Auto Loans – Frequently Asked Questions

What are the modes of payment?

Payment can be made either the following:

  1. Issuance of Post-Dated Checks
    Check should be made payable to Sun Savings Bank, Inc.
  2. Automatic Debit Arrangement
    Open deposit account with the bank
    Sign an Automatic Debit Arrangement where your monthly installment and/or any amount due will be automatically deducted from your designated settlement account.
What are the minimum and maximum loan amounts? What are the terms?



Required Down Payment

Age of the Car/Vehicle if pre-owned  

Interest Rate


Term of Loan

Brand New As low as 10%  



Prevailing market rate

1—5 years
Pre-owned As low as 20% Model Year should be at most 7 years old. Age of the vehicle should not more than 10 years old at the time of loan maturity. 1-3 years
Trucks (Brand New As low as 20% 1-5 years
What are the documents required?

Bank will require the following:

Fully filled-up Loan Application Form signed by applicant & spouse /or authorized signatories

Borrower’s Information Documents:


  1. For salaried Individual – Original pay slip of the last 3-6 months payroll and Employment Certificate
  2. For OFW: In lieu of ITR-Contract of employment and proof of remittances for the last 6 months
  3.  BIR stamped ITR for the last 3 years
  4. Bank statements for the last 6 months of all major depository banks
  5. Marriage Contract (if married)
  6. Two (2) Passport Size/2X2 current personal picture/s
  7. Photocopy of any government issued I.D. (applicant & spouse)
  8. Community Residence Certificate


  1. DTI Certificate of Registration – for Sole Proprietorship
  2. SEC Registration & Articles of Incorporation/ Partnership & amendments
  3. By-Laws of Corporation/Partnership and Amendments, if any
  4. General Information Sheet, management credentials including brief background major stockholders and key officers
  5. Company Profile with ownership structure, manpower complement, product lines/services provided
  6. Audited Financial Statements for the last 3 years
  7. Interim Financial Statements for the current year
  8. List of Suppliers and Customers with contact persons and telephone numbers (at least 5)
  • Photocopy of Certificate of vehicle registration with LTO
  • LTO Official Receipts
  • Stencils of Chassis and engine
  • Dealer’s undertaking
  • Transaction history
  • Affidavit of Non-Taxi use
Am I eligible to get a car loan?

You must at least 21 years old and not more than 60 years old until the loan matures.  If borrower’s age is more than 60 years old at the time of application or at the time of loan maturity, the borrower must have a co-borrower either his son or daughter or nearest immediate member of the family.

The computed loan amortization should not exceed 70% of your net disposable income.

How to get a car loan?

Please visit to our accredited car dealers (attached list) for Brand New and Pre-owned cars to choose the best car for you.  Ask for Loan application form of the Sun Savings Bank. You may also visit our Main office at the Fuente Osmena Cebu City.

If I don’t pay my monthly amortization on time, what are the penalties?

You will be charged of 1.5% penalty of the unpaid installment per month.  Any unpaid penalty will be compounded if arrears remain unsettled.

Is insurance required in my mortgaged car?

Yes. The bank will require comprehensive insurance every year until the end of the term of the loan.  The client may have option to insure the secured collateral to insurance company not accredited by the bank but subject to acceptance and approval of the bank.  The policy must be bear a mortgage clause that in case of claims, should be payable to Sun Savings Bank.

The renewal policy of the insurance should be submitted to the bank not later 30 days from the date of expiry. As stipulated in the chattel mortgage in case of non-submission or non-renewal, the bank will procure a policy on behalf of the client subject to applicable charges.

Is there a pre-termination charge?

Yes.  For Pre-owned car loan, computed at 3% of the gross amount plus 3% of the outstanding balance.  For Brand new loan, computed at % of the gross amount plus 15% of the outstanding balance.

Where can I request for payment history and other details of my loan?

You may visit at the auto loan dept at Sun Savings Bank Fuente Office, 2/F Room 206.

Upon full payment of the loan, who will shoulder the cancellation of the mortgage fee.

The client.  The bank will process the cancellation but a service charge of P1,000 will be collected on top of the cancellation fee to be paid.

Who can claim the secured collateral upon full payment? Can I authorize someone to claim in my behalf?

Only the borrower/s and mortgagors whose name/s appear on the collateral document and their authorized representatives (Through SPA) can claim the collateral documents.

Requirements to claim:

  • Valid ID of the borrower(s)
  • If the borrower is not physically present, submit valid ID of the borrower together with the valid ID of the representative appointed by the borrower to claim in the Authorization Letter.
  • In cases where borrowers are out of the country – SPA with the seal of the Philippine Consular Office, copy of valid ID of each borrower and valid ID of representative.
If one of the borrower’s passed away or the primary borrower passed away, what are the requirements to claim?

Certified true copy of Borrower’s Death Certificate of the Borrower

Extra-Judicial Settlement

Affidavit of Publication and its Official Receipt

Authorization Letter and IDs of other heirs.

Court Decision (for surviving spouse as the owner)/  as to Guardianship if the heir(s) is/are a minor.

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