Security Bank partnered with AutoDeal to provide Filipinos more options for flexible auto loans after demand for this financing surged by nearly 19 percent in the first quarter of the year.

The bank said auto buyers can now apply for loans through the website and the mobile app of AutoDeal.

"This partnership with AutoDeal will enable us to bring our BetterBanking service directly to car buyers by combining the strength of our Auto Loan products with the convenience of a digital automotive marketplace," Security Bank head of secured lending Paz Gonzalez said in a statement last Friday.

The bank shared that the partnership was formalized through a signing ceremony for related documents last 21 May at the Security Bank Centre in Makati City.

Security Bank's research revealed demand for automobiles strengthened in the first quarter of the year as auto loans in the country climbed by 18.8 percent compared to the same period in 2024.

The Chamber of Automotive Manufacturers of the Philippines Inc. affirmed the uptrend in auto loans, reporting that car sales grew by 8 percent year-on-year.

"With interest rates expected to decline further this year, the partnership aims to meet the needs of a growing and digitally driven car-buying segment," Security Bank said.

Bangko Sentral ng Pilipinas Governor and Monetary Board Chairman Eli Remolona Jr. said officials are considering two more policy rate cuts with a size of 25 basis points each in the second half of the year.

If pursued, the reductions will bring down the policy rate for lenders to 5 percent from the current 5.5 percent.