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Fast auto loans for October 2022 in the Philippines

Fast
Apply for a fast auto loan from companies verified by our specialists. On 02.10.2022 you have access to 11 loans with the low interest rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 11

Updated:
16.09.2022
07:17
Security Bank
Car Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 100 000 ₱
Rate
i

Effective interest rate on the product

6.77% - 37.63% per yaer
Term
i

Loan term for the financial product

12 - 60 months
Security Bank
Car4Cash
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱100,000 - ₱2,000,000
Rate
i

Effective interest rate on the product

1.25% - 2.00% per month
Term
i

Loan term for the financial product

12 - 36 months
Malayan Bank
Transport Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500 000 - 5 000 000 ₱
Rate
i

Effective interest rate on the product

prevailing market rate
Term
i

Loan term for the financial product

up to 36 months
Malayan Bank
Auto Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100 000 - 5 000 000 ₱
Rate
i

Effective interest rate on the product

specified at the time of loan approval
Term
i

Loan term for the financial product

12 - 60 months
Malayan Bank
Motorcycle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
30 000 - 300 000 ₱
Rate
i

Effective interest rate on the product

specified at the time of loan approval
Term
i

Loan term for the financial product

12 - 36 months
Sumisho
Motorcycle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
20 000 - 1 800 000 ₱
Rate
i

Effective interest rate on the product

from 0.02% per day
Term
i

Loan term for the financial product

12 - 48 months
City Savings Bank
Motorcycle Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
20 000 - 300 000 ₱
Rate
i

Effective interest rate on the product

3.9% per year
Term
i

Loan term for the financial product

6 - 48 months
PBCOM
Auto Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
200 000 - 10 000 000 ₱
Rate
i

Effective interest rate on the product

up to 11.13 per year
Term
i

Loan term for the financial product

12 - 60 months
Bank of Commerce
Car loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 100 000 ₱
Rate
i

Effective interest rate on the product

up to 10% per year
Term
i

Loan term for the financial product

12 - 60 months
Asialink
Car loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 10 000 000 ₱
Rate
i

Effective interest rate on the product

from 1.5% per month
Term
i

Loan term for the financial product

up to 36 months

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Interest rates on loans in the Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

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Fast auto loans for October 2022

Finding and acquiring a car has grown difficult owing to a scarcity of used automobiles for sale. However, fast auto loans can reasonably simplify this issue. Although a decision within 24 hours is more typical, a quick auto loan can be provided in minutes. Fast auto loans can give potential vehicle buyers quick access to the funds they need to convince a car dealership that they are serious about purchasing, even if they have bad credit.

What is a fast auto loan?

Fast auto loans are quick secured loans with fixed interest rates. In this type of loan, most borrowers can buy an automobile the same day they apply. Since the borrower will have a fixed monthly amortization during the loan period, it will be easier to budget.

Reference! The cost of fast auto loans is less than other lending products like personal loans, etc., because there is rarely any collateral used to secure the loan.

Depending on some lending networks, car loan approval may occur the same day you contact a lender or auto dealer.

Obtaining fast auto loans from a conventional bank or credit union may be challenging if you have bad credit. On the other hand, fast auto loans specialize in assisting people — even those with bad credit — to secure the money they need to buy the car they want. The financing process will include loan disclosures. These comprise details such as the yearly percentage rate you'll pay, the potential down payment amount, and other similar details that might be revealed through telemarketing calls or any other method of disclosure like marketing text messages, etc.

Like a refinance or car title loan, fast auto loans use the car's value as collateral to fund your cash request. It does not necessitate an advance on your income, even though these companies still give out loans to borrowers with bad credit.

How do fast auto loans work?

Fast auto loans can assist in making a car purchase more manageable by dividing the cost of a vehicle into monthly payments over time. In the Philippines, fast auto loans are typically available for tens of thousands of pesos to a million or even more. Depending on the lender, they usually have payback schedules ranging from 12 to 84 months. Your financial status and the car's qualities will determine how much you can borrow.

Your car loan payments will be applied to the principal loan balance and the lender's interest rates. The interest rate you are eligible for will determine your overall interest costs. The higher your credit score, the lower your interest rate will be. Also, the shorter your loan term, the lower your interest rate will be. Because the car is the collateral, keep in mind that the lender will have a lien on it while you're repaying your fast auto loan, which gives them the right to seize the car if you don't keep up with your payments. Most lenders will keep the title to your car during this repayment period. The lender will no longer maintain a lien on the vehicle if you repay the loan in full, at which point the title will be back by the lender.

