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Security Bank auto loan for december 2022 in the Philippines

Security Bank
Get an auto loan at Security Bank. On 03.12.2022 there are 2 options are available to you. Increase your chances of getting a loan - fill out an online application with a free credit rating check.

Offers: 2

Updated:
31.08.2022
09:21
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
Submit your loan application online
Submit your loan application online

Take advantage of our auto loan selection system with a free credit check!

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 80% of purchase price
Term
i

Loan term for the financial product

12 - 60 months

Calculate the auto loan payments in the Philippines

Calculate an auto loan at Security Bank
Auto loan amount
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PHP
PHP
100000 ₱
5000000 ₱
Auto loan amount
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Auto loan amount

PHP
PHP
100000 ₱
5000000 ₱
Down payment
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%
20
80
Your loan amount
Loan term
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months
days
12
60
Annual interest rate
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6.02 %
37.63 %
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Auto loan application in the Philippines

Auto loan amount
i

Specify the desired loan amount

50000 ₱
5000000 ₱
Auto loan term
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Specify the loan term for the calculation

1
120
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Loan amount
0 ₱
Loan term
0 month
Loan comission
19 497
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Other types of auto loans

How to get an auto loan

Fill out your application
Fill out your application
On our website you can fill out a short application form for a loan.
Pass a credit check
Pass a credit check
We will offer you to check your credit score online for free.
Send your application online to the suggested companies
Send your application online to the suggested companies
After checking your credit rate, you will be able to send your loan application to the appropriate companies.
Wait for a response from the lender
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If necessary, the lender will contact you to clarify the details.
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BillEase
5
Albert T
Albert T
02.12.2022 at 09:25
The best interest – lower than other companies. I've been using Billease for 2 years, and want to say thanks. You may use it with no fear to pay for you smartphone or smth.
Review
TALA
2.6
Allan P
Allan P
01.12.2022 at 09:55
With Tala I forget about banks and offices. Everything is in mobile, I could control my money and loan. Choose limit. I just needed driving license and phone number to register account...
Review
BillEase
4.2
Marvin T
Marvin T
27.11.2022 at 13:25
Billease is for you when you need to buy a new gudget but can't afford it, you may pay by parts. And I don't even need a credit card...
Review
TALA
3.2
Joan T
Joan T
24.11.2022 at 19:07
Tala is an option if you need cash quickly. I urgently borrow money I needed. Downloaded the app, apply and it take 5 min to get my cash. App is essy, interface is comfy.
Review
BillEase
4.2
Evelyn M
Evelyn M
22.11.2022 at 10:10
Fast approval and great app. It is easy even for me and I'm not good with technology. I apply, approved and get my Php 2000 in 30 minutes.
Review
BillEase
3.2
Erwin P
Erwin P
17.11.2022 at 13:05
I decided to get a second loan, bigger one. But it takes me ages to apply. They already had my info and acc. Why so long? My sis says its the best lender… I dont know.
Review
Security Bank auto loan for december 2022

With the Security Bank auto loan, you can buy a car quickly. Apply for a car loan that suits your lifestyle with a long list of payment terms to choose from and fast approval. The loan also comes with free one-year car insurance.

Types of Security Bank auto loans

There are two types of Security Bank auto loans:

Truck loans

If you are considering getting a truck for your business, be it a four-, six-, or ten-wheeler, the Security Bank truck loan may be a good option. You can enjoy reasonable rates, good payment terms, and loan approval as fast as one banking day.

Auto fleet financing facility

If you need vehicles to expand your business, be it trucks, vans, or sedans, the Security Bank auto fleet financing facility can acquire multiple vehicles. With the right collateral, this secured loan can finance at least three vehicles for a total of ₱8M.

How to apply?

To apply for a Security Bank auto loan online, follow the steps below:

  • Visit the Security Bank official website, navigate to loans and click on Auto loan.

  • Scroll down, and you will see Apply here, click and follow the instructions, fill in your correct details and upload the needed files, and click on Submit.

  • You will be notified by email of your application status and may need to visit a bank branch to complete your application.

Requirements

Filipino citizens who live inside the Philippine borders with a qualified Filipino citizen guarantor or co-maker in place can apply for an auto loan. Filipino citizens who live outside the Philippine borders with a qualified Filipino citizen guarantor or co-maker in place, or Foreign citizens who reside in the Philippines with a positive endorsement from the company they are affiliated with can also apply for a loan. They must be between 21-65 years old. Their minimum joint monthly gross income of ₱40,000 (for a brand-new car) or ₱20,000 (for a used or pre-owned vehicle) with the spouse.

Required documents

Essential Requirements

  • Application form for an auto loan that has been completed and signed in full

  • Valid government-issued identification bearing the signature and a photo of the borrower, spouse, co-borrower, co-maker, or loan signatory

  • Most recent evidence of billing in the borrower's name

Locally employed applicants

  • A recent Income Tax Return (ITR) or BIR Form 2316 that has been legally stamped by the BIR, or pay stubs dating back at least three months

  • Newest employment certificate with compensation

Oversea employees

  • Most recent crew contracts (for seafarers/seamen)

  • Most recent employment contracts with proper Philippine Consulate authentication (for OFWs)

  • At least three months' worth of allotment slips as evidence of remittance

Self-employed/business owners

  • BIR Form 2316, the most recent income tax return (ITR) (duly stamped by BIR)

  • Statement of Assets and Liabilities and Most Recent Audited Financial Statements

  • Income and Expense Statement

  • Business registration certificate from the DTI (sole proprietorship) or SEC (partnership/corporation)

  • The latest three months' worth of bank statements or a copy of your passbook

  • Evidence of Other Income (Lease Contracts, Stock/Bond Certificates, Deposit Certificates, etc.)

Requirements for used, second-hand, or imported vehicles with collateral

  • Bill of lading and importation documents, including evidence of payment of customs and duty taxes, as well as a copy of the LTO OR/CR under the applicant's or seller's name (for imported units only)

Pros and cons

It is wise to weigh the advantages and disadvantages of a Security Bank vehicle loan before deciding whether to apply for one. These are some genuine benefits and drawbacks of the loan.

Pros

  • The cost of payment may be divided into several installments.

  • The bank provides fair evaluation values for automobiles.

Cons

  • Used-car auto loans have higher interest rates.

  • Even if the car breaks down, the borrower is still required to make all payments under the loan payback terms.

How to repay a Security Bank auto loan?

You can track your loan and payments through their mobile app, while a 6% late payment penalty applies if you miss a payment. You can pay through these options:

  • The regular straight financing plan

  • The one-month advance payment

  • The first net monthly installment will start when the item is delivered or released.

  • The second net monthly installment must begin no later than 35 days after the delivery date (for new items) or the booking date (for 2nd hand).

  • The due dates for subsequent amortizations will follow the date of the second amortization.

FAQ

What is the loanable amount for the Security Bank auto loan?

The minimum loan amount is ₱400,000 for brand new and ₱100,000 for used/second-hand vehicles.

What are the loan terms for the Security Bank auto loan?

  • Minimum of 12 months and a maximum of 60 months for brand new vehicles.
  • Minimum of 12 months and up to 48 months for second-hand or used vehicles.

What are the interest rates offered by Security Bank auto loan?

Interest rates are determined on application. For further information, contact the Security Bank location closest to you or their auto loans division at (464) 3000, ext. 3111, 3114, or 3509.