Car Loan Calculator
Estimate your monthly car payments. Enter the vehicle price, your down payment, and the bank's interest rate to see your amortization schedule.
Loan Details
How Car Loans Actually Work Here
You walk into a dealership. The agent hits you with a tempting "20% Low Downpayment All-In" promo. Sounds like a steal, right? Not exactly. Banks hide aggressive add-on interest rates behind those flashy flyers. That ₱1M hatchback could quietly drain ₱1.4M from your bank account over five years. We built this calculator to strip away the showroom smoke and mirrors. Plug in the raw numbers. See exactly what leaves your wallet every single month.
Running the Numbers
- Vehicle Price: Ignore the promo price. Enter the vehicle's official SRP (Suggested Retail Price).
- Down Payment: Type in your actual cash out. This is usually 20% to 50%. The higher this is, the less you bleed in interest.
- Interest Rate: Here's the trick. Banks quote a Total Term Rate, like 27% for a 5-year term. Don't enter 27. Divide it by your loan term (5 years) to get your Annual Add-on Rate (5.4%). Enter that number. Make sure the toggle says Annual.
- Loan Term: How long you want to be paying this off. Five years (60 months) is the standard trap. Try 3 years if you can stomach the heavier monthly hit.
The Sneaky Extra Costs
- Chattel Mortgage: The bank charges you to register the car as collateral. Expect to lose 2% to 3% of the financed amount right out of the gate. Poof.
- Comprehensive Insurance: Sure, you get "Free 1-Year Insurance" on the promo. But the bank forces you to keep it for the whole loan term. Prepare to shell out ₱15,000 to ₱30,000+ every year. Skip it? They repo the car.
- LTO Registration: The first three years are usually on the house for a brand-new unit. After that, emissions testing and renewal fees are all on you.
Disclaimer & Methodology
The results provided by this calculator are estimates based on independent research. While we strive for accuracy, this tool should not be considered as a substitute for professional financial or tax advice. Please consult with a certified professional (such as a CPA or financial advisor) before making any major financial decisions.
- Consumer Act of the Philippines (R.A. 7394)