Car Loan Calculator Philippines
Estimate your monthly car loan payment, total interest, and total cost of ownership. Enter the vehicle price, your down payment percentage, loan term, and interest rate to see the full amortization schedule.
Car Loan Calculator
Monthly Payment
₱18,783.50
Total price of the vehicle
Percentage of vehicle price as down payment
12 to 84 months
Typical PH car loan: 5.5% - 12%
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₱18,783.50 | ₱13,583.50 | ₱5,200.00 | ₱946,416.50 |
| 2 | ₱18,783.50 | ₱13,657.08 | ₱5,126.42 | ₱932,759.42 |
| 3 | ₱18,783.50 | ₱13,731.05 | ₱5,052.45 | ₱919,028.37 |
| 4 | ₱18,783.50 | ₱13,805.43 | ₱4,978.07 | ₱905,222.94 |
| 5 | ₱18,783.50 | ₱13,880.21 | ₱4,903.29 | ₱891,342.73 |
| 6 | ₱18,783.50 | ₱13,955.39 | ₱4,828.11 | ₱877,387.34 |
| 7 | ₱18,783.50 | ₱14,030.99 | ₱4,752.51 | ₱863,356.35 |
| 8 | ₱18,783.50 | ₱14,106.99 | ₱4,676.51 | ₱849,249.37 |
| 9 | ₱18,783.50 | ₱14,183.40 | ₱4,600.10 | ₱835,065.97 |
| 10 | ₱18,783.50 | ₱14,260.23 | ₱4,523.27 | ₱820,805.74 |
| 11 | ₱18,783.50 | ₱14,337.47 | ₱4,446.03 | ₱806,468.27 |
| 12 | ₱18,783.50 | ₱14,415.13 | ₱4,368.37 | ₱792,053.14 |
How Is Your Car Loan Payment Calculated?
Monthly Payment = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount (vehicle price minus down payment), r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly payments. This formula produces a fixed monthly payment that covers both principal and interest over the life of the loan.
Example Calculation
You buy a car worth PHP 1,200,000 with a 20% down payment, financed over 60 months at 6.5% annual interest.
- Down Payment: 20% of ₱1,200,000 = ₱240,000
- Loan Amount: ₱1,200,000 - ₱240,000 = ₱960,000
- Monthly Payment: ≈ ₱18,797
- Total Interest over 60 months: ≈ ₱167,831
- Total Cost (down payment + all payments): ≈ ₱1,367,831
Tips for Getting a Car Loan in the Philippines
- Aim for at least 20% down payment to get better interest rates and lower monthly payments from Philippine banks.
- Choose the shortest loan term you can comfortably afford -- a 36-month term pays significantly less interest than a 60-month term.
- Factor in additional costs like comprehensive insurance, registration, LTO fees, and chattel mortgage fees when budgeting for a new car.
- Compare car loan offers from at least 3 banks or financing companies. BPI, BDO, Metrobank, and EastWest Bank often have competitive auto loan rates.
Frequently Asked Questions
This tool is for informational purposes only and should not be considered financial advice. Actual amounts may vary based on your specific situation, lender policies, and current rates. Always consult with a qualified financial professional before making financial decisions.