Repayment ₱ 9,531

Key Metrobank Car Loan Features 

• Vehicle type: Brand-new cars for personal or business use
• Minimum monthly household income: ₱40,000
• Loan amount: Minimum of ₱350,000 and up to 80% of the net selling price
• Down payment: Minimum of 20%
• Interest rate: 
  • Standard: 6.4500% to 31.7600%
  • With one-month advance: 5.5100% to 30.5700%
• Repayment terms: 12 to 60 months
• Approval time: Within 24 hours

Required Documents:

• Metrobank Car Loan Application Form
• Identification Documents (valid government-issued IDs)
• Income Documents (latest income tax return, payslips, or proof of income)

Eligibility Requirements:

•  Must be 21 to 65 years old.
•  The minimum monthly household income should be ₱40,000.00.
•  May vary depending on your employment status and other factors.

How to Apply:

1. Determine your eligibility through Metrobank’s pre-screening checklist.
2. Explore different car options and compare up to three cars of your choice.
3.  Use the loan calculator to find a monthly payment that fits your budget.
4.  Fill out the online application form and submit the required documents. You will receive feedback within 24 hours.

13. Chinabank AutoPlus Loan

China Bank AutoPlus Loan is a financing solution offered by China Bank to help Filipinos acquire their dream car. It covers both brand-new and pre-owned vehicles and boasts flexible terms, low interest rates, and low monthly amortization options.

The auto plus loan Interest Rate for new car is 5.49% with Monthly Repayment of ₱ 9,706

Key feature  China Bank Savings Car Loan 

• Vehicle type: Brand-new and secondhand cars
• Loan amount: Minimum of ₱30,000
• Interest rate: Contact the nearest China Bank Savings branch for the best car loan offer
• Repayment terms:
  • Brand-new: up to 60 months
  • Secondhand: 36 to 48 months

• Loanable Amount:
  • Up to 80% of the vehicle’s selling price for brand new cars.
  • Up to 70% of the appraised value for pre-owned cars.
• Interest Rates: China Bank offers competitive and flexible interest rates.
• Payment Terms: Flexible payment terms ranging from 12 to 60 months.
• Low Down Payment: Enjoy low down payment options.
• Insurance Coverage: Comprehensive car insurance coverage for your vehicle.

Eligibility Requirements:

• Age: 21 to 65 years old at the time of loan maturity.
• Employment:
  • Employed: At least 2 years of employment, with at least 1 year in the current company. Must be receiving a monthly gross income of at least ₱40,000.
  • Self-employed: Must be in the same business line for at least 3 years with a monthly gross income of at least ₱50,000.
• Other Requirements:
  • Good credit standing
  • No existing auto loan with China Bank

Required Documents:

• Completely filled-out AutoPlus Application Form
• Two (2) valid IDs (applicant and spouse, if applicable)
• Additional requirements depending on employment status:
  • Employed:
    • Certificate of Employment or Contract
    • Latest 3 months’ pay slips
  • Self-employed:
    • Business Registration (DTI)
    • Latest Income Tax Return (ITR)
    • Audited Financial Statements (AFS) for the last 3 years
    • Trade references (3 suppliers and customers)

How to Apply:

1. Apply Online: You can fill out the AutoPlus Loan Application Form online through their website: https://www.chinabank.ph/loans-autoplus
2. Visit a Branch: You can also apply in person at any China Bank branch or Consumer Banking Center.

14. Union Bank Philippines Auto Loan

UnionBank of the Philippines offers auto loans to help you finance the purchase of your dream car, whether it’s brand new or pre-owned. The  brand new car loan interest is 5.61% with Monthly Repayment ₱ 9,736

Key UnionBank Car Loan Features

• Vehicle type: Brand-new cars, secondhand cars, and brand-new light trucks
• Loan amount: Details will be provided upon UnionBank Auto Loan application
• Down payment: 20% to 50%
• Interest rate:
  • Standard: 6.56% to 31.76%
  • With one-month advance: 5.68% to 30.57%
• Repayment terms: 12 to 60 months

Features:

• Loan Amount: Minimum of ₱200,000 up to 80% of the selling price of the vehicle.
• Down Payment: Starts at 20% for brand new cars and 30% for used cars.
• Loan Term: Flexible payment terms ranging from 12, 18, 24, 36, 48, and 60 months for brand new cars and 12, 18, 24, 36, and 48 months for used cars.
• Competitive Interest Rates: Offers competitive interest rates that may vary depending on the loan amount, term, and prevailing market conditions. You can check their website for the latest rates and promos.

Eligibility Requirements:

• Age: 21 to 60 years old at the time of loan application.
• Citizenship: Filipino citizen or a foreigner married to a Filipino or business entities like corporations and partnerships.
• Employment:
  • Employed: Must be permanently employed for at least 1 year.
  • Self-employed: Business must be in operation for the past 2 years.
  • OFWs: Must have a 1st-degree relative residing in the Philippines as co-maker and should not be over 65 years old by the maturity date of the loan.

Requirements:

• For Individual Applicants:
  • Duly accomplished application form
  • Two (2) government-issued IDs
  • Proof of income:
    • Employed: Latest Income Tax Return (BIR Form 2316) or the latest 1-month full payslip
    • Self-employed: Latest Income Tax Return (BIR Form 1701) with Audited Financial Statement (AFS) for the past two years
  • Proof of billing
• For Corporate Applicants:
  • Completely filled-up and signed loan application form
  • Business Papers (SEC Registration, Articles of Incorporation & By-Laws and Latest GIS)
  • Latest Income Documents: Income Tax Return with Audited Financial Statement
  • Proof of billing
  • Two (2) Valid gov’t issued IDs (Directors/Officers in the GIS)

How to Apply:

1. Use the car loan calculator on the UnionBank website to estimate your monthly payments.
2. You can fill out the application form online or visit your nearest UnionBank branch to submit your application along with the required documents.