Terms you should know related to fast car loans

While looking for a quick auto loan, you may run across frequent terms, such as:

The interest rate. The interest on a loan is the fee a lender charges in exchange for giving loans. Your interest rate, expressed as a percentage, shows how much interest you are possibly paying. The lower your rate, the less interest you pay. Fast auto loans also have fixed interest rates, which means your monthly payment will remain the same throughout the loan's term. Your interest rate will be lower when you have a good credit score. Customers enjoy reduced rates when they choose shorter repayment terms.

The annual percentage rate (APR). The interest and other costs associated with fast auto loans are factored into the annual percentage rate. As the APR increases, the overall cost of the loan will also increase. When comparing alternatives from various fast auto loan lenders, it is important to check their APRs, not just their monthly interest rates, to understand how they compare financially.

The principal. This is the sum of money that you borrow with the intent to repay. This excludes applicable interest, charges, fines, or other expenses. For instance, assuming the value of your fast auto loan is ₱120,000, and after your loan term, you ended up paying a total of ₱145,000, the loan principal is ₱120,000, and the ₱25,000 is the interest.

The down payment. This is the amount you'll pay upfront for financing your vehicle. You may pay the down payment on a car in cash, the value of your trade-in, or a mix of both. The remaining amount can then be financed using fast auto loans. Many fast auto loan lenders want a down payment of at least 10% of the car's appraised value. It's generally a good idea to put down at least 20% for a new car and at least 10% for a used car. While some lenders do not require a down payment, bear in mind that the more you can downplay, the less you will need to borrow and the less interest you will pay.

The monthly payment. The monthly payment is how much you're expected to pay each month towards your fast auto loan. You must repay this amount to a lender each month. Your monthly payment will include the principal and the interest. Precomputed interest, determined at the time of loan approval, is based on the amount borrowed. It eventually determines how much your monthly payment will be.

The loan term. The loan or repayment term is the time you have to repay your debt. Depending on the provider, fast auto loan terms often take 12 to 84 months. The shortest term you can afford is typically the best choice if you want to keep your interest expenses as low as possible. Remember that many lenders provide fast auto loans with shorter durations at better rates. It is also important to understand that, to improve your cost, you should better understand all the other details related to your fast auto loans, such as amortization, interest rate, and due date.

The total cost of the loan. The total cost represents what you will pay for your car throughout the loan. It comprises the principal, the interest, the penalty charges, stamp fees, and all the charges you’ll pay while your loan is active.

Where can I get a fast auto loan?

If you've never bought a car with a fast loan, it's normal to believe the dealership handles everything, including providing the inventory and financing. Although many dealerships provide financing, there are still other options for you to look at:

Direct lenders

These lenders deal directly with borrowers, including conventional banks, credit unions, and online lenders. If a direct lender approves you, you'll get a check you bring to the dealer. These loan advertisers allow you to shop around and weigh your options because they compete for getting multiple businesses, which will help you discover a fair bargain.

Many of them provide pre-approval, enabling you to view your specific rates after providing some simple information and consenting to a light credit check. Remember that you might be eligible for rate reductions if you obtain a fast auto loan from the same bank or credit union where you already have an account.

Direct lenders include:

  • Banks and credit unions. You may secure your finances before you start looking for cars by applying for fast auto loans from a financial institution. This way, you'll know precisely how much the loan — and the automobile — will cost you. You can immediately use the loan to buy the car from the dealer once you've selected the one you want. Some examples include:

  • Online lenders. Many online companies provide fast auto loans. Except for the fact that it is quicker and more convenient, these fast auto loans function similarly to direct lending from a bank or credit union. On some consolidating websites, you may submit a single online form to request quotations from several lenders. Although the total cost of the loan will be far greater than that provided by banks and credit unions, online lenders will nonetheless work with consumers with a poor credit history.

Some examples of direct lenders include:

BPI auto loans. You can obtain a fast auto loan with a 15% down payment, payable over 60 months, amortizing at an average rate of about ₱18,000 per month through BPI. The minimum loan amount is ₱200,000, with an effective interest rate of 8.87% to 10.43% in arrears and 9.21% to 10.45% with a one-month advance.

