Securing financing for your dream motorcycle or car is made easier with the variety of loan options available here in the Philippines. Here’s a guide to the top 10 best motorcycle and auto loans in the country, featuring key details such as maximum loanable amount, average interest rates, and years to pay.
Motorcycle loan from bank in the Philippines
1. BPI Family Savings Bank – Motorcycle Loan
Looking for lowest interest motorcycle loan in the Philippines? BPI got you covered!
- Maximum Loanable Amount: Up to 80% of the vehicle’s purchase price.
- Average Interest Rate: Starting from 4.78%.
- Years to Pay: Up to 6 years.
2. Metrobank – Auto Loan
Metrobank is a motorcycle loan bank that offers lowest interest motorcycle loan in the Philippines.
- Maximum Loanable Amount: Up to 80% of the vehicle’s selling price.
- Average Interest Rate: Starting from 4.79%.
- Years to Pay: Up to 5 years.
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3. EastWest Bank – Auto Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s net selling price.
- Average Interest Rate: Starting from 5.31%.
- Years to Pay: Up to 5 years.
4. Security Bank – Auto Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s selling price.
- Average Interest Rate: Starting from 4.99%.
- Years to Pay: Up to 5 years.
5. PSBank – Auto Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s selling price.
- Average Interest Rate: Starting from 5.49%.
- Years to Pay: Up to 5 years.
6. Motorcycle loan bank: UCPB – Auto/Property/Franchise Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s appraised value.
- Average Interest Rate: Starting from 5.50%.
- Years to Pay: Up to 5 years.
7. China Bank Savings – Auto Plus Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s selling price.
- Average Interest Rate: Starting from 5.25%.
- Years to Pay: Up to 5 years.
8. PNB – Auto Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s selling price.
- Average Interest Rate: Starting from 5.35%.
- Years to Pay: Up to 5 years.
9. Maybank – Auto Loan
- Maximum Loanable Amount: Up to 80% of the vehicle’s purchase price.
- Average Interest Rate: Starting from 5.49%.
- Years to Pay: Up to 5 years.
10. RCBC – Consumer Loans – Auto Loan
Aside from BPI and Metrobank, RCBC also offers lowest interest motorcycle loan in the Philippines.
- Maximum Loanable Amount: Up to 80% of the vehicle’s selling price.
- Average Interest Rate: Starting from 4.70%.
- Years to Pay: Up to 5 years.
Note: The figures provided are general estimates, and prospective borrowers should contact the respective banks for the most accurate and up-to-date information on specific loan offerings. Interest rates and terms may vary based on the applicant’s creditworthiness and other factors.
Whether you’re eyeing a sleek motorcycle or a reliable car, exploring these top 10 financing options can pave the way for a smooth and affordable journey towards vehicle ownership.
Practical tips for paying off your auto loan
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Start by assessing your monthly income and expenses. Create a detailed budget that includes all your financial obligations, such as rent, utilities, groceries, and loan payments. This will give you a clear picture of how much you can allocate towards your auto loan.
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Prioritize your payments
Make your auto loan a financial priority. Ensure that the monthly payment is one of the first items on your budget. By prioritizing your loan payments, you reduce the risk of late fees and missed payments.
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Round up payments
Consider rounding up your monthly payment. This small adjustment can add up over time and help you pay off the loan faster.
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Make extra payments
Whenever possible, make additional payments towards your auto loan. This can be especially beneficial if you receive a bonus at work, a tax refund, or any unexpected financial windfall. Apply these extra funds directly to your loan principal.
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Automate payments
Set up automatic payments for your auto loan. This ensures that you never miss a due date, reducing the risk of late fees and helping you maintain a positive credit history.
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Refinance if possible
Explore the option of refinancing your auto loan if you qualify for a lower interest rate. Refinancing can potentially reduce your monthly payments or shorten the loan term, making it easier to pay off.
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Avoid unnecessary expenses
Cut back on unnecessary expenses to free up more money for your auto loan. Evaluate your spending habits and identify areas where you can save, redirecting those funds towards your loan.
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Stay informed
Regularly check your loan statements to stay informed about your outstanding balance, interest rates, and any fees. Being aware of your financial status can help you plan and make informed decisions.
9. Communicate with lender
If you encounter financial difficulties, communicate with your lender. They may offer temporary solutions or adjustments to help you manage your payments without defaulting.
Remember, paying off an auto loan is a gradual process, and consistency is key. By implementing these tips, you can work towards becoming debt-free and enjoying your vehicle without the burden of a lingering loan.
