Auto Loan Calculator Metrobank Philippines
'/%3E%3Ccircle cx='48' cy='39' r='19' fill='%23f2c9a5'/%3E%3Cpath d='M27 35c3-16 39-17 42 2-8-8-27-9-42-2z' fill='%23374151'/%3E%3Cpath d='M21 86c5-24 49-28 56 0z' fill='%232563eb'/%3E%3Ccircle cx='41' cy='41' r='2' fill='%23111827'/%3E%3Ccircle cx='55' cy='41' r='2' fill='%23111827'/%3E%3Cpath d='M42 52c4 3 9 3 13 0' stroke='%2392400e' stroke-width='3' fill='none' stroke-linecap='round'/%3E%3C/svg%3E)
Reviewed by Calculator Editorial Team
Planning to buy a car in the Philippines? Use this MetroBank auto loan calculator to estimate your monthly payments, interest costs, and total loan amount. Simply input your loan details and see how your financing options compare.
How to Use This Calculator
To use the auto loan calculator:
- Enter the loan amount you need in Philippine Pesos (PHP).
- Select your loan term in years.
- Enter the annual interest rate offered by MetroBank.
- Click "Calculate" to see your estimated monthly payment.
- Review the breakdown of your loan details and payment schedule.
The calculator uses the standard amortization formula to compute your monthly payments. You can adjust any input to see how it affects your loan terms.
Formula Used
The monthly payment (PMT) is calculated using the formula:
PMT = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Number of payments (loan term in years × 12)
Total interest paid = (PMT × n) - P
This formula assumes fixed monthly payments and a fixed interest rate throughout the loan term.
Worked Example
Let's calculate a loan of PHP 1,000,000 for 5 years at 12% annual interest:
- Monthly interest rate = 12% ÷ 12 ÷ 100 = 0.01 or 1%
- Number of payments = 5 × 12 = 60
- Monthly payment = 1,000,000 × (0.01(1.01)^60) / ((1.01)^60 - 1) ≈ PHP 22,124.50
- Total interest paid = (22,124.50 × 60) - 1,000,000 ≈ PHP 367,470
This means you would pay approximately PHP 22,124.50 per month for 5 years, with a total interest cost of PHP 367,470.
Frequently Asked Questions
What is the minimum and maximum loan amount I can get from MetroBank?
MetroBank typically offers auto loans ranging from PHP 500,000 to PHP 5,000,000, depending on your creditworthiness and the value of the car.
How does the interest rate affect my monthly payments?
A higher interest rate will increase your monthly payments and the total amount you pay over the life of the loan. Lower rates mean lower monthly payments and less interest paid.
Can I pay off my loan early without penalty?
MetroBank typically allows prepayment of auto loans without penalty, but you should check your loan agreement for specific terms.