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 Mitsubishi, Toyota, Ford, Nissan and Suzuki.

 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 3-5 banking days*
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

 

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%

Check how much you can borrow:

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.

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 PHP40,000 (brand new) or PHP20,000 (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.

Required documents

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 do I apply?

1

Scan or take pictures of your ID and proof of income.

2

Apply online or at your nearest branch.

3

Wait for processing and approval (as fast as 1 banking day!)

Ready to start your car loan application?

Apply online nowI still need to decide on a car

Hear from our clients

“When we travel, they really call you and they really check. I’ve been with another bank for a very long time also and they never do that.”

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

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 PHP40,000 (brand new) or PHP20,000 (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.
I want to know your banking hours

For the latest update on branch information, such as operating hours, please refer to our updated branch directory, click here

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.

What are the rates available?

Please see the list of available rates for Auto Loan below:

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%
What are the Auto Loan application requirements?

To ensure a hassle-free application process, please make sure to bring all the necessary requirements listed below:

A. BASIC REQUIREMENTS

 

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 customs and duty taxes (for imported units only)

 

How much is the loanable amount?

For brand-new vehicles, the minimum requirement is PHP400,000, while for used or second-hand vehicles, a minimum of PHP100,000 is needed.

What are the loan terms available?
  • Standard Straight Financing Scheme
  • One Month Advance
  • The first net monthly installment shall commence at the time of delivery/release.
  • Second net monthly installment shall commence not more than 35 days from the date of delivery (for new) or from the booking date (for 2nd hand).
  • Subsequent amortization due dates shall follow the date of the second amortization.
    What are the acceptable vehicle collateral?

    Both brand-new and used vehicles of the following body types are eligible for financing:

    • 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?

    Your loan amortization will be collected via an Auto Debit Arrangement (ADA) using a Security Bank account.  You may visit your nearest Security Bank branch for more details.

    What are the fees and charges that I have to pay?

    Here is a list of applicable fees and charges:

    Chattel Mortgage Fee (CMF) Inclusive of documentary stamp tax, processing fee, and notarial fee
    Collection Fee 3% of unpaid net monthly amortization
    Late Payment Fee

    3% of unpaid net monthly installment

    Effective October 25, 2021: 6% of unpaid amortization (combined Collection and late Payment Fees)

     

    Do you have a list of Valid IDs?

    To proceed with your application, we will require either one (1) Primary ID or two (2) Secondary IDs from the accepted IDs, which can be found here.

    Please be reminded that the submitted valid IDs will be used solely to process your application.

    For detailed information and answers to frequently asked questions about collateral release, please refer to our Help Centre.

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