UnionBank Auto Loan

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Loan amount
Up to ₱200,000
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Interest rate
5.68% - 31.76%
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Loan Term (Months)
12
-
60
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Minimum Income

What is needed to apply for a UnionBank Auto Loan car loan?

21 years old and above

Applicants must be within the age range of 21 to 64 years to meet the eligibility criteria for a personal loan application.

Income

Meeting the specific income requirement is crucial. The minimum gross annual income varies depending on the provider's policies.

Employment Status

Applicants must either be employed or self-employed with a profitable business. This ensures a stable financial background for the loan application.

Residency

Eligible applicants should either be Filipino residents or local resident foreigners with a valid Philippine billing address.

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Required documents

If you have another principal credit card:

  • Government-issued ID

If you have no principal credit card:

  • Government-issued ID
  • Proof of income (ex. payslip, ITR)
  • Bank statement of your Payroll Account showing your one-month salary
  • Signed Certificate of Employment

Have mobile phone number

Hold a valid TIN, SSS, GSIS, or UMID number. These identification codes are essential for verifying your identity and financial status.

Advantages of UnionBank Auto Loan car loans

Fast Approval Times

Experience quick approval on your car loan, moving you closer to your dream car faster than ever!

Simple Online Application

Apply for a car loan easily online – a hassle-free, straightforward process at your fingertips.

How to apply for a UnionBank Auto Loan car loan?

1

Compare car loans



Simplify your car loan search by using Finmerkado to compare various loan options from different providers and products.

2

Choose your ideal match

Review the eligibility criteria for a car loan. Select the car loan that aligns with your preferences and needs.

3

Apply Online

Complete the car loan application form provided by your chosen lender. Make sure to provide accurate and up-to-date information.

4

Complete your application

Provide essential information such as your age, income, employment, and desired loan amount.

5

Buy a car and repay on time

If your application is approved, expect notification, and the funds could be settled in around a week or more. Then you can buy your dream car and remember to repay on time.

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4.9

What our customer says about UnionBank Auto Loan car loan

Hear from delighted customers who've found success with UnionBank Auto Loan car loan

Trustworthiness
4.8
User Experience
4.9
Customer Support
4.5
Product/Service Range
4.8
Transparency
4.1
Innovation
4.5
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Tell us what you really think about UnionBank Auto Loan car loan

Your feedback is valuable! By sharing your thoughts, you'll not only help us improve but also assist others in making informed decisions.
It will take just a few minutes of your time.

Car loan

Filipinos have a penchant for car loans when they set their sights on a new vehicle. This is the type of loan offered by bank và financial companies with many diverse forms of lending, in terms of installment loans and mortgage loans, depending on the needs and financial abilities of the borrower. Join us as we delve into the world of car loans in the Philippines, where we'll discover the top banks for these loans, find out the car loan application process, and unveil the secrets of loan approval timelines.

Which bank is best for car loans in the Philippines?

In the Philippines, there are many banks that offer car loans with preferential interest rates and many benefits for borrowers. Based on the reviews of many users, there are 3 typical banks including BPI, Metrobank and PSBank.

BPI

  • Requirements for income: PHP 30,000 for minimum monthly household income
  • Car type: New cars and second-hand ones
  • Loan amount: From PHP 200,000
  • Down payment: 15% to 70%
  • Repayment terms: 12 to 60 months
  • Interest rate: From to 15.50%

Metrobank

  • Requirements for income: PHP 40,000 for minimum monthly household income
  • Car type: New cars and second-hand ones
  • Loan amount: From PHP 350,000
  • Down payment: From 20%
  • Repayment terms: 12 to 60 months
  • Interest rate: From 5.51% to 31.76%

PSBank 

  • Requirements for income: PHP 30,000 for minimum monthly household income
  • Car type: New cars and second-hand ones
  • Loan amount: From PHP 100,000
  • Down payment: From 20%
  • Repayment terms: 12 to 60 months
  • Interest rate: From 4.97% to 28.41%

How to apply for a car loan?

To apply for a car loan in the Philippines, you need to follow these steps:

1. Check if you qualify for a car loan:

  • Age Criteria: Applicants must be from 21 to 64 years old
  • Income Requirements: Meeting the specific income criteria is essential, as the minimum gross annual income varies based on the lender's policies.
  • Required documents: You will need the following documents:
  • Government-issued ID
  • Optional documents (may include): Proof of income (e.g., payslip, ITR); One-month bank statement from your Payroll Account, reflecting your salary; A signed Certificate of Employment
  • Employment status: Applicants must be either employed or self-employed with a profitable business to establish a stable financial background for the loan application.
  • Residency: Eligible applicants should either be Filipino residents or local resident foreigners with a valid Philippine billing address.
  • Have a mobile phone number: Hold a valid TIN, SSS, GSIS, or UMID number. These identification codes are essential for verifying your identity and financial status.
  • Credit history: Having a strong credit score can enhance your likelihood of approval.

2. Research and compare before applying for car loan

The amount you plan to borrow depends on your ability to pay monthly. Deliberate thought is required as this will be a long-term loan, spanning from a minimum of 6 months to a maximum of 6 years for repayment. If you cannot repay the loan, the bank will likely keep your car. A few things you need to keep in mind are as follows:

  • Type of car: Are you planning to borrow to buy a new car or a used one?
  • Down payment: How much down payment can you afford?
  • Loan term: A long loan term means you can split the payment into smaller installments, however, the interest rate will be higher. On the contrary, borrowing for a short time helps reduce interest rates.

After careful consideration, you need to compare loans before choosing. Using reputable loan comparison platforms helps you save time and effort to find the right loan. You can compare car loans with Finmerkado, we have many loan options for every need, along with attractive interest rates from reputable loan partners.

Upon thorough reflection, you should conduct a diligent loan comparison before making a decision. Using trusted loan comparison platforms helps you save time and effort to find the right loan. When it comes to comparing car loans, look no further than Finmerkado, where we offer many loan options tailored to your unique needs, along with attractive interest rates from reputable loan partners.

3. Apply for a car loan and wait for approval

Besides the traditional form of loan registration, many banks now allow people to register online. You just need to fill out the application and wait for a response from the bank. If your application meets the conditions, the bank will contact you as soon as possible to disburse the loan.

How many days for car loan approval does it take?

Currently, banks in the Philippines often appraise and approve applications very quickly. For well-prepared documents, the bank can approve them in just 1 working day.