Car Refinancing - Loan Takeout
What is Car Loan Takeout?
Part of the ORCR Sangla loan product, car refinancing is the version which usually requires a longer time to process. While the first one usually takes 1-2 days to approve at its fastest pace, this one does not offer the same convenience. In fact we cannot disclose the time frame it takes to process a loan approval for car loan takeout to ALL our clients. The primary reason is because there are too many outside factors and conflicting interests affecting the speed of processing this secured loan.
First, third party involvement is a very big hindrance to process a fast approval for this specific secured loan product. These third parties may include bank, in-house dealer leasing or financing (ex. TFS - Toyota Financial Services), private financiers, pawnshops and private lending companies.
Their cooperation is a must. Sadly, most of these third party institutions are aimed at having your mortgaged car repossessed rather than cooperate with a car loan takeout process from interested lenders. The reason? profit! There is no profit out of a nearly repossessed car for having it taken out rather than have it impounded and sell it later for additional cash apart from what the borrower has already paid + down payment.
Don't be sad. Despite all these, there is another option with us here at Car Loan Philippines - ORCR Sangla. Although it is a fact that a car loan takeout with our regular lenders can give you the privilege of a low interest rate, the process that it takes to approve one can be detrimental. A very good and unbeatable alternative to this problem is to apply for car refinancing thru a private financier.
Why private financier? What's the big difference? Well, first, a private financier (based from our 8 years of experience) will only require less reasons to get a mortgaged car out of the bank or in-house financing or third party. All they have to do is to use an alibi that "we are buying the car".
Combining the alibi above together with the full cooperation of the owner of the mortgaged car is absolutely unbeatable. There is nothing any third party can do to avoid this refinancing effort. Another big deal with a private financier is that the loan takeout process takes only 1 day to approve and release extra cash to the borrower. A process that is not attainable by regular lending companies due to processing hassle requirements.
Who May Avail of Car Refinancing?
Our usual clients for this type of secured loan are those who have an existing mortgaged car still under payment with banks or private lending companies / lenders. If you have a car under payment program and is already paid at least 70% - 80%, then you may just qualify to avail. Why 70% - 80%? It's because at this paid rate, your car mortgage amount qualifies to the required FMV or fair market value of your vehicle.
This qualification was taken from the ORCR loan. To apply fast and avoid car repossession thru our private financier, call us in our special numbers - 775-6277 (PLDT) / 0928-3455234 (Smart) / 0917-1797723 (Globe) look for Ana (our private financier marketing assistant)
Clear copy of OR and CR (with encumbered notation)
SOA or statement of account / history of payment
2 valid IDs of borrower or car owner
3 months latest proof of income (see and fill up our form for choices) (no need for proof of income if thru our private financier)
Latest electric or water bill (even if not under your name) (any utility bill if thru our private financier)