• Car Loan Eligibility

    Buying a car is a matter of great pride and joy. A car is one of the major assets that one can own. Filipinos like to drive around in their own vehicle. Buying a car, in times like these, is more of a necessity. It helps you to commute easily. May it be going out with your family for dinner or heading to office on a regular day – the car always comes in handy.

    With car loans, it is very easy to buy a car, nowadays. There are several banks offering car loans in Philippines. They key to get a good car loan deal is a good amount of research. You Must find out the benefits that the loan providers have to offer and choose the one suits you the best. However, to get a car loan, you Must be eligible for it. Banks have set their eligibility criteria for car loans and you can only qualify for a loan when you meet the set criteria.

    Eligibility for Car Loan in Philippines

    For most Filipinos, the car loan eligibility criteria is most practical and simple. Thus, most individuals choose to go for it. The basic requirements for an auto loan in Philippines are as follows:

    • The applicant’s age Must be between 21 years and 65 years. At the time, when the loan matures, the age of the applicant Should not be more than 65 years.
    • The applicant Must be a citizen of Philippines or a permanent resident of Philippines.
    • The gross income of the applicant’s family Must not be less than Php 50,000.
    • The applicant’s credit history Should be clean. All lenders prefer giving out loans to people with a good credit history.
    • The applicant’s income Must be stable. They can be self-employed (businessmen) or employed by any organisation for at least 2 years.
    • The applicant Must be in the same business or organisation for a period of 1 year at the time of applying for the car loan.

    Car Loan Eligibility Criteria for Top Banks in Philippines

    Car Loan Product (Bank wise) Car Loan Eligibility Criteria
    Asia United Bank Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    Bank of Commerce Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    BDO Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    BPI Car Loan The applicant:
    • Must be at least 18 years old
    • Must be below the age of 70 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    China Bank Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    China Bank Savings Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    East West Bank Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    Maybank Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    Metrobank Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    PBCOM Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    PNB Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    RCBC Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Must be a citizen of Philippines or Must have ACR (Alien Certificate of Registration)
    • Must have stayed at current residential address for at least 2 years
    • Must have been a permanent employee of an organisation for at least 2 years
    • if married, Must get consent from spouse
    • The income Must be thrice the monthly repayment
    Robinsons Bank Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    Security Bank Car Loan The applicant:
    • Must be at least 21 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    Sterling Bank of Asia Car Loan The applicant:
    • Must be at least 18 years old
    • Must be below the age of 65 years
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    UCPB Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank
    Union Bank Car Loan The applicant:
    • Should have a regular income
    • Must be self-employed or salaried
    • Should earn more than the minimum requirement set by the bank

    *The criteria is subject to change as per bank’s discretion. The above data has been provided for informational purposes only. Please, contact the bank to know more details about auto loan eligibility criteria in Philippines.

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