Category: Car Buying Tips

Buying a car in the Philippines today is not just about looks or brand. Many buyers now consider fuel savings, long-term costs, and practicality. Because of this, hybrid and electric cars are becoming more popular. Before, these vehicles were expensive and limited. Now, there are more affordable options available, making them a smart choice for everyday driving.

 

Why Hybrid and Electric Cars Are Growing in the Philippines

  • Hybrid and electric cars are gaining popularity because they help address common problems faced by Filipino drivers.
  • Fuel prices continue to change, making it harder to manage daily expenses. Hybrid cars reduce fuel use by combining gasoline and electricity, while electric cars run fully on electricity and do not need fuel.
  • There is also a growing concern about air pollution. These vehicles produce fewer emissions, helping create a cleaner environment.
  • With more brands entering the market, buyers now have more choices at different price points.

 

Why Choose Hybrid or Electric Cars

Choosing a hybrid or electric car offers several advantages:

  • Lower fuel costs

Hybrid cars use less gasoline, while electric cars eliminate fuel expenses.

  • Savings in the long run

You may spend more at first, but you can save money over time through lower fuel and maintenance costs.

  • Comfortable driving experience

Electric-powered driving is smoother and quieter, especially in city traffic.

  • Better for future use

As charging stations and EV support continue to grow in the Philippines, these cars are becoming more practical.

 

Here are some affordable hybrid and electric cars you can consider, along with their estimated prices:

 

  • VinFast VF 3 (Electric) – around ₱645,000 to ₱745,000

A small and affordable electric car, great for city driving. Easy to park and very economical to use.

 

  • Jetour Ice Cream EV (Electric) – around ₱699,000

A compact and fun EV for short daily trips. Best for quick errands and city use, not ideal for long drives.

 

  • BYD Seagull (Electric) – around ₱898,000

A more refined EV with better range and features. A good choice if you want something more comfortable but still affordable.

 

  • BYD Seal 5 DM-i (Hybrid) – starts around ₱948,000

A fuel-efficient hybrid sedan that offers a smooth drive and enough power for everyday use.

 

  • Suzuki Ertiga Hybrid – around ₱1.17M+

A practical family car with extra space. The hybrid system helps save fuel, especially in city traffic.

 

  • Nissan Kicks e-POWER (Hybrid) – around ₱1.2M to ₱1.3M

Drives like an electric car but uses fuel. Smooth and quiet, with no need to charge.

 

  • BYD Sealion 5 DM-i (Hybrid SUV) – starts around ₱1.24M

A spacious SUV with hybrid efficiency. Great for families who want comfort and better fuel savings.

 

Hybrid and electric cars are no longer just for high-end buyers. In the Philippines, they are becoming more accessible and practical for everyday use. If you want to save on fuel, reduce expenses, and try a more modern way of driving, switching to a hybrid or electric car is a smart choice today.

 

Looking to save more on fuel and explore smarter car options? Follow GoDrive to learn more about hybrid and electric cars.

 

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Affordable Hybrid and Electric Cars in the Philippines

With fuel prices in the Philippines continuing to rise, more drivers are starting to consider hybrid and electric cars. But despite their growing popularity, there are still many misunderstandings about how they work and what they offer. Some of these myths might even stop people from making the switch.

Here are five common misconceptions about hybrid and electric cars and the truth behind them.

1. “Electric cars will leave you stranded when the battery runs out”
Many people worry that electric vehicles will suddenly stop in the middle of the road once the battery is empty. In reality, modern electric cars are designed with range indicators, alerts, and energy-saving modes that help you avoid this situation.

Most EVs today can travel around 300 to 500 kilometers on a full charge, which is more than enough for daily driving in cities like Metro Manila. Plus, charging stations are slowly becoming more available in malls, offices, and gas stations.

2. “Hybrid cars still consume a lot of fuel”
Some think hybrids are not that different from regular gasoline cars. The truth is, hybrids are designed to use both an electric motor and a fuel engine efficiently.

In traffic, which is very common in the Philippines, hybrids can rely more on electric power at low speeds. This means less fuel consumption, especially during stop-and-go driving. Over time, this can lead to noticeable savings.

3. “Charging an electric car is too difficult”
Charging might sound complicated at first, but it is actually simple. Most electric car owners charge their vehicles at home using a standard outlet or a wall charger.

