Used Car Loan EMI Calculator

Get an instant estimate of your used 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.

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

Our Lending Partners

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

Eligibility & Documents Required for Used 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 Used Car Loan Calculator

How to Use a Used Car Loan EMI Calculator?

    Using a used car loan EMI calculator is relatively simple and straightforward. The following are the steps to use a used car loan EMI calculator:
  • Enter the loan amount: The first step is to enter the amount of loan you wish to take for the used 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 Used Car Loan EMI Calculator?

    Convenience: Online used car loan EMI calculators can be accessed from anywhere and at any time.
  • Speed and accuracy: Online calculators are quick and efficient in providing accurate EMI calculations.
  • Comparison: Online calculators allow users to compare different loan options based on interest rates, tenures, and down payments.
  • Cost-effective: Online calculators are free to use and don't require any additional costs.
  • Helps in planning: Knowing the EMI amount can help users plan their budget and finances, and make an informed decision about whether to take the loan or not. Additionally, it allows users to estimate the cost of 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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