Car loan in the Philippines

It is difficult to purchase a car at your own expense, as the cost of vehicles is high. When it is not always possible to save enough money on your own, car loan cash can be the way out.

To draw up such a loan you will need to collect a number of documents in order to confirm your solvency. Getting a car loan is possible in various banks of the Philippines. Some of them consider applications almost instantly. What is especially convenient – the money is issued the next day. No need to wait days or weeks for a decision.

Advantages of a car loan without a bank account

Loan processing without a bank account becomes possible in cases when the property is provided against collateral. Often this becomes a purchased vehicle or other valuable property owned by the borrower, but such a requirement is optional. Among the advantages of funding under such conditions are allocated:

  • no need to conclude an agreement with a bank that provides funds for the purchase of a car on credit;
  • a wide range of microfinance institutions, rates, loan limits;
  • uniform requirements to candidates, which consist in a positive credit history, the provision of collateral or the presence of a stable minimum income;
  • making a preliminary application online, visit the institution to obtain consent for a loan processing is not required;
  • easy approval of the loan, the whole paperwork procedure takes 1-3 days;
  • no surety or proof of income is required;
  • place of work is not reported, there is no binding to a specific region where the issuance of funds is possible, it does not matter where the potential client lives;
  • reasonable repayment terms, different periods for covering the debt, based on the material possibilities of the borrower;
  • the ownership of a car or motorcycle allows you to instantly draw up a loan for the purchase of a new vehicle, subject to a pledge of the mechanisms in your possession, which greatly simplifies the approval procedure;
  • no need to apply to the pawnshop for getting a loan, which increases the chances of receiving a large amount without the risk of arrest of the pledged car.

Important: Among the features of a loan to purchase a car, you can specifically highlight the possibility of receiving funds on a bank card. They are available for spending at any time at the request of the client.

PERSONAL AND BUSINESS LOANS IN METRO MANILA
EasyCash

EasyCash

PERSONAL AND BUSINESS LOANS IN METRO MANILA

interest rate
for per day
PHP 5000 - 10000
from 30 to 60 days
(4,1/5) 181 voice
APPLY TO BORROW MONEY ONLINE IN PHILIPPINES AND GET A FAST ONLINE LOAN IN 15 MINUTES!
Monily

Monily

APPLY TO BORROW MONEY ONLINE IN PHILIPPINES AND GET A FAST ONLINE LOAN IN 15 MINUTES!

interest rate
for 1% per day
PHP 2000 - 20000
from 65 to 90 days
(5/5) 498 voice
Receiving money in any way 24/7!
Robocash

Robocash

Receiving money in any way 24/7!

interest rate
for 2,18 % per day
PHP 1000 - 25000
from 7 to 30 days
(4.98/5) 1342 voice
Guarantee of a loan on a card!
Cashwagon

Cashwagon

Guarantee of a loan on a card!

interest rate
for 2% per day
PHP 2000 - 20000
from 10 to 30 days
(4.11/5) 398 voice
The most convenient loan!
Cash Mart

Cash Mart

The most convenient loan!

interest rate
for 0,8% - 3,5% per day
PHP 5000 - 30000
from 7 to 30 days
(4.33/5) 489 voice

Where it is better to take a car loan cash

Some people think that a car loan is a bad option for a loan. But many companies offer favorable terms.

BDO

BDO has been providing its services in the Philippines for more than 10 years. The bank offers favorable loan processing terms for its customers. Basic tariff plan:

  • the amount of the initial payment – from 20 to 50% of the cost;
  • loan term – from 6 to 60 months;
  • minimum amount – from 100,000 PHP;
  • rate – from 40% per year.

Easy approval of the application is possible even for a client with a negative credit history. The presence of guarantors, collateral property is not required. But perhaps it allows you to lower the rate.

Pag-IBIG Fund

This state fund offers relatively low rates, and there is no probability of fraud on its part. The contract is made in detail, in compliance with legislative regulations. Standard conditions for a private person:

  • minimum amount: 10 000 PHP;
  • maximum amount: 1 000 000 PHP;
  • interest rate – from 20 to 46.7% per year;
  • term – from 6 months.

BPI

BPI Personal Loan is a well-known and popular bank in the Philippines. Provides its services to individuals and legal entities. Loyal to borrowers with negative credit history. A minimum set of documents is required to draw up a loan. Terms of provision:

  • maximum amount, PHP – до 1 000 000;
  • minimum amount, PHP – от 20 000 000;
  • commission for issuing – 1.2%;
  • the size of the annual rate – from 25.03 to 25.74%.

Metrobank

It operates on the territory of 10 countries. Offers favorable terms, target and non-target loans. It has a relatively low rate. An individual offer for the client is formed on the basis of the submitted documents. Basic tarrif:

  • amount, PHP – from 50,000 to 1,500,000 PHP;
  • term – up to 60 months;
  • interest rate – from 22.4%.

The presence of Philippine citizenship is obligatory. Only passport is required for loan processing.

