Best Options to Finance a Car with No Money Down In The Philippines

Can’t Afford That New Dream Car? You Can, with These Fantastic Zero Money Down Finance Options Available in the Philippines.

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Driving away in that first car after you have passed your driving test, is something many youngsters in their early twenties dream about. Having your first set of wheels indicates you’re well on your way to being a full-fledged adult, it is a mile stone, a status symbol if you like. Getting that shiny new Sedan on the road can be difficult though, if you are on a low income.

You don’t make enough money as a young professional to drive that special car out of the showroom and into your garage and you find that it could set you back more than 500,000 pesos. Even if you had that much money in the bank, you’d never spend it all on a car because you are a responsible adult with expenses and student fees to pay and maybe mouths to feed.

Fortunately, there are many vehicle finance plans in the Philippines that enable purchasers to obtain their ideal car without having to pay for it entirely in cash. Take a look at some of these fantastic options here and get behind the wheel of that car you have always wanted today!

Get a New Car Finance Loan from A Leading Bank or Direct Lender.

The bank or lending firm loans you a certain amount to purchase a vehicle under this auto financing arrangement. You’ll then repay the loan in a series of monthly instalments during the loan’s term, which is typically between 12 and 60 months. However, in addition to repaying the loan principal, you will be required to pay interest.

Bank financing is sometimes referred to as direct lending, since the car buyer obtains finance directly from the bank, rather than via the dealership. Financing a new car with this form of loan is perfect if you have a solid credit history with the bank, furthermore you have the capability of comparing loans from several banks. Interest rates are typically quite low, in fact 4% to 5% cheaper than dealer financing, which should make this your first point of call above all others.

A Metrobank Car Loan at Only 4.63% Interest – Drive Away in Just One Day!

Here are some reasons why you might choose a Metrobank Car Financing Loan. With one of the lowest interest rates on the Market at just 4.63 % and a minimum loan amount of P350,000, you can be sure you’ll find that brand new car that you have been waiting for. Having the correct documents to hand, (See Below) The paper work can be done in just 1 day1 and you can choose a payment length that is right for you from 12 to 60 months.


  • Valid government-issued identification
  • Recent income tax return or proof of employment containing information on pay, position, and duration of service (together with the company’s human resources contact information)
  • SIRV/I-Card/ACR accompanied by an official receipt (for non-Filipino applicants)
  • Bank statements/Financial statements that have been audited (for businesses)

Get A Finance Deal Through A Local Dealer, Choose from Hundreds of Brand New Cars!

Another great option for paying for that new car is to get auto finance through a dealer. If you prefer the ease of choosing and financing your vehicle at the same location, this is the ideal choice. Essentially, you sign a contract agreeing to pay your dealer the loan amount plus interest. The dealer works with a partner bank or lender to handle the loan and collect payments. Here are the benefits and drawbacks of using a dealer.


  • Purchase and financing of a vehicle are completed in a single transaction and location.
  • A wide range of car finance solutions are available from a number of partner banks and financial institutions.
  • Bank financing requires a lower down payment.
  • Simple loan application, quick approval, and freebies 


  • Increased interest rates, higher than a direct lender.
  • Watch out for hidden fees.

Using a Credit Card Payment or Home Equity Loan to Finance Your Dream Car.

Using a credit card to purchase a vehicle is only viable if your credit limit is sufficient to meet the expense. In addition, there may be a number of extra costs involved that you must pay. This sort of transaction may be conducted by the dealer and needs the consent of the issuing bank. Keep in mind, however, that not all dealerships will accept a credit card vehicle financing arrangement.

Home Equity Line of Credit is a great Option if you or your Parents are home owners.
This vehicle financing option in the Philippines allows you to borrow money against your home’s equity or assessed worth. You may utilise the money from a home equity loan to purchase a vehicle.
You may also be eligible for certain tax breaks using this method.

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