Truck loan
Considering getting a truck for your growing business? Whether it’s a 4, 6, or 10-wheeler, our Truck Loan has you covered. Enjoy competitive rates, flexible payment terms, and approval as fast a 1 banking day!
Use our Truck Loan for the:
- Purchase of a brand new truck
- Reimbursement of a brand new truck
Need to purchase more than 1 vehicle? Take a look at our Auto Fleet Financing Facility.
At a glance
| Loan amount | Up to 70% of purchase price |
| Payment terms | 12 to 36 months |
| Down payment | As low as 30% of purchase price |
| Approval time | 1 banking day* |
*From receipt of complete application form and requirements
How do I apply?
1
Scan or take pictures of your ID and proof of income.
2
Apply for our Truck Loan online or at your nearest branch.
3
Wait for processing and approval (as fast as 1 banking day!)
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 or 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)
Accepted truck brands
| Brand | Vehicle type |
| Toyota | Passenger Car/ Van, Pick-Up, SUV 4/6/10 Wheeler Truck |
| HINO (truck brand carried by Toyota) | 4/6/10 Wheeler Truck |
| Audi, BMW, Chevrolet, Chrysler, Dodge, Ford, Honda, Hyundai, Isuzu, Jaguar, Jeep, Kia, Land Rover, Lexus, Mazda, Mercedes Benz, MINI, Mitsubishi, Morris Garages, Nissan, Peugeot, Porsche, Subaru, Suzuki, Volkswagen, Volvo | Passenger Car/Van, Pick-Up, SUV 4/6 Wheeler Truck 10 Wheeler Truck – Isuzu, Nissan and Volvo only |
| FUSO (truck brand carried by Mitsubishi) | 4/6/10 Wheeler Truck |
| Foton | Passenger Car/Van, Pick-Up, SUV 4/6/10 Wheeler Truck |
| SsangYong | Passenger Car/Van, Pick-Up, SUV 4/6/10 Wheeler Truck |
| JAC | Passenger Cars 4/6/10 Wheeler Truck |
Ready to start your truck loan application?
Apply online nowFrequently 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.
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 PHP400,000 for brand new and minimum of PHP100,000 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.
- 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 Fee |
3% of unpaid net monthly installment
Effective October 25, 2021: 6% of unpaid amortization (combined Collection & Late Payment Fees) |