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New Car Loan Calculator

Get an instant estimate of your car loan EMI with Zigwheels's user-friendly loan calculator. Simply enter the loan amount, tenure, and interest rate, then hit 'Apply Now' to see your personalized EMIs in seconds.

Please Select Brand, Model and Variant
Loan Tenure
Estimated Monthly EMI
Apply Loan
Down Payment
Loan Amount

*Rate of interest can vary subject to credit profile. Loan approval is at the sole discretion of the finance partner.

*Fees such as insurance, administrative, provision fees, etc. are not included in the simulation.

*The simulation is only a general description and is not the actual amount. The final amount will be determined by the financier.

Cars Within Your EMI Budget

  • EMI Below ₱15K
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Cars EMI Below ₱15K
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Cars EMI Above ₱20K

Cars Within Your DP Budget

  • DP Below ₱10K
  • DP Below ₱20K
  • DP Below ₱30K
  • DP Below ₱50K
  • DP Below ₱100K
Cars DP Below ₱10K
Cars DP Below ₱20K
Cars DP Below ₱30K
Cars DP Below ₱50K
Cars DP Below ₱100K

Eligibility & Documents Required for Car Loan

  • Eligibility
  • Documents
  • Filipino citizen between the age of 21 - 65 years, however, not exceeding 65 years at the time of loan maturity
  • A joint monthly income of at least Php 30,000 (Php 40,000 for some banks)
  • Any salary earning individuals, sole proprietorship, partnership firm, self-employed individuals, public listed companies, private limited companies can apply for a car loan
  • Filipinos working or living in other country as OFWs with a related or qualified citizen or guarantor or co-maker
  • Foreigners living or working in the Philippines endorsed by the company with a qualified co-maker/Filipino citizen guarantor
For Individual
  • Duly accomplished loan application form
  • Valid government issued I.D. with signature and photo (Passport, Driver’s License, SSS ID, PRC ID)
  • Latest proof billing
  • Three months of pay slip
  • Certificate of Employment (CoE) with compensation
  • Latest Income Tax Return (ITR)/ BIR Form 2316
For Corporate
  • Latest Income Tax Return
  • Latest proof of addition income (stock certificates, lease contracts, and/or certificate of deposits)
  • Latest financial statements (Statement of Assets & Liabilities, Statement of Income & Expenses, Audited Financial Statements, bank statements, and photocopy of passbook for last three months)
  • Certificate of Business Registration with DTI for entities with SEC or sole proprietorship (if under partnership/corporation)
For broad working individual (OFW)
  • Proof of remittance (last three months or more)
  • Latest crew contract for individuals working as a Seafarer/Seaman
  • Latest employment contract authenticated by the Philippine Consulate

FAQ’s on Car Loan Calculator

How to Use a Car Loan EMI Calculator?

    Using a car loan EMI calculator is relatively simple and straightforward. The following are the steps to use a car loan EMI calculator:
  • Enter the loan amount: The first step is to enter the amount of loan you wish to take for the car.
  • Enter the interest rate: The second step is to enter the interest rate offered on the loan by the lender.
  • Enter the loan tenure: The third step is to enter the tenure or the duration of the loan in months.
  • Click on "Apply Loan": Once you have entered all the required information, click on the "Apply Loan" button to get the EMI.
  • View the EMI: The calculator will then display the EMI that you need to pay every month to repay the loan.

What are the benefits of using an online Car Loan EMI Calculator?

    Online Car Loan EMI calculators are convenient, quick and accurate, they are user-friendly, allow you to compare different loan options, are cost-effective and help you plan your budget and finances. They also do not commit you to take the loan. It's a great tool to have an idea about the EMI you will pay and check if it fits your budget.

What is a car loan?

What is the eligibility criteria to apply for a car loan in the Philippines?

    To apply for a car loan, one must need to fulfill the following eligibility criteria -
  • Filipino citizenship
  • Age between 21 to 65 years
  • Jointly, monthly income of at least Php 30,000 (Php 40,000 for some banks)
  • OFWs with a related or qualified Filipino citizen or co-maker or guarantor
  • Foreign applicant with a qualified co-maker/Filipino citizen guarantor

What cars can be financed?

    In Philippines, All car brands can be financed. Zigwheels provides loan for the following brands:

What documents are required for a car loan application?

    Following documents are required to submit with a car loan application -
  • Valid government I.D.
  • Duly accomplished application form
  • Latest billing proof
  • Payslips from three months
  • Latest Income Tax Return
  • In addition to the above mentioned documents, physical assets like owned vehicles and real estate can be provided by the borrower as additional proof of capacity to the authorities.

What are the things to keep in mind before taking a car loan?

    Before taking a car loan a borrower should consider the following things -
  • Credit score
  • Rate of interests charged by different banks
  • Loan tenure
  • Down payment
  • Payment options

Is it required to make a downpayment while taking a car loan?

    Making a car down payment depends on the car dealer and bank. Financing offers are available with 15% to 50% down payment scheme while some promos can be availed with 0% down payment.

Can a borrower negotiate car loan interest rates?

    Interest rate negotiation depends on the bank and car dealer.

Can the downpayment be increased for lower monthly payment?

    Yes. A borrower can go for higher down payment leading to a lower monthly payment.

What is the interest rate on a car loan?

    The interest rates of car loans in the Philippines range between 6.65% to 31.76%

Which Philippines bank offers the best car loan?

    Several banks in the Philippines offer car loans at competitive interest rate and repayment terms. It is best to compare the deals available by different banks and opt the one that suits you best.

How long does the car loan application procedure take?

    In just one banking day, the banks of the Philippines process and decide on car loan applications.

How can I apply for a car loan?

    At the time of buying a car, car dealers/ agents offer the best car loan options.

Are short term car loans offered in the Philippines?

    Yes, a borrower can get a shorter loan term say one-year, however, it all depends on the lender.

Does a borrower need to process the LTO registration?

    Many auto dealerships in the Philippines offer free LTO registration on their all-in downpayment promos.

What are the major car financing options available in the Philippines?

    Borrowers can choose between four car financing options in the country including bank financing, dealership financing, home equity loan, and credit card.

What is chattel fee?

    Also called chattel mortgage fee, it is a charge a borrower needs to pay to the bank for acquiring the auto loan. It is typically between 2% to 3% of the loan amount.

What factors determine my car loan eligibility?

    Car loan eligibility is determined by a few crucial factors, comprising your income, previous loans, etc.

Why did my car loan application form get rejected?

    Some of the reasons that can lead to the rejection of a car loan application include - non-fulfillment of document requirement and poor or no credit score.

What can I do if my application for a car loan gets rejected?

    If your initial car loan application gets rejected, consider taking any of the following possible steps-
  • Approach another bank or financial institution
  • Choose a cheaper car
  • Apply with a higher down payment amount
  • Settle your existing loans

Can I take a car loan, if I already have taken another loan?

    Yes, a borrower can team a car loan with an existing loan. However, it is to be noted that multiple loans can impact your credit health.

Which cars can be purchased on loan?

    All cars can be purchased on loan. Zigwheels Philippines offers credit services for several brands.

How can I increase my chances of getting a car loan approval?

    By making sure you meet all the car loan requirements. Try selecting all your existing debts/loan, as less the liabilities, higher the chances of loan approval.

Can Zigwheels help a car loan applicant?

    With the help of Zigwheels’ Car Loan calculator, a borrower can calculate the estimated monthly amounts to be repaid. The applicant can also fill out the application form available on the Zigwheels website to start processing your car loan. Note, the approval of the loan solely depends on the lending institution.
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