It is similar to charging your phone overnight. Public charging stations are also expanding, making it easier for drivers to top up their battery while out. For many users, charging becomes part of their routine and not a hassle.

4. “Hybrid and electric cars are weak on uphill roads”
Many people believe that EVs and hybrids struggle when driving uphill, especially on steep roads like those in Antipolo or Baguio.

It is actually the opposite. Electric motors provide instant torque, which means strong pulling power right away even when going uphill. Unlike traditional engines that need to build up speed, EVs deliver power instantly, making climbs smoother and easier.

5. “Electric cars are slow and boring to drive”
This is one of the biggest myths. Electric cars actually deliver instant torque, which means they can accelerate quickly even from a full stop.

Many drivers are surprised at how smooth and responsive EVs feel. Hybrid cars also offer a quiet and comfortable driving experience, making daily commutes less stressful.

Hybrid and electric cars are becoming more practical for everyday use in the Philippines. As technology improves and more options become available, these vehicles are no longer just a trend but a smart alternative for modern drivers.

Looking for more car tips, guides, and updates? Follow GoDrive for everything you need to know about cars.

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5 Things You Got Wrong About Hybrid and Electric Cars

We have all heard of love at first sight, but what about love at first drive? You step into a car, turn the key or press the start button, ease onto the road, and suddenly everything feels right. The steering responds smoothly, the ride feels comfortable, and for a moment you stop thinking about the test drive and start imagining the car as part of your daily life.

Buying a car is not just a financial decision. It is also an emotional one. Your car becomes part of your routine, your road trips, and your memories. So how do you know if a car is truly “the one” and not just a passing attraction? Here are the signs to look for.

 

  1. It Feels Right the Moment You Sit In

Before you even start driving, your body notices things your mind has not processed yet. The seat feels comfortable, the steering wheel is at the right height, and the controls make sense without much effort. A car that fits you well feels natural from the start. If you already feel relaxed and at ease while sitting inside, that is a first sign of compatibility.

 

  1. The Drive Matches Your Lifestyle

During the test drive, think about how the car fits into your everyday routine. If you mostly drive in the city, smooth steering and easy parking matter. If you commute long distances, comfort and fuel efficiency become important. If you enjoy weekend trips or hauling gear, space and durability should not be overlooked. A car that works well with how you actually live will continue to feel right long after the excitement fades.

 

  1. You Trust How It Handles

Trust is essential. When you drive the right car, you feel confident on the road. The brakes respond when you expect them to, the steering feels controlled, and the engine performs smoothly without hesitation. You should not feel tense or unsure while driving. A car that inspires confidence makes every trip safer and more enjoyable.

 

  1. It Makes You Excited to Drive Again

After the test drive, ask yourself a simple question. Do you want to drive it again? If you find yourself thinking about the experience, smiling, or looking forward to another drive, that emotional connection matters. The right car does more than serve a purpose. It makes driving something you look forward to.

 

  1. You Can Picture a Future Together

Think long term. Imagine owning the car for years, not just weeks. Picture daily errands, long drives, bad weather, and unexpected situations. If the idea of keeping the car long term feels reassuring instead of worrying, that is a strong indicator that you have found a good match.

 

Finding the right car is more than looks or brand. It is about how it makes you feel and fits your lifestyle. When it is truly “the one,” you will feel it from the very first drive. For more tips, follow GoDrive on Facebook and stay on the road to smarter, better driving.


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Love at First Drive: How to Know If a Car Is “The One”

Buying a car is a major decision that involves more than choosing a brand or model. Timing can also play a key role, especially if you want the best deals and incentives. If you’re considering purchasing a car in the Philippine. February a good month to buy? Let’s explore the factors that make February an interesting time for car buyers.

  1. Early-Year Promotions

Car dealerships in the Philippines often launch promotions at the start of the year to boost sales after the holiday slowdown. February falls within this period, meaning you may find discounts, low down payments, and attractive financing packages. Some dealerships even extend January deals into February to maintain momentum.

  1. Lower Competition

Unlike December, when many buyers rush to secure a car before the year ends, February typically sees fewer customers. This lower demand can work to your advantage, giving you more negotiating power with sales representatives and a better chance of securing additional perks, like free accessories or extended warranties.

  1. New Models May Be Available

Many car brands release updated models or variants in the first quarter of the year. Buying in February can give you access to the latest features and technology, while still allowing for early-year promotions. You might even find trade-in incentives if you plan to upgrade from your current vehicle.

