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Auto loan calculator

Auto loan calculator online in the Philippines in 2022. How to figure out an auto loan yourself?

Your city
Bank
BPI BPI
BPI BPI
BDO BDO
Security Bank Security Bank
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Calculation according to the vehicle value
Calculation according to the loan amount
The best auto loan calculator
Auto loan amount
i

Specify the desired loan amount

PHP
PHP
50000 ₱
5000000 ₱
Auto loan calculator Auto loan calculator Auto loan calculator Auto loan calculator Auto loan calculator
Auto loan amount
i

Auto loan amount

PHP
PHP
50000 ₱
5000000 ₱
Down payment
i

Specify the percentage of the down payment

%
0
90
Your loan amount
Loan term
i

Specify the loan term for the calculation

months
days
3
120
Annual interest rate
i

Choose the interest rate on the loan

1 %
50 %
Type of payments
i

Specify the type of payment for calculating

 Fill out an application for an auto loan!
Fill out an application for an auto loan!

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

What is an auto loan?

An auto loan allows someone to borrow money to acquire a car or truck. Auto loans are typically simple interest loans that must be paid back over three or five years. Since a car is often the second biggest purchase after a house, auto loans acquire a vehicle that can cost hundreds of thousands to millions of Philippine pesos more accessible by dividing the high price into monthly installments that fit different borrowers’ budgets.

What is an auto loan calculator?

An auto loan calculator is an online tool used to compute monthly amortization on your next new or used auto loan. Suppose only the monthly payment is given for any auto loan. In that case, you can use the monthly payments tab to compute the actual auto purchase price and other auto loan information, such as the monthly payment, amortization schedule, total interest, etc.

Costs that are included in an auto loan payment.

An auto acquisition comes with additional costs than the acquisition price. Furthermore, most of these costs are built into the financing of the auto loan or paying them upfront. Car buyers with low credit ratings may be forced to pay fees upfront. The following is a list of some of the most common car-buying costs in the Philippines.

Auto loan payment formula

A car loan, or auto loan, is a contract between a borrower and a financing institution under which the lender gives money to a borrower to acquire a car, on the condition that the borrower repays the lender with the principal and interest over a specified period, using the formula for an ordinary annuity. The formula to calculate auto loan payments is PMT = iPV / 1 - (1 + i)^-n

Where:

Auto loan monthly interest formula

An auto loan calculator also displays the interest you’ll pay over the life of the loan, and if it has an amortization schedule, you can see how much interest you’ll pay each month. With most car loans, part of every payment is directed towards the principal (the amount you borrowed) and part to the interest, which is calculated based on the then-current balance of the loan. In the early days of the loan, when the balance is higher, you pay more interest, but as you pay off the balance over time, the interest portion of the monthly payment becomes smaller. You can use the car loan calculator to calculate how much interest you owe or calculate it yourself if you are into math. Here’s the standard formula the calculator uses, or if you want to compute your monthly car loan interest by hand; MI = (i/12) x LB

Where:

Example. Assuming you have a loan balance of ₱300,000, which also is with a 6% interest rate, the monthly interest can be calculated using the formula MI = (i/12) x LB:

Substituting these data into the formula, we have:

How to use the auto loan calculator?

Firstly, fill in the Price of the car field in the calculator, which is the final price of the car you wish to buy. In the simple mode, the Loan amount value in the field is automatically filled in the calculator — the same value as the Car’s price field. If you choose the advanced mode, you can enter additional information that will help you estimate the amount of money you need to borrow, including the amount of money you have, your trade-in value, and your sales tax. In the next step, choose the payback period (loan term), which can be expressed in years or months but is usually a multiple of one. 

The actual results of the calculation will appear in the Monthly payment field immediately following the input. This is the amount you will be required to pay monthly to pay off your debt. The value in the field Total interest paid shows the total cost of your loan over the entire period. Do you think the estimated monthly installments are too high, or, perhaps, you believe that you could afford higher monthly installments? In the calculator, try changing some values, such as extending the loan term, which will result in lower monthly amortization. In the same way, a lower interest rate will lead to lower payments, but bear in mind that the interest rate depends primarily on the lender’s offer.

Types of auto loan calculators

Cashback or low-interest calculator

Automobile manufacturers may offer a cashback rebate or low-interest rate as part of a car purchase, but these offers are often mutually exclusive. Taxes and fees for car purchases within the Philippines only apply to the calculator. The calculator can still be used in other countries, but you’ll have to modify the inputs accordingly.

How it works

You could be offered cash back bonus or a lower interest rate when buying a car. This calculator shows you the cost of either, comparing savings totals. You can also enter a trade-in value by entering the car’s price, down payment, loan term, and interest rate (not the low offer rate). When you’re done, you’ll know which offers cost you more, the predicted amount, and how much you could save. For instance, let’s use this tool to calculate the better offer with the following input:

With cashback offer

With minimum interest rate offer

So, according to the tool, the cashback offer is better in this case.

Auto lease calculator

A lease is a contract in which one party transfers property to another for a specified period in return for a periodic payment. A car lease allows a person to drive a car for a fixed period provided that they make a down payment and monthly lease payments until the lease ends. Moreover, car leases are often longer than car rentals, and many leases include a purchase option agreement. This deal allows the owner of the leased vehicles to buy them outright at a specified price once the lease ends. A small amount will increase the lease payment if you add this feature at the start of a lease. Most leases are available at car dealerships or private car dealers. Some variables that are required to calculate the monthly lease on any vehicle are:

How it works

For example, you take a leasable car for 3 years and have an agreed-upon value of ₱250,000 after negotiations on the auto price, which is the capitalized cost. The lender for the lease has placed a residual value of ₱125,000 on the car after the 3 years and has given the lessee an APR of 6% after a ₱50,000 down payment. Let’s say the down payment is solely to reduce the capitalized cost and not as payment for any upfront charges. For clarity, assume that all charges are rolled into the auto price. The lessee is also willing to swap in a used car valued at ₱20,000, and the transaction occurs with a 6% tax rate.

What are the benefits of using an auto loan calculator?

There are many advantages of using the auto loan calculating tool. Some of them are:

Functions of an auto loan calculator

You only have to input all your data in digits. There are not too many special functions in an auto loan calculator. Apart from the Philippine peso and the percentage symbols, everything is straightforward. But here are some terms that are worth some explanation:

Example of calculations using an auto loan calculator

Imagine you want to buy a brand new vehicle worth ₱1m, but you can only afford half of that amount. You are planning to get a loan to cover the rest of the payment based on your budget. The particular financial institution offers you a 5% interest rate on a 48-month term. Now let’s input the data into a loan calculator like this:

How to perform complex calculations using an auto loan calculator?

Suppose you wish to purchase a vehicle that costs ₱320,000 after levies. The trade-in value of your current car is ₱100,000, and right now, you only have enough saved to make a down payment of just ₱20,000, which means you will be financing the remaining ₱200,000. The financial institution you are working with has offered you a fixed interest rate of 5.0% annually on a 60-month, ₱200,000 loan. So, now, we will use the standard annuity formula shown above to compute each monthly payment. The present value here is ₱200,000, which is the loan's value. The annual interest rate is 5.0%, so the monthly rate is 5.0% divided by 12, which is the number of months in a year. The number of auto loan payments is 60. The work to compute payments, which is the same one the calculator uses, is shown below:

The given data are:

Substituting into the formula PMT = iPV / 1 - (1 + i)^-n, we have:

This means that you will pay ₱1,069.30 for your brand new car every month.