Guide on Security Bank Car Loan Interest Rates based on Term
SECURITY BANK CAR LOAN INTEREST RATES 2024 – Here are the rates implemented by the Security Bank on its car loans.
In applying for a loan, a lot of people only check the loanable amounts under the offer, the available loan term, the freebies or the inclusions under the offer, and the requirements for application. One thing that many people miss to check is the interest rate.
Undeniably, many of us are satisfied with knowing how much the monthly amortization will be. However, it is not a responsible move and it may not help you get to lowering the total loan amount or, at least, not dragging it further. If you are interested with the Securiy Bank Car Loan offer, it is best to check its interest rates.
The Security Bank Car Loan interest rates depend on the loan term. Also, there is a difference between the interest rates of a standard loan and a loan with one month advance payment. Here are the interest rates:
| Term | Standard | With One Month Advance |
| 12 | 6.77% | 6.02% |
| 18 | 9.74% | 8.93% |
| 24 | 14.38% | 13.48% |
| 36 | 21.51% | 20.50% |
| 48 | 29.04% | 27.92% |
| 60 | 37.63% | 36.38% |
For brand new vehicles purchased under the loan offer, the maximum loan term available is up to 60 months. The maximum loan term for second hand vehicles is up to 48 months.
It is also important to know the fees and charges implemented by the lender under the loan offer. In terms of the Security Bank‘s offer, here are the fees and charges:
- Chattel Mortgage Fee (CMF) which is inclusive of documentary stamp tax, processing fee, and notarial fee
- Collection Fee that is equivalent to 3% of unpaid net monthly amortization
- Late Payment Fee that is equivalent to 3% of unpaid net monthly installment
Aside from the loan that finances a vehicle purchase, the bank also offers a Security Bank Home Loan.