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Car Loan Without Taking Your Car – Attaining 1 Day Release Loan in the Philippines

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car loanAfter writing a couple of weeks ago about the different seaman loan requirements and how to achieve and qualify for a 1 day release loan in the Philippines, I am giving Filipinos another option for fast loan in the Philippines.

This is the car loan without taking your car where all you have to use as material collateral is the OR CR (official receipt and certificate of registration). The lending company provider will not take the auto but instead will have the OR CR registered as encumbered to the lending provider through the registry of deeds and also the LTO.

how to qualify for lowest interest rateHow to Qualify to Apply for Car Loan

To qualify to apply for auto loan without taking your car, all you have to have is enough capacity to pay for the loan or source of income and you also must not have any bad credit score from cancelled cards to closed bank accounts or a BP-22 case (bounced check case).

Plus add to that, you have to have a complete set of documentary requirements. I have listed all of them below for information purposes.

Car Loan with Philippine Banks Vs Private Lending Companies

Although most private lending companies as well as Philippine banks would require the same documents to be submitted to qualify for applying car loan in the country, there are slight differences between the respective interest rates and processing fees and procedure of application.

car loan requirementsThe advantage with banks is that they offer lowest interest rate possible for car collateral loan while private lending companies have a considerably higher interest.

On the other hand, private lending companies offer much faster processing time to get an approval for car loan application compared to banks which many credit borrowers prefer over lower interest.

The reason is mostly because of the immediate need for cash fund to use either for business (bridge financing) (micro financing extension) or personal purposes. Private lending companies also don’t usually apply credit investigation or CI if the amount to be borrowed is less than 400 thousand pesos.

Banks will most of the time subject applicants to credit investigation and background investigation both for source of income and personal information. For interested applicants, please see list of 1 day release car loan requirements below.

1 day release loanBasic Documentary Requirements for Auto Loan in the Philippines

  1. Latest validated and newly registered OR CR
  2. 2 primary valid IDs
  3. Latest electric or water bill (may not be under borrower’s name but must have same address as 2 valid IDs)
  4. TIN ID / TIN number
  5. Any documented source of income which may be either remittance receipts or freelance job vouchers / contract of lease / DTI, SEC and mayor’s permit plus 3 months latest bank statement / COE and 1 month latest payslip (those with latest ITR will have the advantage)

contact us nowWith a scenario explained through comparison review of car loan bank offers against private lending company’s 1 day release loan, borrowers are given the choice. You can read tips and techniques on how to attain fast loan same day release information which we have already written here.

Which is which is up to them but if or should you decide to know how to attain a 1 day release car loan, I’d be glad to help you with processing it and consulting with you. Just contact me Sam Casuncad – (PLDT) 3663645 / (Sun) 09328725532.

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