EastWest Bank. EastWest promises a low down payment, easy amortization, and flexible payment choices. Here, the interest rates for a new car are 5.20% to 29.85% for advance loans and 5.99% to 31% for arrear loans. For a used car, they are 7.19% to 36.04% for arrears and 6.04% to 34.25% for advance loans. The repayment terms vary between 12-60 months

Security Bank. With this lender, you may find a decent fast auto loan for business purposes, which you can use for freight, transit, and car rental services. The actual loan amounts range between ₱400,000 to 80% of the purchase price for brand-new vehicles and ₱100,000 to 70% of the appraised value for second-hand vehicles. The standard interest rate starts at 6 %.

Dealership in-house financing

Dealerships provide this kind of financing to customers directly, through the dealership itself or through lenders with whom they have collaborated. Compared to obtaining a fast auto loan from a direct lender, you may find it easier to qualify for in-house financing even if you have bad credit.

The drawback of these less-severe-condition loans is typically a higher interest rate, just like with online companies. This is because you can complete the entire financing process, and financing cars through dealerships may seem enticing. However, it still pays to review if you can find a better bargain.

Remember that dealerships occasionally provide 0% APR promotions or other incentives, such as cash rewards or rebates. Accepting an in-house fast auto loan may be worthwhile if you are eligible for one of these, but read the terms and conditions carefully before signing anything.

How to apply for a fast auto loan in the Philippines

These are the steps you should take if you want to have a hassle-free fast auto loan in the Philippines:

  1. Check your credit. Checking your credit score should be your first action. Your credit score ranges from 300 to 850, which is a figure that tells lenders how likely you are to repay the money you took based on your borrowing history. Any three major credit bureaus will provide you with a free credit report copy if needed. Your credit score will significantly influence the interest rate of your loan. Although no minimum credit score is required to apply for fast auto loans, individuals with scores over 660 receive the best prices. You may better tailor your lender search to your particular scenario and prevent surprises as you start shopping if you know your credit score.

  2. Determine your borrowing capacity and budget. When searching for a loan, you should know the kind of vehicle you want to purchase. You should also think about the following:

    • What monthly payment amount are you able to make?

    • How much downpayment can you afford?

    • What fast auto loan term would you prefer?

  3. Choose a lender. Start looking for a lender after you know your credit score and how much you can afford.

  4. Get pre-approved. Apply for pre-approval from your shortlisted lenders. A bank will accept your fast auto loan application conditionally by giving you a pre-approval. You can apply for pre-approval from as many lenders as you wish. However, you should contact a few to compare their interest rates. Dealers can also assist you with finance, but looking around first is a good idea. Paying a visit to other lenders may help you ensure that the dealership's offer is the best one because it is a tradition for dealerships to mark up financing costs.

  5. Compare all pre-approved applications. You will have 14 days from when you start receiving pre-approvals to obtain as many credit checks as you like without hard credit inquiries appearing on your credit report. A hard inquiry hurts your credit score but also gives the lender a thorough picture of your credit history. Generally, depending on the lender, pre-approvals are valid for 30 or 60 days. So, compare your pre-approval offers, and select the one with the lowest APR, shortest term, and best monthly payment option.

  6. Accept the best offer. Accept the fast auto loan offer that you find satisfactory. Make sure you have the required paperwork in hand, such as your driver's license, proof of income, proof of insurance, evidence of domicile, and other required proofs depending on the lender. If you're making a down payment, you should also bring your checkbook and the pre-approval papers. You are then prepared to purchase the car after the bank arranges for the money or a blank check to you or the dealership.

  7. Head to the dealership. Select the vehicle of your choice and visit the lender. At the dealership, you'll then sign some paperwork. The lender you select will mail you a check, which you will fill out once you and the dealer agree on a price. At this time, you'll also make the down payment. The lender will provide information on what you owe and how to make a payment after you leave the lot.

  8. Activate auto-debit arrangement (ADA). Many lending companies may give you a small interest rate discount when you enroll in automatic payments. When you set up automatic amortization, money will automatically be taken out of your bank accounts on each day of the month which you will specify. You can set up autopay online or in person with your lender. On their websites, many lending companies may inform you of rate reductions before and during the application process. They may also do so in the documentation you provide after your car loan is approved.

Fast auto loan requirements

You can surely apply for a car loan from your favorite loan provider in the Philippines if you match the qualifying requirements below.

Eligibility

  • Must be at least 21 to 65 years old.

  • Must be a Filipino citizen, a foreigner with qualified Filipino co-borrower/s, or an OFW.

  • Must have a gross monthly income of between ₱30,000 and ₱50,000.

  • Must have at least two years of employment or business operation for self-employed applicants.

Documents

Locally employed borrowers

  • A filled application form.

  • A legitimate government-issued ID.

  • The latest evidence of billing.

