LOANS
Auto Loan
Own your dream car fast and easy – whether it’s brand new or pre-owned. Enjoy affordable downpayment, competitive interest rates, easy on the pocket amortization with multiple financing terms to choose from and convenient payment options.
Why Apply for EastWest Auto Loan?
Affordable Downpayment
Easy on the pocket amortization with multiple financing terms to choose from.
Convenient payment options.
What you need to know?
Minimum Loan Amount
₱ 200,000
Maximum Amount Financed
80% of the selling price
Minimum Downpayment Req.
20%
Minimum Term
12 Months
Maximum Term
60 Months
*Depending on the vehicle Variant. Contact us for further details.
Auto Loan Rates
| Type | Interest Payment | 12 Months | 18 Months | 24 Months | 36 Months | 48 Months | 60 Months |
|---|---|---|---|---|---|---|---|
| Brand New | In Advance | 5.10% | 7.94% | 10.84% | 16.79% | 22.94% | 29.27% |
| In Arrears | 6.06% | 8.93% | 11.86% | 17.86% | 24.07% | 30.46% | |
| Second Hand | In Advance | 6.04% | 10.16% | 14.93% | 24.08% | 34.25% | |
| In Arrears | 7.19% | 11.45% | 16.37% | 25.68% | 36.04% |
How to apply for an Auto Loan?
Choose a car to purchase
Fill out and submit application form
Wait for our confirmation and we'll take care of everything
- Individual
- Between 21 years old and 70 years old at the time of loan maturity
- Filipino citizen, foreigner residing in the Philippines for at least 1 year, or foreigner with a Filipino co-maker
- Salaried or self-employed
- For locally employed, must have regular or permanent status upon application
- Gross monthly income of not less than PHP40,000
- Corporate
- Registered business entity that has been profitably operating for at least 3 years
- Gross monthly income of not less than PHP200,000
Requirements Upon Loan:
- Completely filled-out EastWest Online Personal Loan Application Form
- Photocopy of at least one (1) valid digitized photo-bearing and signature-bearing I.D.'s issued in the Philippines (i.e. Driver's License, Philippine Passport, Professional Regulation Commission (PRC) I.D., SSS I.D., BIR ID, Voter's I.D., Integrated Bar of the Philippines I.D., and Unified SSS/GSIS and TIN I.D.). Company I.D.'s issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC may also be submitted.
- (For Foreign Nationals Only) ANY of the following Proof of Residence: Alien Certificate of Registration, Immigrant Certificate of Registration or Photocopy of Resident Visa stamp on Passport
- Proof of Income as follows:
If employed, submit ANY of the following:
- Photocopy of latest ITR/BIR Form 2316; or
- Photocopy of latest three months pay slips; or
- Certificate of Employment stating Salary, Position and Date Employed; or
- Valid Credit Card reference or its latest Credit Card Statement of Account
Note: Other documents may be required for further verification.
If self-employed, submit ANY of the following:
- Photocopy of latest ITR/BIR Form 1701 and Audited Financial Statements
- DTI Registration Certificate (for Sole Proprietorship) or SEC Registration Certificate with page stating shares owned by the applicant (for Partnerships or Corporations)
- Business Permit
- Valid Credit Card reference or its latest Credit Card Statement of Account
- Other documents may be required for further verification such as a Mayor's Permit.
Note: All documents submitted/ presented must be under the name of the applicant (correct spelling required, include suffix if applicable).
Requirements Upon Loan Release:
- Original Copy of documents submitted (to be presented only)
- Two (2) Valid ID's
- One to be presented to the EastWest Personal Loan Releasing Unit as ID verification
- One to be presented to the lobby Guard of the building
- Original signed application form
- Post Dated Checks — Fully accomplished and signed (Kindly ensure that the PDCs that you will issue have no erasures, correction and/or alteration.)
Requirements for Delivery and Credit to Account option
- Photocopy of one (1) valid ID (submitted upon initial application) with 3 specimen signatures
- Original Copy of documents submitted (to be presented only).
- Post Dated Checks — Fully accomplished and signed (Kindly ensure that the PDCs that you will issue have no erasures, correction and/or alteration.)
Frequently Asked Questions
This is a loan facility that is used to pay for the acquisition of a brand new or second-hand vehicle. We also offer Auto Equity Loans which is a cash loan secured by the borrower’s owned car.
The EastWest Bank Auto Loan facility brings with it:
Features and Benefits
- Wide acceptability of vehicles
- Easy-on-the-pocket amortization
- Flexible payment terms of 12 months to 60 months (depending on the vehicle’s year model)
Advantages
- Simpler and faster loan processing
- Affordable downpayment
- Convenient payment options
- Automatic Debit Arrangement (ADA) against an EastWest Bank deposit account or
- Issuance of Post-Dated Checks (PDC)
Individuals
- Locally employed individuals, OFWs, and self-employed individuals/professionals/entrepreneurs
- Between 21-70yo (at the time of maturity of loan)
- Gross monthly income of not less than P40,000.00
Companies
- Registered business entities that have been profitably operating for at least three (3) years
The requirements include, but are not limited to, the following:
- Completely filled out EastWest Bank Auto Loan Application Form
- Government-issued IDs (at least two)
- Income documents such as ITR, Certificate of Employment (COE), Audited Financial Statements (for self-employed and business entities)
A decision on your application may be made within a day subject to submission of your complete information and supporting documents.
The requirements include, but are not limited to, the following:
- Spouse as co-maker (for married applicants)
- Comprehensive insurance policy with Acts of God (AOG) coverage from an EWB-accredited insurance company
- Certificate of employment or latest 3 months payslips (for employed)
- DTI Registration or Municipal Permit (if self-employed), SEC registration for business entities
- Articles of Incorporation or Articles of Partnership and latest 3 years Financial Statements for corporations or partnerships
- Trade references (for self-employed individuals, corporations or partnerships)
Fees include, but are not limited to:
- Downpayment
- Chattel Mortgage Fees
- Insurance Policy
- LTO Registration Fees
- Out-of-Town fees (as applicable)
Additional requirements include, but are not limited to, the following:
- Motor vehicle inspection and appraisal
- Car history verification
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