  1. Budget-Friendly Planning

After the holiday season, buyers are often more conscious of their budget. This can make February an ideal month to carefully plan your purchase without feeling rushed. You can compare different dealerships, evaluate financing options, and make a decision that aligns with both your needs and your wallet.

  1. Consider the Market Trends

While February offers advantages, it’s important to check the market trends. Interest rates, fuel prices, and import regulations can all affect car prices. Doing a bit of research before visiting dealerships ensures that you make an informed choice rather than relying solely on timing.

February can indeed be a good month to buy a car in the Philippines. With early-year promotions, lower competition, access to new models, and room for thoughtful budgeting, it offers several advantages for buyers looking to get the most value. Remember, the right car isn’t just about price, it’s about how it fits your lifestyle, budget, and driving needs. Take your time, explore your options, and you might find that February is the perfect month for your next vehicle.

For more automotive insights and tips, follow GoDrive on Facebook and stay on the road to smarter, better driving.

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Is February a Good Month to Buy a Car in the Philippines

A new year is a great time for a fresh start, and for many people, that includes buying a car. Whether you are upgrading your current vehicle or buying your first one, choosing the right car can make daily life easier. Starting 2026 with a smart car choice means focusing on practicality, comfort, and long-term value.

Focus on Your Daily Needs

Before choosing a brand or design, think about how you will use the car. Do you mostly drive in the city, or do you travel long distances? Will the car be used for work, family trips, or daily errands? A small sedan is usually better for city driving and parking, while a larger vehicle may suit families or frequent travelers. Choosing a car that matches your lifestyle helps reduce stress and extra costs.

Set a Realistic Budget

A smart car choice is more than just the purchase price. You should also consider fuel costs, maintenance, insurance, and registration fees. It is important to choose a car you can afford over time, not just at the moment of purchase. Cars that are reliable and fuel-efficient can help you save money throughout the year.

Prioritize Safety and Reliability

Safety should always come first. Look for cars with basic safety features such as airbags, anti-lock brakes, and stability control. Reliability is also important. Cars known for lasting longer and needing fewer repairs can save you time and money. A dependable vehicle gives peace of mind every time you drive.

Comfort and Convenience Matter

Since you spend a lot of time in your car, comfort is important. Comfortable seats, good air conditioning, and simple controls can make driving more enjoyable. Helpful features like backup cameras and easy-to-use entertainment systems add convenience without making the car complicated.

 

Think Long-Term

A smart car choice should still be a good decision years later. Consider resale value, brand reputation, and how well the car holds up with regular use. Choosing wisely at the start of 2026 can help you avoid regrets and enjoy your car longer.

Start the Year on the Right Road

Buying a car is a big decision, and the new year is a good time to make it a smart one. By focusing on your needs, budget, safety, and reliability, you can start 2026 with confidence. A smart car choice is not about following trends. It is about choosing a vehicle that supports your goals and makes every trip easier.

Buying the right car can make life easier, more comfortable, and less stressful. Focus on your daily needs, budget, safety, and long-term reliability. A smart car choice fits your lifestyle, saves money, keeps you safe, and continues to be a good decision for years. Making a careful choice ensures every trip is more convenient and enjoyable.

Whether you’re looking for tips, car guides, accessories, or your next ride, we’ve got you covered. For more automotive insights and inspiration, follow GoDrive on Facebook and stay on the road to smarter, better driving. 

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New Year, New Road: Smart Car Choices to Start 2026 Right

Whether you’re a new driver or a seasoned car lover, 2026 is the perfect year to set exciting automotive goals. From improving your skills to upgrading your ride, creating a car bucket list can make every drive more thrilling. Here’s a curated list of must-do goals to inspire your 2026 car journey.

 

  1. Learn How to Drive (or Master Advanced Skills)

If you haven’t gotten behind the wheel yet, 2026 is the year to earn your driver’s license. For existing drivers, consider enhancing your skills, defensive driving courses, precision parking techniques, or even track day experiences can improve your confidence and safety on the road.

