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

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Fill out an application for an auto loan!

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

Customers willing to purchase a car can use the Security Bank auto loan calculator on the bank’s website. This tool is helpful in determining the eligible loan amount based on specific inputs provided by the user. The inputs like down payment, type of car, mode of payment, term, etc. will be fed into the tool, and as a result, the system will compute the loan amount.

The Security Bank auto loan calculator is a tool that can be used to estimate the amount of car loan for which you are eligible. It also shows the amount financed and monthly amortization. The bank provides free access to this loan calculator on its website. You can use this tool to check the expected car loan. You could estimate the total cost by adjusting the down payment amount and loan period. The increase in the loan period would decrease your monthly obligation, but the total amount to be paid would increase.

The Security Bank auto loan calculator is easy to use. You only need to input the accurate data in the appropriate fields provided, and your eligible loan amount will be shown. The following steps are to be followed to use the calculator:

Visit the Security Bank website.

Click on

**Loans**, and then click on**Car loan**.Scroll down the page, and you will find the

**Car loan calculator**.Enter your relationship with the bank, kind of car (new/old), mode of payment, downpayment amount, price of car, term, and your gross monthly income.

Click

**Calculate**.Your eligible loan amount will be displayed immediately.

The inputs provided by users are the data required by the calculator to compute the eligible amount. The user will provide the following information to estimate their perspective loan:

**Security Bank depositor.**This shows the relationship with the bank, i.e. the user has an account in the bank or not. This is just preliminary information. If you have a bank account, the time for paperwork would be saved.**Kind of car.**This refers to whether you are applying for a brand-new or used car.**When to pay.**This refers to the mode of payment you make for the car. If you are applying for a loan, it should be in arrears.**Percentage downpayment.**The percentage downpayment is the percent of the total car value you wish to pay yourself. It may range from 20% to 50% of the total cost of the car.**Selling price of the car.**The car's selling price is the amount at which the car is to be sold.**Payment terms.**This refers to how much time you have to repay the debt. The longer the loan term, the lower your monthly payment, but the higher the total amount paid.**Net monthly income.**This refers to the amount you are earning monthly. This is essential to determine your loan eligibility as the bank checks whether you would be able to return the loan or not after meeting your essential needs.

The outputs are the outcomes of the tool's data analysis. The following are the calculated values obtained from the Security bank auto loan calculator:

**Down payment amount.**It is the amount you wish to pay by yourself.**Amount financed.**This is the amount left after deducting the downpayment which needs to be financed.**Monthly amortization.**This refers to a payment of an amount equal to the outstanding amount to be paid in monthly installments.**Loan eligibility.**This indicates the tentative loan amount you can avail yourself of based on your income.

The tools are pretty effortless to understand and very simple for functioning. Some of the functions are as below:

**Annual contractual rate.**This is the interest rate that affects the yearly cost of a loan. It is then added to the year's principal amount and split by the year's 12 months. For example, the Security Bank vehicle loan's annual contractual rate (ACR) is 6.77% as of September 28th, 2022. This indicates that the yearly interest on a ₱1,000,000 loan is ₱67,700. This takes the total for the year to ₱1,067,700. When divided by 12, it equals ₱88,975 each month. Other functions, however, must be included to establish the overall sum payable.**Percentage.**A percentage can be described as a fraction of 100. For example, 1% of ₱10,000,000 equals to ₱100,000. This function is required to calculate your monthly payment.**Addition.**It is the process of calculating the total of two or more variables. The calculator uses this function throughout the computation process, such as when it adds one and the interest rate (1+R).**Subtraction.**This refers to the process of removing or deducting one variable from another. The calculator uses this function to calculate the financed amount.**Raise to power.**This refers to the act of raising a quantity to a power. Powers are equivalent to repeated multiplication. This function is used by the tool to calculate the loan term's power, [(1+R)^N].**Division.**This refers to the act of the separation of something into parts or groups or one of the parts or groups that has been separated. For example, the calculation for amortization needs a division of the outstanding amount by the number of months. This also happens when using the tool.