Security bank

It offers to borrow funds for the long term. Moreover, the client can choose the return period independently. Flexible lending system allows you to choose a convenient repayment schedule. The bank stands out against the rest of the small minimum period – only 36 months. At the same time, the rates are small. Standard conditions:

  • minimum amount, PHP – from 30 000;
  • term, months – 12, 18, 24, 36;
  • rate – up to 29.4% per year.

PSBank

It issues targeted, consumer loans for different needs. The decision is made almost immediately after the filing of the application. A minimum set of documents is required. Conditions:

  • amount – from 20 000 to 250 000 PHP;
  • term – 24-36 months;
  • effective rate – 1.75-25%.

It is the absence of requirements for credit history that makes the bank stand out among others.

RCBC

The company RCBC specializes mainly in crediting of individuals. The conditions of loan processing are comfortable. The client can significantly reduce the rate by providing additional information about himself, confirming the available income from the work activity. It is possible to attract a co-borrower. Loan conditions are advantageous:

  • loan amount – from 50 000 to 1 000 000 PHP;
  • term – 6-36 months;
  • interest rate – floating.

SSS

Half of the bank’s shares are owned by the state. That allows you not to worry about the institution’s compliance with the legality of the loans. There are no hidden commissions, other surprises. You can draw up a loan in a bank or via the Internet – you can make an application directly on the site. It takes just a few minutes. It is important to read the terms of the contract beforehand. Standard tariff for borrowing money:

  • amount – from 10 000 to 1 000 000 PHP;
  • term – from 24 to 60 months;
  • the rate is determined individually (after analysis of the documents by specialists).

Requirements to car loans card

The following basic requirements are imposed on the borrower:

  • reaching the age of 18 years;
  • income in the amount not less than $1000 each month after payment of all taxes;
  • opened in the bank account in the name of the debtor;
  • permanent residence permit or citizenship of the Philippines;
  • work or home phone, email.

The most topical issue when drawing up a car loan in the Philippines is to open a bank account to receive a loan. Lenders give a loan without drawing up an account under the collateral. This is the transport under which the target loan, real estate or other valuable property are issued.

In the absence of collateral, the risks associated with the issuance of funds to a particular borrower, his financial condition, sources of replenishment of tangible assets are assessed, credit history and the availability of debt are analyzed. With good performance, it is possible to issue a car loan to a card without opening an account.

What to do to car loan card approved

Most of the refusals to issue loans in the Philippines are due to bad credit history. This information is analyzed first of all when making a decision to make a loan. However, there is still no centralized system of accounting for obligations in the country. Rating at the level of 350 is considered unsatisfactory, 850 and more – positive.

The analysis of credit history is the first and the most important step in consideration of the application for car loan card. In order to receive funds without problems, you need to take care of proper payments in the terms set by the contract according to the schedule without delay. If a citizen has several loans in different banks, this increases the risk of rejection. To guarantee the receipt of funds, you should pay off debts in other institutions and submit a questionnaire to one or two banks at the same time.

Early debt coverage before the onset of debt obligations can play a positive role. So it is possible to achieve easy approval of a car loan.

If a personal account is not opened in the bank, then the chances of getting a car loan increase when the following requirements are met:

  • Current driver’s license.
  • The car or motorcycle are in the property.
  • Act on transport value assessment.
  • Place of permanent registration.

If all the conditions are met, the decision to issue a loan is made immediately. It will take only 30 minutes to transfer funds.

Conditions for obtaining a loan

Basic terms of car loans in banks of the Philippines:

  • Payments are carried out monthly, the term of the contract is 12, 18 or 24, or 36 months. In case of short period of payment, each payment is appointed in an increased amount. However, such a financing scheme is characterized by a reduced interest rate. In case of long-term debt repayment, the bank’s monthly commission will be set at an increased rate.
  • The amount of 10 thousand to 2 million Philippine pesos is available for issuing. The amount is calculated taking into account the value of the collateral and the financial position of the borrower individually by the lender. Credit history data is taken into account. With good performance, the percentage of approval and the loan amount increase.
  • The interest rates prescribed in the loan agreement remain fixed for the whole period of payments and do not change during the term of its validity.
  • To obtain a loan, it is not necessary to provide statements from bank accounts of the borrower, the repayment of debt obligations, copies of recent payments. The positive assessment of credit history data is sufficient.
  • Special offers are created for disabled people and pensioners – cheap car loans at a reduced rate or with a long period of payments.
  • It is possible to repay the debt for a long time without charging commissions and fines.

Special conditions are valid for those in respect of which a bad credit is fixed, car loans are issued in this case at an increased interest. Approval occurs infrequently and with the provision of collateral.

How to return

You can return funds in different ways:

  • using the electronic payment system – Dragon Pay or similar;
  • through a bank cash desk, ATM cash;
  • transfer to a bank account.

You can find out the information about the list of debt repayment methods in the bank. Instantly draw up a loan is possible in many different institutions. If usual loans at the dealer center are not suitable – you can contact the MFI. It is only necessary to remember about high annual percentage.
 

LOAN AMOUNT
FEE
TOTAL REPAYMENT

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