Add that to the down payment of P154,533 to arrive at the total amount paid of P874,533. Loanable Amount: Minimum P10,000 Maximum P1,000,000 *30% Debt Income Ratio of net monthly pay shall apply and/or maximum loan amount is 8x the take-home pay. Metrobank Car Online Loan Application. When availing a second-hand car loan, interest rates are usually higher because 2nd hand cars are riskier investments than brand new cars, due to the possibility of it breaking down or going for repairs which would be more frequent compared to a brand new car. 24/7 CUSTOMER SERVICE. Loans are fast and easy with UnionBank of the Philippines! One to two valid IDs or a copy of your IDs, Income documents depending on your employment status (employed locally, abroad or self-employed) with additional requirements for foreigners. One way of finding out is through your financials. However, they tend to have slightly higher interest rates too and the lower initial cash out means higher monthly payments. – Before anything else, make sure to check the lender’s website for this one. Find out all about Minimum Wages and the Minimum Wage Laws so that you are paid the right wage for the right work. ADVISORY. We use cookies to ensure you get the best experience on Cosmo.ph. Obviously, these reasons are unique to me. In return for the money lent to you, you pay back the money plus interest on a regular basis. Here's everything you need to know! Max Loan Amount ₱ 100000. You can apply for a loan at Loansolutions for a minimum amount of 10,000 up to a maximum amount of 2,000,000 through our network of lender with loan term applicable to your current situation. At least 36 monthly contributions = one-month salary For example, if you are receiving Php 15,000.00 monthly, you can borrow up to Php 15,000.00 from the SSS. Even if you get approved, you’ll still end up as the loser in the end if you fail to pay the monthly amortization because they’ll just take your car back. Length of the loan: Car loans in the Philippines have repayment terms ranging from one to six years. If you look through their website, they recommend that the first step you take is to check your qualifications for a loan. Getting a car loan through our bank made making monthly payments a breeze. To me, however, it was completely for utilitarian purposes. Do you want a new or used car? Card must have been issued 12 months prior to the loan application and have a minimum … By keeping the process of payments easy, you reduce the chances of missing out on them and incurring a penalty. Choose the most convenient payment plan for you. A few months into our marriage, we decided to get a car purely for convenience purposes, plus we agreed it was a good way of “, 2. Every day, flashy cars are being snapped up by motorists on modest incomes Choose between bank or dealership financing (the big picture), The interest rate was lower compared to dealership offerings I looked at during that time (lower monthly payments), It (the bank) was one of the most popular when it comes to auto-loans, We had a friend working there who can help us with the whole process. I’m still torn between getting my loan thru bank or dealer. This salary is open for ALL currently employed, currently contributing self-employed or voluntary member. However, they have a more stringent process of approval and usually requires a minimum downpayment of 20%. , making bank deposits and payments even got easier. Get that extra cash for your immediate needs! The typical requirements for a car loan applicant in the Philippines are the following: Continue reading below ↓ You need to be at least 21 years old and no older than 65 years old upon loan maturity. We’d love to hear it. It deducts the monthly amortization directly from your account so you don’t have to worry about missing a payment. 0.5% lowest interest rate. Review all required documentation and paperwork from the lender’s site, Decide on a car that fits your needs and budget, Decide on a loan term that you can comfortably accomplish, Contact the lender for any additional details or requirements, Complete and submit all requirements (online and physical paperwork), Duly accomplished Application Form (spouse needs to sign if, with co-borrower or co-mortgagor, a separate application form is needed), Self-Employed: ITR, Audited Financial Statements, Statement of Business Registration with DTI, Bank statements, Photocopy of Passbook (last 3 months), Proof of other income, Requirements needed for non-bank (dealer) car loan, Employee: 2 Gov’t-issued IDs, COE, Company ID, Proof of billing, Self-Employed: 2 Gov’t-issued IDs, Business Registration, Latest ITR w/ Audited Financial Statement, Mayor’s permit, OFW: COE, Proof of monthly remittances, Latest Crew Contract (for seafarer/seaman), Banks that offer Car Loans (Comparison Table), It could also help in getting approval faster especially if you’re applying for an auto loan with the same bank you have a, 3. 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