 

  1. Upgrade Your Car Accessories

Small changes can make a big impact. Think about adding functional or aesthetic upgrades such as:

  • High-quality seat covers for comfort and style
  • All-weather floor mats to protect your interior
  • LED or ambient lighting kits for a modern look
  • Phone mounts and wireless chargers for convenience

 

  1. Personalize Your Ride

Make your car truly yours. Popular personalization options include:

  • Custom decals or wraps
  • Upgraded wheels or rims
  • Steering wheel covers and interior trims
  • Premium audio systems for the ultimate driving soundtrack

 

  1. Plan a Road Trip Adventure

No car bucket list is complete without hitting the road. Map out a 2026 road trip, explore scenic routes, visit iconic landmarks, and discover hidden gems. A well-planned road trip allows you to enjoy your car while creating unforgettable memories.

 

  1. Learn Basic Car Maintenance

Understanding your vehicle helps prevent costly repairs. Goals can include:

  • Changing your own oil
  • Rotating tires and checking tire pressure
  • Learning to replace filters, bulbs, or wipers

 

  1. Join a Car Community

2026 is a great year to connect with fellow car enthusiasts. Attend local car shows, join online forums, or participate in driving clubs. Sharing experiences and tips can fuel your passion and expand your knowledge.

 

  1. Buy That “Dream” Accessory or Gadget

Sometimes, it’s the little things that bring joy. Consider splurging on that gadget you’ve been eyeing like Dash cams for safety or Smart car devices or trackers

 

Your car journey in 2026 doesn’t have to be about speed, it’s about growth, experience, and enjoyment. Whether you’re learning to drive, upgrading your ride, or exploring new roads, every goal on this bucket list helps you become a more confident and passionate car owner. Take it one step at a time, celebrate small wins, and most importantly, enjoy every drive.

 

Whether you’re looking for tips, car guides, accessories, or your next ride, we’ve got you covered. For more automotive insights and inspiration, follow GoDrive on Facebook and stay on the road to smarter, better driving. 

 

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The 2026 Bucket List for Every Car Enthusiast

As you may have already realized, if you want to be a part of the growing number of car owners in the country, you have two choices available; pay in full or avail car financing. If you are one of the many though, the latter seem to be the only possible choice especially if you are considering owning your own ride within the next few weeks or months and your budget is not up for it. Knowing this is the program you are likely going to avail in the near future, you have probably asked yourself…

What exactly is car financing?

Since you are with GoDrive, it’s used car financing to be precise. For sure, you already have a general idea of what it is about because of a previous loan from banks, private companies, or individuals. But when it comes to information beyond the basic definition? Maybe you are not as familiar as desired and when it comes to buying one of the things that will have a great impact with your life, it never hurts to know more before taking the next steps.

“Car financing” is often interchangeably used with “Car loan”. Although the term is mainly used to describe the process of taking out a loan to get a car, there are also other forms of car financing. These forms include:

 – Car Financing directly from Dealership
 – Car Leasing
 – Cash Financing from Banks/Private Loan Companies for a Car Purchase; Car Takeout
 – Car Loan Takeout

With GoDrive, all of these are available except for leasing. When someone offers or if you see an advertisement that offers you a “car financing”, it is important that you know exactly what they are referring to. Of course, it’s also important you know what exactly each form of car financing means. Let’s discuss and compare them one by one.

Dealership Financing

This is a program where you form a contract with a lender that your dealer is in partnership with – banks for example. The dealership itself can also play the role of the lender.

In this program, you are basically just buying a car but with the agreement of paying the total price over a period of time plus interest. Usual payment term is 1 to 5 years.

This program might be the best for you if you are looking specifically for a less hassle process. The office where the car is at and the office where you are going to apply for a loan are located at one place and you will likely be designated with one contact person you can discuss the entire process with. All you have to do is browse, choose a car that is available for financing and the dealer will take care of the rest.

Car Leasing

Yes, car leasing is a form of car financing.

When you lease a car unit, you will only be paying a portion of that unit’s cost. In short, you are paying for your use of the car and not the car itself. Naturally, this means that your monthly payment for the car and the downpayment for it (if there’s any, that is) will be substantially lower since you are not really going to “buy” the car. A good consideration if your savings can’t quite cover the usual 10-30% deposit and your monthly budget is not up to the task of paying for a higher monthly amortization for a car loan.

At the end of the leasing term, there’s usually an option for the lessee to buy the car. This however, is not a very good financial decision, generally speaking as this is ultimately going to cost you more than if you decided to apply for a loan for the car to begin with.

If you want a car financing that will enable you to own a ride you can reliably use and has the potential to give you an early return of investment in the future, this is probably not the best choice for you.

