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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.“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
- 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 |