Jira & Confluence 
Bitrix24 Car loan · motorcycle loan · add-on rate · ₱
Car loan calculator Philippines — monthly amortization with the add-on rate, and what the car really costs
Short answer. Put in the cash price, the down payment, the term and the add-on rate from your quote, plus fees and insurance: you see the monthly amortization, the cash-out on release, the total you pay and an estimate of the true yearly rate. Disclosure: before the loan: cash price, down payment, amount financed, finance charge in pesos and as a simple annual rate (RA 3765, s. 4).
- First amortization due — about a month after releasetype the date
- Insurance renewal — one year after releasetype the date
Check your own case.
Truth in Lending Act: before the loan, the lender gives you the finance charge in pesos and as a simple annual rate.
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Car loan · motorcycle loan · add-on rate · ₱
Your monthly amortization — and what the car really costs you
Put in the cash price, the down payment, the term and the add-on rate from the bank or dealer's quote, plus fees and insurance. You see the monthly amortization, the cash-out on release, the total you pay and an estimate of the true yearly rate. Works for motorcycles too. No sign-up.
- Ask each bank or dealer for the disclosure statement: the finance charge in pesos and the simple annual rate (Truth in Lending Act).
- Compare three quotes in the Excel file — same price, same down payment — and look at the total you pay, not only the monthly amount.
- Keep the official receipts and the schedule; check the release amount against the computation.
Arithmetic only, the way Philippine car and motorcycle loans are usually quoted: add-on interest = amount financed × add-on rate × years, divided into equal monthly payments. The true yearly rate is an estimate (N-ratio formula). Rates, fees and insurance come from your quote. Not financial advice.
Liza, Layers template assistant
Tell me the price, down payment, term and add-on rate, and I will show the monthly amortization and the true cost.
The Excel file compares three quotes.
Deadlines
The rules, with the source
| What | Deadline | Source |
|---|---|---|
| Disclosure | Before the loan: cash price, down payment, amount financed, finance charge in pesos and as a simple annual rate | RA 3765, s. 4 |
| Add-on rate | Interest = amount financed × add-on rate × years, divided into equal payments | How quotes are computed |
| True yearly rate | On the declining balance it is almost twice the add-on rate; the calculator estimates it (N-ratio) | Arithmetic |
Rates, fees and insurance come from your bank's or dealer's quote. The estimate of the true yearly rate is an approximation; the disclosure statement is what counts.
Step by step
What to do, in order
1
Take the quote
Cash price, down payment, term, add-on rate, fees and insurance.
2
See the cost
Monthly amortization, cash-out on release, total you pay.
3
Compare
Put three quotes side by side in the Excel file.
Questions
How do Philippine banks compute a car loan?
Most quote an add-on rate: amount financed × add-on rate × years is the interest, and (amount financed + interest) ÷ months is the monthly amortization. The calculator uses the same arithmetic.
What is the difference between add-on rate and interest rate?
The add-on rate is charged on the whole amount for the whole term. As you pay, the balance falls, so the true yearly rate on the declining balance is close to twice the add-on rate.
How much is the cash-out?
The down payment plus fees (chattel mortgage, processing) and the first-year insurance. The calculator shows it as one line.
Does it work for a motorcycle loan?
Yes — put in the motorcycle price, down payment, months and the add-on rate from the dealer. One example is a ₱95,000 motorcycle over 2 years.
What should the lender tell me?
Under the Truth in Lending Act: the cash price, down payment, amount financed, the finance charge in pesos and as a simple annual rate. The Word file has the questions to ask.
Is it free? Do I need to sign up?
It is free and you do not need to sign up: fill in, see the result and download the Excel and Word files. With a free account you can save a copy to your Layers.
Official sources
Other documents
Keep the papers in one place
Letters, receipts and notices in one folder you can share with family or a lawyer. The templates and the editor are free; Layers is free for up to 20 people.
A calculator, not financial advice. Your disclosure statement and contract are what count.