Car Takeout

This is where a bank or a private financing institution of your choice buys your car for you, or rather buy a car that you can use but is technically theirs until you pay the loan in full with interest. This is very similar with applying for any loan like say, a personal loan. The clear distinctions however are;

 – First, you have full control of the amount being leased as you are in control of which car you are going to avail. You will only get what you need.


 – You will not have access to the money that will be financed by the loan company. Good for the client really as this removes the chance, no matter how small, for him to use the funds in things that are not for its intended purpose.


 – You will have to spend some of your money for the downpayment of 10-30% of the total car cost. Money that was not financed by the loan company.

The advantage of going directly to a lender instead of availing the loan options from the dealer? For one, if you have a good relationship and credit record with your bank or a private financing company, you can easily avail for any of their special promos that are associated with car financing. Your approval is also easier since you are a trusted customer and they already have a lot of the needed documents and client details for the loan. This makes it a less time-consuming and a potentially cheaper option for you.

Car Loan Takeout

There is car take out, then there is car loan takeout. Also known as car refinancing

Car takeout is the process by which a new lender pays for everything that a client owes to his initial lender — the principal amount, the interest, the processing fees, everything. This, in a sense, transfers the loan to a new lender and will effectively extend the overall payment term which will also decrease your monthly amortization.

More about car financing

Interest rates for car financing vary widely from the range of 5.5% to above 30% depending upon the loan term. Be mindful of the often ignored processing fees, though. Some companies may display low interest rates to hook people only to surprise them with hidden charges and processing fees later.

Overall, car financing increases the total cost of the car and that is the glaring downside to it. But if you think about it, as opposed to saving for a few months or years so you can pay it in full, availing a car financing will enable you to get the car earlier. In a year, just how much would you be saving in cost if you are currently using the services of Transport Network Services (TNC)? In time and convenience if you are using mass transport? If you look at this way, car financing is essentially the same as saving but with the extra advantage of getting the car by next week, or days with GoDrive, if you decide to apply now.

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What Is A Used Car Financing

In a 2019 research conducted by AA Cars, a prominent car company in the US, it was observed that 74% of people who bought cars opted to get a used car compared to the mere 26% who bought brand new ones. Even in the Philippines, the significant increase in used car sales has been noticed in spite of the fact that the overall car sales have dropped due to the pandemic – about 50.9% as reported by Association of Vehicle Importers and Distributors (AVID). So why are more and more people going for pre-loved? Well, considering the many perks that we’re about to list down for you, the better question to ask yourself is, why shouldn’t they? And why shouldn’t YOU?

Budget-Friendly

Using the aforementioned research from AA cars as reference, the demographic that patronizes used cars more appears to be the younger buyers (18-24 years old). Above half of them, 59%, opted to buy a car that is more than 5 years old, 24% bought ones that are 3-5 years old, and 7% bought used cars that are less than 3 years old. This means that in this demographic, only 6% chose to buy a brand new car.

The obvious reason for this is that the age group of 18-24 years old is not really the most stable when it comes to finance. Most of them have only started their careers and are at entry-level job positions. With having less disposable income, comes the need to make sure you are budget efficient and that is exactly the trait that used cars are most known for.

Upon the signing of the paperwork at the dealership, a car is already considered to be technically “used”. At that point, a whole lot of depreciation is already needed to take into consideration when computing for that car’s fair market value. It’s a bit comical really that a mere signature can turn an 800K, brand new 2020 Toyota Vios to a 700K, used 2020 Toyota Vios. It’s even more fun though if you are the second buyer of the car. A huge portion of depreciation has already happened on the car so as a second prospecting buyer, you are already about to save a hundred thousand for buying a car that is still at the prime of its entire lifespan.

Naturally, the older the car, the cheaper it becomes. Be wary though as going for the older models also means that finding one with a good quality, history and mileage will also become trickier. Finding the right balance between affordability and quality is the key.

Favorable Selling Price

Perhaps you’re planning to sell your first car so you can upgrade once you manage to save more? That’s a good consideration too if said car is pre-loved. You won’t be hit hard by the depreciation rate as much as the first owner was and if the car itself was never actually physically hit hard as well, chances are, you would be recouping (via its mileage) a lot of the cash you expended for buying the car and then some more once you get to sell it at the price that’s close to when you bought it. There’s also the fact that you’re basically passing on the perks that you got your used onto another used car buyer. That should make you feel good, right?