  • A copy of the latest income tax return (ITR) and Certificate of Employment (COE) with compensation.

  • A paystub for the last three months.

  • The recent audited financial statements.

  • The most recent bank statements.

Business owners or self-employed

  • The Certificate of Business Registration with the DTI or SEC if the entity is a partnership or corporation.

  • The current ITR.

  • A recent financial document could be your passbook in a Xerox or your most recent audited financial statements, statement of assets and liabilities, statement of income and expenses, bank statements, and statement of assets and liabilities.

  • The recent evidence of supplementary.

OFW

  • The Philippine consulate validated the latest employment contract.

  • The latest crew contract (required for anyone operating as seafarers or seamen).

  • The evidence of payment made in the last three months or longer.

  • The recent audited financial statements.

  • The most recent bank statements.

  • The most recent income tax return (ITR).

  • An income document.

How to repay a fast auto loan debt

The best way to make your monthly payment is by activating the ADA during registration. This means your payment will be deducted from your account monthly on the date you choose while applying for a fast auto loan. Other payment methods are over the counter with cash or post-dated checks (PDCs) and cash payments through Bayad centers in shopping malls or equivalent branches.

Pros and cons of fast auto loans

It is worth checking out these pros and cons before applying for a fast auto loan.

Pros

  • With fast auto loans, you may complete the auto finance procedure faster and swiftly become the full owner of your new (or old) vehicle.

  • With a fast auto loan, you have the chance to find out what you can comfortably afford before going to the auto dealer.

  • With this loan, you'll already know you're approved, so you'll be confident at the dealership.

Cons

  • People with bad credits can apply but with a very high-interest rate.

  • Getting a fast auto loan from an unknown lender can be risky. They might falsely de-fraud you with very high-interest rates or even illegal financing.

  • The lender will perform a hard credit check each time you apply for a fast auto loan, which could result in a drop in your credit score.

Legal regulation of fast auto loans in the Philippines

Fast auto loans are subject to regulation by the Securities and Exchange Commission (SEC), the Lending Company Regulation Act (RA No. 9474), the Bangko Sentral ng Pilipinas (BSP), and other lending regulations.

Other lending regulations cover allowable interest rates provided to borrowers by financial institutions and annual loan limits. These rules help prevent lending companies from charging exorbitant fees or usurious interest rates.

Securities and Exchange Commission (SEC)

It is the responsibility of the SEC to ensure that all lending institutions in the nation adhere to all applicable rules and regulations. The SEC requires all financial service providers to disclose information so potential borrowers can make educated borrowing decisions. Additionally, it can punish lending companies who overcharge for fast auto loans or fail to offer reasonable terms to borrowers. The SEC may suspend or revoke a company's license if it breaks any rules or regulations about vehicle loans.

The Bangko Sentral ng Pilipinas (BSP)

The Philippine Central Bank, known as BSP, ensures price stability, a stable financial system, and a productive payment system. It takes action through its monetary board. BSP controls and oversees auto loan lenders as a central bank to ensure they don't use unethical lending techniques.

The Lending Company Regulation Act (RA No. 9474)

Lending companies must register with the Bangko Sentral ng Pilipinas (BSP) and submit an application to the SEC for an operating license before operating legally. This law's primary goal is to protect consumers from dishonest lending companies who prey on people who need money but can't get it through the proper channels. The law also regulates interest rates set by lenders through the SEC, ensuring that predatory lending methods utilized by dishonest lending companies do not endanger the interests of borrowers.

The actual cost of a fast auto loan

Below are some of the costs associated with fast auto loans. Note that the actual cost of a loan depends on the lender, the type of vehicle you want, how much down payment you have, etc.

  • Minimum income. Between ₱20,000 and ₱60,000 monthly household income.

  • Minimum loan amount. Between ₱50,000 and ₱200,000.

  • Maximum loan amount. Up to ₱1,000,000.

  • Downpayment. Between 15% and 50%.

  • Effective interest rate. 6% to 30% in arrears and 7% to 20% with a one-month advance.

Other costs may be associated with your loans, like the stamp and application fees. This will be made known by the lender.

Conclusion

Getting a fast auto loan to finance your car purchase is a good idea. Still, you must be wary of certain things like online scams and lenders who prey on borrowers with bad credit scores - it is always advisable to get a fast auto loan from a renowned lender. Also, check for eligibility before applying and have all the needed documents and papers. Only with this can you be assured that your loan application will be approved at the fastest time possible. Follow this article for a hassle-free fast auto loan application.