COLLATERAL CAR LOAN: THE OPTIONS, QUALIFICATIONS & REQUIREMENTS YOU NEED TO KNOW
Car loan is one of the collateral loan types wherein borrowers are required to put up one of their properties as collateral. They can even guarantee the car they like to purchase with the agreement that the lender may repossess the property should the borrower failed to pay off the loan.
- Without Taking Your Car – for car owners who want to put up their car as collateral without losing their car
- Car Loan Takeout – for those with existing car loans but are planning to get a loan from another lender
- Taxi for Cash Loan – for taxi owners who wants to get quick cash using their taxi as collateral
- 2nd Hand Car Loan – for individuals looking for funding to buy a second-hand car
- Truck Financing Loan – for individuals planning to purchase trucks for construction
- Jeepney PUJ Loan – for individuals planning to open a PUJ franchise
- Brand new car loan – for people who likes to purchase a new car
The following are just few of the banks offering car loan with corresponding interest rate:
|Security Bank (4.79%)||PNB (5.35%)|
|Metrobank (5.07%)||Chinabank (5.49%)|
|BPI (5.21%)||RCBC (5.58%)|
|Unionbank (5.22%)||BDO (5.63%)|
Please be reminded that the rates above may change depending on the borrower’s terms and loaned amount.
REQUIREMENTS AND ELIGIBILITY CRITERIA
Loan providers, banks and private lenders alike, open their loans to all those who are qualified. And you’re probably eligible to get a loan if you are:
- Within the ages 21 to 70 years old
- A regular employee with a monthly income of at least PHP 10K and has been in the current company for at least 1 year
- A self-employed individual operating a business that has been profitable for 3 years
- A Filipino citizen
Qualified individuals must pass these requirements and start their application as soon as they can:
- Valid, Government-issued IDs such as Voter’s ID, Passport, Driver’s License
- Proof of Residence
- Proof of Income (payslips for employed applicants and Profitability Report for business owners)
- Credit History (optional, but can speed up your loan’s approval)
Prior to your application, it might help to determine exactly what type of car you want and the length of time you like to pay it off. When getting a brand new car financing, make sure to avoid signing up to any aftermarket add-ons that you can get from another provider at a lower cost.
EXPLORING YOUR OPTIONS AT LOANSOLUTIONS PH
Do you need more information and car loan choices? No need to worry. We at loansolutions.ph are here to help you find the best lender to suit your preferences. Just fill up our 3-Step Online Application Form so that we can review your documents and match you up with the right lender.