1. Am I qualified to avail a Metrobank Car Loan? 

    Yes, if you are a Filipino aged 21 to 65* years old with at least Php35,000 gross family income, and without any adverse credit history.

    *Borrower’s age must not exceed 65 years upon loan maturity.
     

  2. What are my payment options?
     
    Loan Terms   Pay equal monthly amortization in 12, 18, 24, 36, 48 or 60 months
    Loanable Amount    Loan for as low as Php250,000 or as much as 80% of the net selling price
    Down payment   Pay as low as 20% of the net selling price on your initial cash out
    Mode of Payment   Pay your monthly amortization with convenience through an Automatic Debit Arrangement (ADA) or through post-dated checks (PDC)
    Payment Scheme   Pay your first monthly amortization 30 days after your approved loan is booked (In Arrears). - OR -
    Pay your first monthly amortization upon the release of your unit, at lower rates (One-Month Advance or OMA).

     

     

  3. What are the interest rates?
    Prevailing interest rates from the time of application shall apply. Click here for the rates.

     
  4. What is the minimum or maximum that I can loan?
    You can borrow from as low as Php350,000 to a maximum of 80% of the vehicle’s selling price.

     
  5. What is the minimum down payment?
    Our required minimum down payment is 20% of the vehicle’s selling price.

     
  6. What other charges aside from the down payment do I need to pay?

    You will also need to pay for the Chattel Mortgage Fee, handling fee, and the one-month advance payment (if you choose the One-Month Advance payment scheme).

    Please note that you will be required to secure a Comprehensive Motorcar Insurance Policy with an Acts of Nature Coverage for the vehicle, before it is released to you.
     

  7. What type of vehicles can I loan?
    We accept brand new vehicles as collateral for the car loan. This includes, but is not limited to, passenger cars, vans, Sports Utility Vehicles (SUVs), or Asian Utility Vehicles (AUVs) of various known automotive brands such as Toyota, Mitsubishi, Honda, Ford, Hyundai, Isuzu, etc.

     
  8. Do you accept car loan for pre-used vehicles?
    Currently, we do not accept pre-used vehicles as collateral for a car loan.

     
  9. Do you accept car loan for business use?
    Yes, we entertain loan applications for financing of vehicles for business use on case-to-case basis; however, this is limited to utility vehicles and light trucks such as Mitsubishi L300 FB, Isuzu NKR, Hyundai H100, etc.

     
  10. Do you accept car loan to be used as taxi cabs or Grab/Uber?
    No, we do not accept car loan to be used as taxi cabs and Grab/Uber.
     
  11. What documents do I need to submit?

    If you are employed, the pre-approval requirements are:

        + One (1) copy of your Certificate of Employment and Compensation

        + Government-issued ID with signature

    Based on your financial capacity, additional documents may be required. A Car Loan Specialist will keep in touch with you regarding your application, and for any other documentary requirements that you will need to submit.
     

  12. What documents do I need to submit if I am married?
    You are required to provide information about your spouse upon application. A Car Loan Specialist will advise you should there be a need to submit your spouse’s documentary requirements.

     
  13. What documents do I need to submit if I am a foreigner?

    For non-Filipino applicants, we will need a copy of your:

        + One (1) copy of your Passport OR ACR with Official Receipt OR SIRV OR I-Card

        + One (1) copy of your Certificate of Employment and Compensation

        + Government-issued ID with signature

    Based on your financial capacity, additional documents may be required. A Car Loan Specialist will keep in touch with you regarding your application, and for any other documentary requirements that you will need to submit.
     

  14. Am I eligible for a Metrobank Car Loan if I am an Overseas Filipino Worker?

    Yes, you are still qualified to borrow. We will need a copy of your:

        + Latest POEA Contract (for sea-based employees)

        + Certificate of Employment and Compensation with email of Employer (for land-based employees)

        + Other Bank’s statements or latest Income Tax Return

        + Government-issued ID with signature

    Please note that these are pre-approval requirements. Based on your financial capacity, additional documents may be required. A Car Loan Specialist will keep in touch with you regarding your application, and for any other documentary requirements that you will need to submit.

     
  15. What documents are required for sole proprietors?

    If you are a businessperson in sole proprietorship, we will need a copy of your:

        + Government-issued ID with signature

        + Bank Statements for six (6) consecutive months

        + Audited Financial Statements and Latest Income Tax Return

        Any of the following:

            - DTI Certificate of Registration of Business / Trade Name or Business Permit

            - Articles of Partnership with names of partners

            - SEC Certificate of Registration with Articles of Incorporation and By-Laws

    Please note that these are pre-approval requirements. Based on your financial capacity, additional documents may be required. A Car Loan Specialist will keep in touch with you regarding your application, and for any other documentary requirements that you will need to submit.
     

  16. How do I submit my documentary requirements?
    You may scan copies or take images of your documents and upload these at the last part of the Apply Now module. Acceptable formats are JPEG, JPG and PNG. Please note that the size of each file should not exceed 2MB.

    A Car Loan Specialist will advise you if there’s a need to submit additional documentary requirements.

     

  17. How long will it take for Metrobank to provide a decision on my Car Loan Application?
    It will take us as quickly as (1) banking day to render decision on car loan application provided all necessary documents have been submitted along with your application.

     

  18. What should I do next once my Car Loan Application is approved?
    After our Car Loan Specialist informs you of your application approval, we will schedule a meeting for the signing of loan documents, submission of additional requirements (if any), and payment of the down payment and other charges (please refer to item no. 6).

     

  19. How soon after loan approval can I get my brand new car?
    Provided the unit/vehicle is available, you can get your brand new car immediately after your compliance for the execution and submission of all documentary requirements and payment of the required fees.

     

  20. After my Car Loan is released, what are the things I need to remember?

    Please remember the following details:

        + Your Comprehensive Insurance Coverage expires annually, and should therefore be renewed annually until the maturity of the loan.

        + To avoid Late Payment Fees (refer to item no. 22), your monthly amortization should be religiously paid on every due date.

        + The vehicle’s LTO OR/CR should be submitted to the bank and shall remain in the possession of the bank until loan maturity.

  21. What if I want to pre-terminate my loan?
    Pre-termination of loan is allowed. However, prior arrangements have to be made with Metrobank’s Consumer Lending Group thru telephone no. (02) 870-0700 or e-mail address CLG-Aftersales@metrobank.com.ph.

     

  22. What if I miss a monthly payment/s?
    If you miss monthly amortization/installment payment, a late payment fee of 5.00% per month will be levied on any unpaid amortization computed from the date of default until full payment of the amortization/s due.