Repair and Customization Freedom

As most used cars no longer have warranties, you will be able to bring your car to a repair shop that you trust and perhaps avail the same (if not higher) level of quality in terms of service that a dealership provides, for lower rates. This even applies to customizations. You want some suspension upgrades? Perhaps some underbody neon lights for a cooler night ride? You won’t have to pay a premium for these anymore. Just be sure though, to do these customizations before you get insurance coverage and  inform your insurance agent about them. You wouldn’t want to have claim issues just because of an unreported modification whether intentional or not.

Eco-friendly

If you are one of the people who are conscious about the environment and try to reduce their share of carbon-footprint, then buying a used car just got more promising for you.

But they also spew out fumes from burning fuel and even electric cars contribute to this as power stations burn coals to generate electricity, so how come, right? Well you see, there’s a significant environmental cost when manufacturing a new car.

According to a 2004 study of Toyota (yep, we love our research and studies), about 28% of the carbon dioxide emissions generated during the lifecycle of a typical gasoline-powered car can occur during its manufacture and its transportation to the dealer. A used car of course has already gone through all these processes and you buying one means you are not going to avail and thus increase the demand of one additional brand new car that’s going to add onto the overall junk pile and pollution from car manufacturing and transport.

28% is a LOT. Considering an average lifespan of cars is 8 years and the yearly average carbon emission of a car is 4.6 metric tons, you will be saving our lungs and the environment from about 10.3 metric tons of carbon dioxide just by you buying a secondhand car while saving yourself some cash in the process.

In conclusion…

There’s a whole lot of reason as to why people buy a pre-loved car. Not only does it benefit the buyers themselves but also the people around them and the environment as an extension. Of course there are some disadvantages like being uncertain of the real history and quality of a used car and there’s the negative social stigma from some people when they learn that your ride’s a second hand, but even these disadvantages can easily be solved; the former by buying from a car financing company that does thorough inspections of every car that they are going to market and the latter by not giving a damn. So why not take part of the growing number of patrons of pre-loved cars?

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Benefits of a preloved car

Aiming to grab a preloved car, eh? Whether you are someone on a budget who is looking for his first car or someone looking for an additional car for his growing family… who is also on a budget, we got you covered. Where to get yours, you ask? No worries, friend. The options are many and we have listed here 5 of the best and well-known 2nd hand car dealers in the Philippines that can hook you up with a certified quality used car without burning through your available cash.

Banks and Private Car Financing Companies

But first, it’s best that you decide first whether you’re going to apply at a bank or a private car financing company. Which is better? Obviously the huge similarity is that you can get the “financing” option unlike with individual sellers where you have got to have the cash upfront. About the differences though:

Banks
– Generally offer lower Interest rates and are considered to be less expensive overall
– Usually offer longer payment terms that reach up to 5 years. On the other hand;

Private Car Financing Companies
– Are well-reputed to be faster in terms of processing. You need the car by next week? You got it.
– Have less strict qualifications and thus have a higher approval rate
– Also requires less documents

Looking at this makes banks look like they don’t have that much of an edge – which is a sensible inference but you have to keep in mind that to many people, the interest rate is a really huge deal. If you want to save the most, you may want to consider banks but if you think that the speed and higher chance for approval are worth the few extra decimals of interest rate, then private companies are the best choice. It’s still a matter of individual preference after all.

Now onto our list, let’s start it off with a well-know bank;:

BPI

Bank of the Philippines has the title of being the first bank in South East Asia. Since 1851 (their founding year) their business, products and services have played a significant role in many Filipino’s daily life, as well as in the country’s increasingly expanding and evolving economy and yes that includes their role as one of the leading banks in car financing both for brand new automobiles and secondhand ones.

Auto Loan Details:
 – 20% to 50% Down Payment
 – Maximum unit age is 5 years
 – Minimum Loan amount of PHP 200,000
 – Interest rate in arrears is 8.87% to 10.43% and with one-month advance 9.21%          to 10.45%
 – Payment term is 12-60 Months

Eligibility:
 – Must be a Filipino Citizen
 – Between 21-65 years old
 – Must be Employed Full-Time or an owner of a DTI-registered business
 – Income is above PHP 40,000


TFSPH

Toyota Financial Services Philippines. Being one of the most prominent manufacturers in the country, it has established a strong base of loyal customers. Known for their 211-point inspection system where they evaluate a vehicle through rigorous examination using their tech and certified assessors, they promise that each sale, each car which they call Toyota Certified Used Vehicle (TCUV, or simply, Toyota Certified) is an extension of their gratitude towards the loyalty of their customers for many years.

