How to get a Car Loan in the Philippines?

How to get a Car Loan in the Philippines

How to get a Car Loan in the Philippines?

Are you planning to purchase a vehicle soon? Be it brand new or used car, we all know that buying a car is one of the biggest investments a person could make and, unfortunately, not all of us are financially blessed to pay the price in full.

Good thing you can avail of a car loan. This allows you, the borrower, to loan money from a bank or lender to purchase a vehicle. The catch is that you’ll have to pay them back with interest over the course of the agreed loan term or risk repossession of your ride.


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Who can get a car loan?

Who can get a car loan

Filipino citizens between 21 but not more than 65 years old when the loan matures with a joint monthly income of at least P30,000 (P40,000 for some banks) may apply for a car loan. In the event that the borrower doesn’t meet the minimum monthly income, a co-maker’s income can be included.

Meanwhile, some banks will require the borrower to be employed for at least two years on a permanent or regular basis.

What if I am living or working abroad?

What if I am living or working abroad

Those living abroad or working as OFWs may apply for a car loan as long as a related qualified Filipino citizen guarantor or co-maker is available.

Meanwhile, foreigners living or working in the Philippines can also get a car loan if endorsed by the company he/she is working with and has a qualified co-maker/Filipino citizen guarantor.

What are the physical requirements I need to apply for a car loan?
What are the physical requirements I need to apply for a car loan

Locally employed borrowers will have to present and submit the following items listed below:

– Complete Filled up Application form. (Download Here)

– Valid government-issued I.D. with signature and photo such as Driver’s License, Passport, etc. of borrower and co-maker (if available).

– Latest proof of billing.

– Three – Five months-worth of payslips/remittance.

– Previous or Current Employment Contract.

For those who are self-employed or have businesses:

– Certificate of Business Registration with DTI for entities with sole proprietorship or SEC if under partnership/corporation.

– Your Latest ITR.

– The Latest financial statements such as Audited Financial Statements, Statement of Assets and Liabilities, Statement of Income and Expenses, bank statements, and/or photocopy of your passbook for the last three months.

– Latest proof of additional/other income such as lease contracts, certificate of deposits, and/or stock certificates.

If you work abroad, you will need the following documents:

– Complete Filled up Application form. (Download Here)

– Two Valid government-issued I.D. with signature and photo such as Driver’s License, Passport, etc. of borrower and co-maker (if available).

– The latest proof of billing.

– Three – Five months-worth of payslips/remittance.

– Previous or Current Employment Contract.

You can also check our the Application Requirements here.

Apart from these documents, physical assets such as real estate and other owned vehicles can be used as additional proof of capacity to pay thus increasing your chances of getting your bank loan approved.

How much money can I borrow from the bank?
How much money can I borrow from the bank

A borrower can loan up to 80% of the vehicle’s price that can be paid from 12 to 60 months. Banks, however, will require a downpayment of anywhere from a minimum of 20% up to 50% of the vehicle’s price before releasing the loan. 

For more info about the latest offers, promos and discounts of all our units. Please feel free to contact me.

Do have any questions? Please fill out the inquiry form below and an official toyota agent will contact you as soon as possible. You can also email, call or facebook us for faster Transactions and bank endorsements. 

SYLVESTER TIBON
Marketing Professional
Toyota Motors Cebu – Mandaue North
Globe: 0917-8133723
Landline: (032)3542496
Email: [email protected]

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