CAR LOAN TAKEOUT: THE REDEMPTION OFFER TO AVOID REPOSSESSION OR FORECLOSURE
Are you starting to have difficulties paying off your car’s monthly installments?
For many car owners, the solution is to opt for a loan buyout. That is, letting another lender take over your existing loan via a Replevin Case. A Replevin Case refers to the process wherein you and the two lenders agree on specific terms to transfer your loan. However, the biggest drawback of this move is that the case will be tagged under your name, which can potentially ruin your credit history. You’re more likely to be declined for another loan if this should happen.
The good news is here: You can now get a car loan takeout to refinance your vehicle’s current financing option.
WHAT IS CAR LOAN TAKEOUT?
With a car loan takeout, you can save your car from foreclosure or repossession by your existing provider. This can be availed by those car owners who’ve paid at least 70 to 80% of the car’s total principal amount. This is also available to owners of used or second-hand vehicles.
In the Philippines, banks and private lenders offering auto takeout loan are the following:
- South Asialink Credit Corporation
- Global Dominion
- Security Bank
Applicants may need to undergo a 2-3 minute interview depending on the provider’s preference. Additional documentary requirements may also be needed to give the lender an assurance that you’re going to continue the payments.
GETTING HELP FROM LOANSOLUTIONS PH
We at Loansolutions PH understand that your car is one of your family’s valuable assets that you’ve been paying for to own in the long run. Allowing your existing lender to foreclose or repossess it is just not an option.
Our company is committed to provide our clients with a suitable financing option via our 3-Step Online Application Form. Through this process, we’ll be able to look into your credit history and other documents in order for us to help you look for a potential lender.
To ensure fast processing, make sure to present all necessary documents such as valid IDs, photocopies of your proof of residence and photocopy of the latest payslip. Applicants must be at least 21 to 70 years old who has paid off 70 to 80% of the car’s mortgage. Both employed and self-employed individuals are welcome to apply. Just present documents that you’re earning at least PHP 10K for employed applicants and proof of profitable business for self-employed applicants.
Applicants may also use our Loan Status Checker available on-site to follow up their loan status. Feel free to contact one of loansolutions.ph’s financial agents for more details and tips about loans. And visit the site regularly for more updates and news about the Philippines’ consumer lending industry.