Auto Loan Details:
 – 20% to 35% Down Payment
 – Maximum unit age is 10 years
 – Payment term is 12-60 Months


Eligibility:
 – Must be a Filipino Citizen
 – Between 21-65 years old
 – Must be Employed Full-Time for 2 years or an owner of a DTI-registered business
 – Minimum income of PHP 30,000 to PHP 40,000

Security bank

Next on our list is Security Bank. With customer-centricity at the forefront, the new Security Bank promises to put customers first and craft personalized solutions for their needs. Underlining its value to the Philippine market, Security Bank is an independent bank with a solid niche among the mass affluent Filipino-Chinese community. The Bank’s three core businesses are managed separately to focus on their respective markets and they operate with a high degree of synergy among each other; Wholesale Banking, Financial Markets, and Retail Banking which includes their car financing services.

 

Auto Loan Details:
 – 20% to 50% Down Payment
 – Maximum unit age is 11 years
 – Standard interest rate is 6.77% to 37.63% and with one-month advance 6.02% to 36.38%
 – Payment term is 12-48 Months


Eligibility:
 – Must be a Filipino Citizen
 – Between 21-65 years old
 – Minimum joint monthly gross income with spouse of PHP 20,000
 – If Employed, must be a regular employee for 2 years or a permanent officer-rank employee
 – For Corporations, must be duly registered to operate as a legal entity in the Philippines and the business must be in operation for at least three (3) years.
 – If owner of a start-up business, co-makers / sureties will be required and the business must have strong prospects/potential based on evaluation.

GoDrive

 

One of the leaders in terms of being a pre-Loved cars online marketplace in the Philippines. GoDrive is the Philippines’ authority in online marketplace for matching interested and responsible buyers to quality pre-loved car units. The team offers second-hand units which are being sold by dealers and private sellers, as well as repossessed units from the financing company Global Dominion Financing Inc., its mother institution. Through this platform, Filipinos are empowered to pick the best units at their fingertips, without the need to leave their houses. And with brand new vehicles which are going to be available in their market soon, their services can only continue to grow and expand.

Auto Loan Details:
 – 30% Minimum Down Payment
 – Maximum unit age is 10 years
 – Interest rate is as low as 1.3% plus a processing fee of 5.5%
 – Payment term is 12-36 Months

Eligibility:
 – Must be a Filipino Citizen
 – Between 21-65 years old
 – Must be Employed Full-Time for a year or an owner of a DTI-registered business
 – Minimum income of PHP 30,000


PSBank

PSBank has gone a long way from its humble beginnings as a neighborhood bank since it first opened its doors to its clients in1960. It was the very first bank that offered Monday to Saturday banking with no noon break, extended banking hours, online electronic data system, and banking-by-mail.

PSBank was recognized as the 2nd strongest bank in the Philippines by The Asian Banker, in its AB500 annual ranking 2016-2017 edition. The ranking is based on a financial scorecard that ranks the 500 largest Asian banks according to their financial and business performance. A reassuring fact to consider should you decide to have a bank process your car financing needs.

Auto Loan Details:

– Minimum of 20% Down Payment

– Minimum Loan amount of PHP 100,000

– Standard Interest rate is  5.58% to 28.76% and with one-month advance 4.85% to 27.70%

– Payment term is 12-60 Months


Eligibility:
 – Filipinos or foreigners holding permanent resident / immigrant visas (permanent residents) and certain non-immigrants and embassy officials (temporary residents)
 – Between 21-65 years old
 – If employed, must have a tenure of at least two years
 – If engaged in business, must be operating profitably for the last two years
 – Gross monthly family income of at least PhP30,000

Which should I pick?

We can only guide you and introduce you into the most basic details and qualifications of some of the best car dealers in the Philippines. At the end of the day, you are still going to make the decision for yourself and you may even want to check other dealers that are not on this list. If you want to have an idea where to start though, your best bet is to directly engage with the listed dealers and let their agents facilitate your inquiries. You can try visiting their website or their facebook page. Why don’t you try and send them a message now?

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Used Car Dealers to Consider for Your Car Financing Needs

Travelling, whether for work or trips, can sure be taxing both physically and mentally, and while you can always opt to use taxis or the more convenient mobility service providers to alleviate this, using these services can become “taxing” in a whole different aspect that you and your budget knows all too well.

