So what do you really need in order to qualify for car loan in the Philippines? There are currently 2 understandings in the Philippines for the word car loan. The first one is intended for Pinoys looking to buy an auto whether new or used / second hand. This can be done either via car financing or cash but the first option applies to this post. Here, banks and private lending companies are the only options. The second understanding applies for Filipinos looking to apply for private car loan. This is otherwise called as car pawn.
In order to clearly understand it, Auto Loan Philippines will discuss both. Although as per our website / blog, we are more of the car pawning side. We currently stopped catering to buyers of new auto but if you need a 2nd hand unit, whether truck or car, then we may be able to help you.
Auto Loan Philippines have scoured the internet and online blogs out there. The purpose is to come up with an answer to one of the frequently asked question for car buyers and loan borrowers. When we say loan borrowers, we mean secured loan thru auto pawning. So, which bank is best for car loan in the Philippines? In order to answer both concerns, we did a short research and found online reviews. We have combined all bank offers and compared it with private lender rates to see the difference. This way, it would be easy for you to decide whether you are buying a new car or pawning one.