• Used Car Loan

    Owning a car is one of the most cherished experiences we take pride of in life. Having a car that we can call our own fulfills so many purposes such as easing day-to-day conveyance and making those weekend getaways, a memorable one. For some of us, this experience needn't come by means of a brand new unregistered car. With a vibrant market for secondhand or used cars, the joy of owning a pre-owned car can be as good a procuring a new car itself. It needn't always be the affordability in question, there are plenty of other valid reasons why one would go for a used car. Some of the reasons have been detailed below.

    Reasons Why a Used Car Makes Sense

    • If you’re still in the learning phase, buying a used one helps us to acquire the required driving skills before being considered fully equipped to drive around.
    • Some of us are fond of used cars of a specific model or make, currently out of production. In such situations, you may go for a pre-owned unit to fulfill the desire of owning the favorite brand or make.
    • Of course, the affordability factor plays a considerable role. We may not be financially ready yet to fund a new unit.

    No matter what the reason is, if you’ve decided, a used car makes sense. The next question that strikes our mind is the financial aspect. One can easily rely on a bank for a loan as major banks and financial institutions in the country offer loans for used cars as well. Lets look at some of the most pleasing loan offers made by Philippine banks for pre-owned cars.

    Top Banks Offering Used Car Loan in the Philippines

    1. Sure Wheels Auto Loan from PNB

    This leading brand in the retail loans segment offers loans for procuring both used and new cars at flexible terms and affordable rates. Features have been listed below.

    • The loan term options offered is based on the age of the vehicle. The table below will provide further insights.
      Age Available Tenor Options
      1-3 years Up to 48 months
      4 years Up to 36 months
      5-6 years 24 months
      7 years 12 months
    • This loan offers financing of up to 75% of the appraised value of the used car unit.
    • The minimum loan amount offered is P150,000.
    • Repayment of the loan is based on the “Equal Monthly Amortization” principle where the monthly debits are made through ADA (Auto Debit Arrangement).

    2. BPI Family Auto Loan

    The market leader in the banking industry offers quick loans for all types of second hand car units.

    • The loan aspirant can apply for a loan through multiple channels such as online, 800+ branches nationwide and at 300+ auto dealerships.
    • Known for its fast processing time, BPI takes less than a day to process the loan application and make a decision.
    • They offer to pay the loan proceeds directly to the seller, making it an easy process for the borrower availing loan.
    • It offers round the clock customer service and payment via ADA (Auto Debit Arrangement).

    3. Security Bank Car Loan

    Apart from offering loans for second hand cars, the bank also provides loan take-out option with pleasing benefits.

    • The TAT (Turn Around Time) taken by Security bank to process car loan applications is just a day.
    • It offers a loan amount of upto 80% of the appraised value of the second hand unit.
    • The maximum age of the car accepted is up to 11 years, giving you sufficient leverage in this regard.
    • The repayment options available are ADA (Auto Debit Arrangement) or via PDCs (Post Dates Checks).

    4. RCBC Savings Bank MyWheels

    The financial flag bearer of Yuchengco Group of Companies (YGC) offers a wide range of retail loans for Filipinos in the country. Its auto loan for four wheelers offers feature rich loans at down-to-earth interest rates.

    • Borrowers can look forward to choosing from up to 48 months’ tenor to repay the loan taken for the second hand car.
    • The minimum loan one can avail under the used car scheme is P300,000.
    • The payment channels offered are postdated checks or via ADA (Auto Debit Arrangement) from the linked RCBC bank account.
    • It also offers a comprehensive insurance as a part of the loan package, giving you a comprehensive deal.

    5. Maybank Used Car Loan

    • Quick processing is something you can look forward to with Maybank. They take just 3 days to process and make a decision on your loan application.
    • The bank offers up to 70% loan on the market value of the used car, making it a loan with maximum financing to reduce the burden on you.
    • The borrower can choose from flexible loan tenors as Maybank offers up to 48 months to repay the borrowed amount.
    • The eligibility criteria and loan requirements are quite simple to fulfill, making this offer a pleasing one.
    Read More on Maybank Used Car Loan

    With so many loan offers for buying used cars, you dream of owning your favorite pre-owned car is just an application away. Before applying for a loan, make sure to study the nitty gritties of the product offered by means of comparison. Do not merely focus on “low rates”, but also focus on other factors such as the terms offered to make sure it does not become a burden in the longer run.

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