Car Loan
Drive the car of your dreams with low rates, fast approval and free 1 year car insurance.
Overview
Buying a car has never been easier! Apply for a car loan that suits your lifestyle with flexible payment terms and fast approval. It also comes with FREE 1 year car insurance.*
You can use our car loan for the:
- Purchase of a brand new or second hand car for personal use
- Reimbursement of a brand new vehicle
- Refinancing of a second hand car/loan take-out
- Purchase of a brand new car for business use such as:
- Car Rental Services
- Transport Services (e.g. Taxi, Grab, UV Express, School Service, Company Use / Employee Service)
- Cargo (e.g. Trucks)
*Only applies to brand new and personal use cars only
Is our Car Loan not quite what you’re looking for? Take a look at our Truck Loan or Auto Fleet Financing Facility perfect for growing businesses.
Still looking at cars? Use our new Car Comparison tool to compare the prices and features of popular car brands like Toyota, Honda, Hyundai and Mistubishi.
At a Glance
| Loan Amount | Brand new: up to 80% of purchase price Second hand: up to 70% of appraised value |
| Payment Terms | Brand New: 12 to 60 months Second hand: 12 to 48 months |
| Down Payment | As low as 20% of purchase price |
| Approval Time | 1 banking day* |
| Maximum Car Age | Up to 11 years old** |
*from receipt of complete application form and requirements
**For second hand, the age of vehicle + loan tenor should not exceed 11 years
All Access Pass Promo:
Open an All Access Account and get a Free Online Gift Check P2,500! Promo Period is from October 1 to December 31, 2019, extended until March 31, 2020 as approved by DTI-FTEB.
Brand New Auto Loan Rates
| Term | Standard | With One Month Advance |
| 12 | 6.77% | 6.02% |
| 18 | 9.74% | 8.93% |
| 24 | 14.38% | 13.48% |
| 36 | 21.51% | 20.50% |
| 48 | 29.04% | 27.92% |
| 60 | 37.63% | 36.38% |
Car Loan Calculator
Make Your Decision Easier
Car Comparison Tool
Not yet sure which car to buy? Use our car buyer’s guide to compare models, prices, and features.
Free 1 Year Car Insurance
Our Car Loan comes with free 1 year Car Insurance so you can drive with peace of mind.
Documentary Requirements
Application Forms: Auto Loan Application Individual and Sole Proprietor
A. BASIC REQUIREMENTS:
- Duly accomplished and signed Auto Loan Application Form
- Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
- Latest Proof of Billing under borrower’s name
B. REQUIREMENTS FOR LOCALLY EMPLOYED:
- Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
- Latest Certificate of Employment with Compensation
C. REQUIREMENTS FOR EMPLOYED ABROAD:
- Latest Crew Contract (for seafarer/seaman); Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
- Proof of Remittance (allotment slips) for at least 3 months
D. REQUIREMENTS FOR SELF-EMPLOYED/WITH BUSINESS:
- Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
- Latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
- Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
- Bank Statements or photocopy of Passbook for the last 3 months
- Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
E. ADDITIONAL REQUIREMENTS IF COLLATERAL IS USED/SECOND HAND/IMPORTED VEHICLE:
- Copy of LTO OR/CR under the name of the seller/applicant
- Deed of Sale
- PNP Clearance and Macro Etching Certificate
- Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)
Eligibility Requirements
A. FOR INDIVIDUALS
- Filipino citizens who are residents of the Philippines; or Foreign citizens residing in the Philippines, provided, accompanied with a positive endorsement from the company he is affiliated with & a qualified Filipino citizen guarantor or co-maker in place, or
- Filipino citizens who are residing outside the borders of Philippines, provided with qualified Filipino citizen guarantor or co-maker in place.
- Age must be 21 years old but not more than 65 years upon final maturity of the loan.
- Minimum joint monthly gross income with spouse of Php 40,000 (brand new) or Php 20,000 (2nd hand/used car)
- Employed for at least 2 years or officer position on a permanent / regular basis.
B. FOR PARTNERSHIPS AND CORPORATIONS
- Must be duly registered to operate as a legal entity in the Philippines.
- The business must be in operation for at least three (3) years.
C. FOR START-UP BUSINESSES
- Start-ups or businesses operating for less than 3 years, co-makers / sureties are required.
- Must have strong business prospects/potentials based on evaluation.
How to Apply
- Scan or take pictures of your ID and proof of income.
- Apply online or at your nearest branch.
- Wait for processing and approval (as fast as 1 banking day!)
Ready to start your car loan application?
Hear from our clients
“I can now avoid the pains of daily commute, thanks to Security Bank! For a Sales agent such as me, SB car loan was a lifesaver.”
Jasmine D.“Getting free 1 year car insurance with a loan is amazing value. More importantly, applying was a breeze—no hassle and fast approval time.”
Miguel A.
Car Brands Available for Financing
Frequently Asked Questions
Eligibility
A. FOR INDIVIDUALS
- Filipino citizens who are residents of the Philippines; or Foreign citizens residing in the Philippines, provided, accompanied with a positive endorsement from the company he is affiliated with & a qualified Filipino citizen guarantor or co-maker in place, or
- Filipino citizens who are residing outside the borders of Philippines, provided with qualified Filipino citizen guarantor or co-maker in place.
- Age must be 21 years old but not more than 65 years upon final maturity of the loan.
- Minimum joint monthly gross income with spouse of Php 40,000 (brand new) or Php 20,000 (2nd hand/used car)
- Employed for at least 2 years or officer position on a permanent / regular basis.
B. FOR PARTNERSHIPS AND CORPORATIONS
- Must be duly registered to operate as a legal entity in the Philippines.
- The business must be in operation for at least three (3) years.
C. FOR START-UP BUSINESSES
- Start-ups or businesses operating for less than 3 years, co-makers / sureties are required.
- Must have strong business prospects/potentials based on evaluation.
What are the interest rates?
- You may inquire from any Security Bank branch nearest you or call our Auto Loans Division at 4643000 locals 3111, 3114 and 3509.
How much is the loanable amount?
- Minimum of P 400,000 for brand new and minimum of P 100,000 for used/second hand vehicle.
What are the loan terms available?
- For Brand New, minimum of 12 months up to maximum of 60 months.
- For Used/Second Hand, minimum of 12 months up to maximum of 48 months.
What are the acceptable vehicle collateral?
Vehicles with the following body types are eligible for financing both brand new or used units.
- Passenger cars/vans
- Sports Utility Vehicles (SUVs)
- Asian Utility Vehicles (AUVs)
- Light Commercial Vehicles (4 or 6-wheeler), such as utility vans, pick-ups and light trucks
- Trucks (10-wheeler)-for brand new and selected brands only
What are the loan payment options?
- Standard Straight Financing Scheme
- One Month Advance
- First net monthly instalment shall commence at the time of delivery/release.
- Second net monthly instalment shall commence not more than 35 days from date of delivery (for new) or from booking date (for 2nd hand).
- Subsequent amortization due dates shall follow the date of the second amortization.
How do I make my payments?
- You can subscribe to an Auto Debit Arrangement (ADA) from a Security Bank account or pay through post-dated checks.
What are the fees and charges that I have to pay?
| Chattel Mortgage Fee (CMF) | Inclusive of documentary stamp tax, processing fee and notarial fee |
| Collection Fee | 3% of unpaid net monthly amortization |
| Late Payment Interest | 3% of unpaid net monthly installment |