Well, there’s an obvious solution. A solution that has always been available. A solution that’s going to keep you less drained and it’s only going to cost you initially. Yes, you can always buy a car.

Easy for us to say? You may be right but that’s only because we know the WHAT’s and the HOW’s when it comes to these things and so should you.

Go for Second Hand

You want to save, don’t you? Now when it comes to saving, there’s nothing more thrifty than opting to buy a second hand unit instead of a brand new one. The depreciation rate is in your favor, the insurance premium would be cheaper as well and if you do it right, the car is going to be able to pay for itself in no time. Now the question is;

What am I going to buy?

If your sole focus is to simply get a reliable ride that will get you from point A to point B, with an affordable rate and is within 3 years of model year, consider getting a 2017 Hyundai Eon.
 – Smallest unit by far by Hyundai but don’t let that distract you as its interior dimensions are completely optimized for space and comfort.
 – Rear windscreen is really large which makes parking and reversing easy.
 – 800cc engine and 1.0-liter engines, mated to a 5-speed manual transmission.
 – You can buy a used unit for the low price of PHP 300,000

Want something that has a sleeker design? How about a 2014 Mazda 3?
 – Exceptional in terms of style and design. The  long hood and ‘cab-back’ design makes it stand out from all other cars of the same variety
 – Offers two engine variants; A 2.0-liter version which has 155 horsepower and 150 lb-ft of torque, and a more powerful 2.5-liter version which has 184 hp and 185 lb-ft of torque.
 – Available at about PHP 500,000 


Perhaps you’re a family person  and you want to get a unit with family vacations and road trips in mind? You might want to consider a 2014 Toyota Innova E, then!
 –  Strong and robust exterior. Large front grille with dynamic bumpers.
 – Offers 7 seats in 2-3-2 format
 –  2.5 Liter Diesel Engine dishing out 100.6 bhp at 3600rpm with Max Torque of 200Nm at 1200-3600rpm
 – Prices at about PHP 700,00. Fairly cheap considering its performance and design.

As you can see, your purpose as to why you’re buying a car must always be taken into consideration. Cars are long-term partners. Always make sure that it’s a perfect match.

How and where do I buy one?

Good question! Here’s the general rule, as much as possible, refrain from buying from shady individual sellers that plague your newsfeed regardless of how persuasive their posts are and how cheap are the rates that they are offering. You are already saving a lot from choosing to buy a used car. Don’t take the risk of buying uninspected units just so you can save even more. Going the unnecessary extra mile to save a few more bucks has a huge chance of, in turn, lessening the mileage that you should have gotten from the money you expended. The wise choice, then?

Pre-loved Car Companies

Why not? You can pay in cash or choose financing and aside from the relatively more  trustworthy description that companies like GoDrive label their units, another good benefit from buying from them is the safety that they offer. Not only in terms of the car condition and the deal that you’re getting but also your physical safety. Individual sellers will have you meet-up in just about any location, and while you can always set the meeting in a public area, there’s no beating the safety of going to the office of a well-reputed and reviewed company that has a good history of matching great units with hundreds of buyers such as yourself.

As for the process, it’s easy. Car companies are certain to have social media pages you can conveniently message. You can shop around from the comfort of your home, even now. Send them a message and their sales people will be more than willing to walk you through the process.

Once all the necessary details are discussed and a meeting scheduled, upon choosing a car, just make sure that you inspect every nook and cranny. Inspect the papers, even.  If possible, bring an experienced mechanic with you, that is if you yourself are not already the experienced mechanic that you need. Test drive the car for as long as the agent will allow. Long-term partnership, remember? You don’t marry someone at first sight even when there’s an entire reputable company that’s backing the marriage. It never hurts to be too sure.

Now if all things look okay, it’s time to talk about the payment. You can choose to go for car financing but the company will surely require more than an ID for your application. Proof of income and proof of billing are some of the most basic requirements they’re going to have to request from you. A very minor hassle really considering you can drive the car home after sending a few papers and a very small down payment.

Final words

And that’s basically it. Your problem is solved without being required to pay hundreds of thousands upfront.

You deserve every bit of convenience that you can have. Your daily transport  should not be as dreadful or costly as it is. Spend now to save more in the long run but always remember to never compromise quality and safety for the price.

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The Best Second Hand Car To Get