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Used Car Loan Made Easy Only at Zigwheels

  • Lowest Interest Rates
  • Lowest down payment
  • Fast & safe process

How do I Apply?

Follow these steps to get a Quick, Simple and Hassle-Free loan on your vehicle

  • Share Basic Details

    Share personal details along with loan requirements and the details of the vehicle for which the loan is to be obtained.

  • Input Loan Requirement

    If the customer approves the system-generated loan details, they can fill in personal detail & fulfil other information requirements.

  • Submit Documents to the Bank

    Upload all required documents to the Bank for approval.

  • Leave the rest to us

    Loan disbursal process initiated.

Used Car Loan Calculator

Calculate the monthly EMI based on used car loan amount, Tenure and Interest rate

Please Select City, Brand and Model
Loan Tenure
Estimated Monthly EMI
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.

*The base price (Total cost) is calculated subject to the price of the popular models available in your selected area

Lending Partners

We have partnered with reputed banks and financial institutions in the Philippines offering financial assistance for purchasing a used car.

Used Car Loan Eligibility & Documents Required

  • Eligibility
  • Documents
For Individuals
  • Filipino citizen aged 21 years and above (not exceeding 65 years at the end of loan tenure)
  • Should be employed for a minimum of 2 years or on office position on a permanent/regular basis
  • Minimum monthly gross income of PHP 20,000 (PHP 40,000 for a brand new car)
  • Filipino citizens resident of the Philippines; or Foreign citizens residing in the Philippines accompanied with a positive endorsement from the company he/she is affiliated with & a qualified Filipino citizen guarantor or co-maker
  • Filipino citizens residing outside the Philippines with qualified Filipino citizen guarantor or co-maker
For Partnerships & Corporations
  • The partnership or corporation firm must be duly registered as a legal entity
  • Must be in operation for at least three years
For Start-ups/ Businesses
  • Start-ups and businesses in operation for less than three years requires co-makers/sureties
  • A strong business prospects/potentials based on evaluation
Basic requirements
  • Auto Loan Application Form (duly accomplished and signed)
  • Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories
  • Latest Proof of Billing under the borrower’s name
Locally employed
  • Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), or last 3 months of pay slip
  • Latest Certificate of Employment with compensation
Employed abroad
  • Latest Crew Contract (for seafarer/seaman); latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
  • Proof of Remittance (allotment slips) for at least 3 months
Self-employed/ Business:
  • Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
  • Latest audited financial statements/statement of assets and liabilities/statement of income and expenses
  • Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
  • Last 3 months bank statements or photocopy of passbook
  • Proof of other income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
Additional requirements
  • In case the collateral is used/second hand or imported vehicle following additional documents are required -
  • Copy of LTO OR/CR under the name of the seller/applicant
  • Deed of Sale
  • PNP Clearance and Macro Etching Certificate
  • Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)

Automotive News and Reviews

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FAQ’s on Used Car Loan in Philippines

What is a Used Car Loan?

    A used car loan is a financing service provided by a bank or financial institution for credit applicants or customers who want to buy a used car.

What are the advantages of used car loans?

    The main advantage of taking a used car loan is that consumers get cheaper prices and installments. The credit application process is faster than a new car loan.

What documents must be prepared for submission of a used car loan application?

    Part of the list are documents like
  • 2 valid government IDs (if employed, please include company ID)
  • Proof of Billing
  • Proof of Income (3-month payslip)
  • Residential, business, or employment address map
  • Certificate of Employment
  • Barangay/Business/DTI Permit (for business owners)

Who is eligible for financing?

    The basic eligibility guidelines for applicants include
  • Filipino citizens of at least eighteen years of age with good character and reputation
  • Residency of at least two years at their current address except in the case of a new home owner
  • A source of income. The employee must be connected with the current employer for at least two years with a minimum basic monthly salary of P18,000. Gross family income of P40,000/ mo minimum
  • A professional or self-employed should be in the same profession or the same business for at least three years, and the business should be operational for at least two (2) continuous years with profitable operations

How much is the minimum loanable amount?

    Minimum of PHP 400,000 for brand new and minimum of PHP 100,000 for used/second hand vehicle.

What are the loan terms available?

    For a brand new, there is a loan term of minimum of 12 months up to maximum of 60 months.
  • For used/second hand cars, it is minimum of 12 months up to maximum of 48 months.

What are the criteria for a good used car loan?

    Always prepare a down payment according to the conditions, choose leasing for a trusted financing institution, prepare documents, and don't forget to test drive and check the vehicle.

What are the general requirements for applying for a used car loan?

    Basic requirement to apply for a used car load include
  • Determine the type of car you need to buy
  • Choose a car that fits the budget
  • Completion of administrative files

What are the things you need to consider before buying a used car?

    A buyer must make sure that the repay amount each month is more than a third of your monthly income. Also, pay attention to the annual vehicle tax and check the condition of the car.

What are the steps for applying for a used car loan?

    Find a car with the best price and conditions. Followed by looking for the most realistic leasing or financing company.

What are the acceptable vehicle collateral?

    Vehicles with the following body types are eligible for financing both brand new or used units.
  • Passenger cars/vans
  • Sports Utility Vehicles (SUVs)
  • Multi-Purpose Vehicle (MPVs)
  • Light Commercial Vehicles (4 or 6-wheeler), like utility vans, pick-ups and light trucks

Can Zigwheels help me with my application for a used car loan?

    The Zigwheels loan calculator can help you calculate the estimated monthly installment you will be required to pay for your loan. You can also start processing your used car loan application by submitting the form provided on the website. However, the approval of financing is in the hands of the lending partner.
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