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How do we make a used auto loan application hassle-free?
We're making loan processing easier for both dealers and customers by dedicating a Sales Officer who ensures the whole application journey is smooth until the unit is released.
With more than 10 financing companies and banks we've partnered with, dealers and customers have more options and a better chance of getting an auto loan approved!
Choose the loan amount, interest rates, and repayment terms that best fit your financial situation for easier management.
Our dedicated Sales Officers assist throughout the entire loan process, from application to vehicle release, ensuring everything goes smoothly.
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How do we make a used auto loan application hassle-free?
Initial Application
The customer initiates loan application for the chosen vehicle at the dealership
Submission of Documents
Carmudi ensures that all necessary documents are properly collected and submitted.
Approval from Financier
Carmudi coordinates with multiple financing partnera to secure the best terms for the customer's application.
Contract Signing & Vehicle Release
Upon approval from the chosen financing partner, The contract is signed, and the vehicle is released to the customer.
Completion of Vehicle Documentation
The dealer finalizes and settles the necessary vehicle documentation and passes the final documents to the customer
Required Documents for the Auto Loan Application
- Must be a Filipino citizen
- Aged between 21 to 65 years
- Must have a documented and verifiable source of income
- Should be immediate family (Parents, Siblings, Spouse)
- Aged 21 to 65 years
- Must have a documented source of income
- Required especially for OFWs or if borrower has limited capacity
- Year, Brand, Model
- Price, Downpayment, Loan Term, Monthly Amortization
- 2 Government-issued IDs
- Proof of Billing (electric/water bill)
- TIN, SSS/GSIS Number
- COE, Payslips (3 months), ITR
Have any questions?
Who is eligible for a used car loan?
To qualify for a used car loan in the Philippines, applicants must typically meet the following criteria: 1. Be at least 21 years old but not older than 65 at the end of the loan term. 2. Have a stable source of income (employed or self-employed). 3. Be a Filipino citizen or have permanent residency. 4. Provide the required financial documents, such as payslips, bank statements, or ITR (Income Tax Return).
What documents are needed to apply for a used car loan?
Commonly required documents for a used car loan application include: 1. Government-issued ID (passport, driver’s license, etc.). 2. Proof of income (payslips, bank statements, or business permits for self-employed). 3. Proof of billing (utilities or credit card statements). 4. Certificate of employment for employed applicants. 5. Any documents related to the used vehicle being purchased (e.g., sales invoice, OR/CR).
What is the typical loan term for a used car loan?
The loan term for used car loans in the Philippines typically ranges from 12 to 60 months, depending on the lender and the borrower's preference. Shorter loan terms may result in higher monthly payments but lower overall interest costs.
How much down payment is required for a used car loan?
Most lenders require a downpayment of 20-30% of the vehicle’s purchase price for a used car loan. However, some financing institutions may offer lower down payment options based on your financial profile.
What interest rates can I expect for a used car loan?
Interest rates for used car loans vary depending on the lender, the age of the vehicle, and your creditworthiness. Typically, rates range from 6% to 12% per annum. It’s important to compare offers from different financial institutions to secure the best deal.