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

You can avail of a Metrobank Car Loan as long as you meet the following the requirements:

  • You are a Filipino.
  • You are aged 21 to 65 years old.
  • You will not be older than 65 years old upon loan maturity.
  • You have at least PHP40,000 monthly gross income.
  • You do not have any adverse credit history.

2. What is the collateral?

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.

At present, we do not accept pre-used vehicles as collateral.

3. Do you accept any purpose for the loan?

Besides personal use, you can use a Metrobank Car Loan to get a vehicle for business use. However, this is on a case-to-case basis and is limited to utility vehicles and light trucks, such as Mitsubishi L300 FB, Isuzu NKR, Hyundai H100, etc.

At present, we do not accept car loan applications for use as taxi cabs or ridesharing programs like Grab.

4. What are my loan and payment options?

Here are your options for a Metrobank Car Loan:

Your loan can be
  • as low as PHP 350,000
  • as high as 80% of the car's net selling price
You can pay your loan across
  • 12 months
  • 18 months
  • 24 months
  • 36 months
  • 48 months
  • 60 months
Your downpayment can be

As low as 20% of the car's net selling price

You can start paying either in
  • In arrears: You pay 30 days after your approved loan is booked
  • One-month advance: You pay upon the release of your car at lower rates
You can pay via
  • Automatic Debit Arrangement
  • Metrobank Post-dated checks


5. What are your interest rates?

The interest rate on your loan depends on the prevailing interest rates when you apply. Visit https://mcola.metrobank.com.ph/car-loan/rates to know what the current rates are.

6. Are there any charges or fees I need to pay?

Besides your loan repayment, you have to pay the following:

  • Chattel Mortgage Fee
  • Handling Fee
  • Comprehensive Motorcar Insurance Policy with Acts of Nature Coverage

7. What documents do I need to submit?

For employed individuals

  • Government-issued ID with signature
  • Certificate of Employment and Compensation

For Overseas Filipino Workers

  • Government-issued ID with signature
  • Bank statements Proof of Remittances

And if land-based OFW:

  • Certificate of Employment and Compensation with email of Employer

And if sea-based OFW:

  • Latest POEA Contract

For businesspersons

  • Government-issued ID with signature
  • Bank Statements for six (6) consecutive months
  • Audited Financial Statements
  • Latest Income Tax Return

And if business is a sole proprietorship:

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

Or if business is a partnership:

  • Articles of Partnership with names of partners

Or if business is a corporation:

  • SEC Certificate of Registration with Articles of Incorporation and By-Laws
  • Updated General Information Sheet (GIS)

For Non- Filipino

  • Valid Philippine Government-issued ID with signature
  • Certificate of Employment and Compensation and any of the following:
  • Passport
  • Alien Certificate of Registration (ACR) I-Card with Official Receipt of Annual Report Fee
  • Special Investor’s Resident Visa (SIRV)

8. How do I submit my documentary requirements?

To submit your requirements, just scan or take photos of the documents. You will be asked to upload them when you apply for a Metrobank Car Loan on the website, https://mcola.metrobank.com.ph.

Make sure the files are in JPEG, JPG, or PNG and not larger than 2 MB.

A Metrobank Car Loan Specialist will get in touch with you in case you need to submit additional documents.

9. How long does it take for Metrobank to process my Car Loan Application?

It takes as quick as (1) banking day to process your car loan application as long as all requirements have been submitted.

10. What happens after Car Loan Application is approved?

Once your car loan is approved, a Metrobank Car Loan Specialist will get in touch with you and schedule a meeting so you can sign the loan documents, submit any additional requirements if you have any, and pay the down payment and other fees and charges.

After this, you can get your brand-new car as long as it’s already available.

11. What should I do after I get my new car?

After you get your new car, make sure to do the following:

  • Submit the car’s Official Receipt (OR) and Certificate of Registration (CR) from the Land Transportation Office to the bank. The OR and CR will stay with the bank until you pay off the loan.
  • Pay your monthly dues on time. The late payment fee is 5.00% of unpaid monthly dues for every month missed.
  • Renew your Comprehensive Insurance Coverage every year until you pay off the loan.

12. What if I want to Pre-terminate my loan?

You can arrange for a pre-termination of a loan by contacting Metrobank’s Consumer Lending Group through:

Telephone No: (02) 88-700-700
E-mail address: [email protected]