Choosing a new vehicle has become more complex as more Filipinos explore alternatives to traditional gasoline-powered cars. From fully electric vehicles (EVs) to hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs), the growing range of options offers drivers more ways to match their mobility needs with their daily routines and long-term financial goals.
To help make the transition more manageable, PSBank Auto Loan offers financing options that can support motorists as they choose and purchase their next vehicle.
Understanding Your Electrified Vehicle Options
For many drivers in Metro Manila, one practical consideration is the number coding scheme. Many EVs, HEVs, and PHEVs are exempt from the scheme, allowing them to be driven any day of the week. These vehicles are also generally associated with lower fuel consumption compared with conventional gasoline-powered cars, while fully electric models eliminate the need for gasoline.
For those assessing the financial side of ownership, the PSBank Auto Loan Calculator provides an estimate of monthly amortization for a preferred vehicle, helping prospective buyers determine how a purchase may fit into their budget.
With different types of electrified vehicles available, the right choice ultimately depends on individual driving habits, daily travel requirements, and personal priorities.
Why More Filipinos Are Considering The Shift
The growing number of vehicles with green license plates on Philippine roads reflects the gradual integration of new energy vehicles into everyday transportation.
Under the Electric Vehicle Industry Development Act (EVIDA), or Republic Act No. 11697, electric and hybrid vehicles benefit from government incentives intended to encourage adoption. These include number coding exemptions, registration fee discounts, and tax incentives that can help make ownership more accessible.
Together with the potential savings associated with reduced fuel consumption, these measures are making electrified vehicles an increasingly practical option for motorists considering alternatives to conventional cars.
Making Your Next Vehicle Purchase More Manageable
Once buyers have identified the vehicle that best suits their needs, PSBank Auto Loan offers flexible payment terms and a loan decision in as fast as 24 hours.
Borrowers can conveniently settle their monthly amortizations through PSBank Mobile, PSBank Online, over-the-counter transactions at any PSBank branch, and participating 7-Eleven stores, among other payment channels.
Another feature is Prime Rebate, which automatically provides rebates when borrowers make advance or excess payments. These rebates can help reduce the total loan amount, shorten the loan term, or achieve both.
As electrified vehicles become more visible in the Philippine automotive market, choosing a car is increasingly about finding the right balance between lifestyle, driving habits, and long-term financial plans. With financing support from PSBank, the process of planning a purchase and bringing a new vehicle home can become simpler and more manageable.
Ready to drive home your next car? Apply for a PSBank Auto Loan through the PSBank website or visit a branch near you. For assistance, contact PSBank’s 24/7 Customer Experience team at (02) 8845-8888 or through LiveChat. Follow PSBank on Facebook, Instagram, X, and TikTok for more updates.
