Car Loan

Drive the car of your dreams with low rates, fast approval and free 1 year car insurance!

Overview

Buying a new car has never been easier! Apply for a car loan that fits your lifestyle with flexible payment terms and fast approval.

You can use it for:

  • Purchase of a brand new or second hand car
  • Reimbursement of a brand new vehicle
  • Refinancing of a second hand car/loan take-out

At a Glance

 

Loan Amount Up to 80% of purchase price
Payment Terms 12 to 60 months
Down Payment As low as 20% of purchase price
Maximum Car Age Up to 11 years old
Approval Time 1 banking day*
Insurance Free 1 Year Insurance

*From receipt of complete application form and requirements

Car Loan Calculator

Eligibility Requirements

  • 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.

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)

How to apply for a Car Loan?

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 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.

Quezon City

“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.

Paranaque

Frequently Asked Questions

Eligibility

  • 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 40,000.00 (brand new) or Php 20,000 (2nd hand/used car)
  • Employed for at least 2 years or officer position on a permanent/ regular basis.

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?

  • Brand New vehicles:
  • Sports Utility Vehicle (SUVs), Auto-Sedan / Passenger Car, Passenger Vans, Asian Utility Vehicles (AUVs).
  • For China manufactured units, we only accept Foton and Geely at minimum 30%DP based on selling price and maximum of 36 months.
  • For Used/Second Hand vehicles:
  • We accept 3 months to 1 year old & < 3T kms and unit must be 12 years old upon loan maturity.

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

Search