You lack the funds. You need quick, liquid cash for your business, for the bills that are already racking up, and for bunso who needs his allowance for some obscure reason even though his classes are online. Out of the blue, like a white stream of light coming from the heavens with doves flying all around, you were basked in the delightful news of a loan program called Sangla ORCR. The timing could not have been any better!
Apparently you can exchange your car registration for the badly needed dough. You checked the facebook page and website where you saw the post from – this “Loansolutions.Ph”. Looks legit. Page is verified. There are reviews of satisfied customers who managed to get a loan, some of which traded their sedans and SUVs for a Sangla ORCR program.
You were oh so ready to hit that “Send Message” button but then it struck you; you don’t have a car! Or at least not one that is for private use. What you do have is the truck that you are using for the logistics of your business, a tricycle and a taxi cab. Question now is; are any of these eligible?
Private and Commercial Use
Does it matter whether you are using the car for business or for personal use? Not really, no. The use of the car for commercial purposes may affect your premium for insurance as using the vehicle for business means it’s being used on an almost daily basis over long or multiple trips. This increases the risk of the unit being damaged because of the long time it spends on the road daily and this also increases the daily wear on the machine. More risk plus increased daily wear and tear means higher premium. This, however, has no bearing on Sangla ORCR.
Upon the appraisal of the unit, (yes an appraisal will be conducted before or during the processing), what will be considered is only the unit’s current condition. Does it have scratches and dents? How well does it drive? Does the engine make strange noises? All the aspects that will guarantee that the unit is functional and has enough value for your loan to be approved. You may still want to declare the car’s use though, in case you happen upon a provider that has a different policy or in case the major providers right now change theirs.
With this said, you now know that owners of Public Utility Vehicles (PUVs) are eligible to apply. Taxi, Bus, Jeep, sedan/SUV registered as a Grab Car, all these are very much welcome.
4-Wheeler Trucks and Above
You would be glad to know all units that are 6-wheelers and above are eligible for Sangla ORCR. As a matter of fact ALL kinds of trucks are eligible. Pick-Up, Trailer, Box, Cement-Mixer, Dump Truck, you name it.
Actually, most of the time, Trucks are actually the kind of units that providers of Sangla ORCR are looking forward to process. Why, you ask? It’s because a single truck is worth millions. Just by processing one application, they will already be loaning an amount that is equivalent to 2-4 average applications of Sedan or SUV. This saves time and money on their end not to mention high loan amounts mean high interest amounts as well. Oh, don’t get me wrong. The interest rate is the same but a 1.3% of an 800K Toyota Vios is significantly smaller than a 1.3% of a 4 million worth Isuzu E-Series. Doesn’t take a detective to know which of the two your agent and the provider itself will be more excited about.
In addition, truck owners most likely own a medium to large business enterprise too. Often, these businesses are only in need of quick funding to provide services that their current resources can’t fulfill or to expand their business by buying more trucks, more equipment, etc. Having this kind of a business means the borrower is quite capable of paying back the loan, adding more to the enthusiasm of the provider in approving the loan application.
2-Wheelers
So far, there does not seem to be much unqualified units for Sangla ORCR. Surely, 2-Wheelers must be eligible too, right? Well, this is where it gets different. Generally, Sangla ORCR providers, whether banks or private financing companies, do not accept motorcycles. It doesn’t matter whether they are 2-strokes or 4-strokes. Even those that are worth as much as brand new cars are no exception. The reason? Risk. Motorcycles are relatively more portable than cars or trucks. They do not require a garage and can be driven and parked just about anywhere should a borrower default on his loans and decide to hide the unit from the collections and/or towing team. The fact that all providers (that we know of, at least) do not process Sangla ORCR applications for motorcycles proves that this kind of scenario happens all too often. You can still try to inquire, though. There might still be some non-prominent providers out there that accept motorcycle units. Always worth a try.
Now does this mean all owners of 2-wheelers can no longer apply for a Sangla ORCR? Technically, yes but here’s the thing; if your unit is from one of the top manufacturers and you turned your 2-wheeler into a 3-wheeler, you are not beyond hope.
You got that right. Tricycles are eligible, or at least in one of the most well-known providers of Sangla ORCR – Global Dominion Financing Inc. (GDFI). For years now, they have processed and approved countless loan applications from Tricycle owners. Same requirements, same processing.
So in conclusion, how do I know if I can apply?
To put it simply, you can apply for a Sangla ORCR if:
– You own a Sedan, SUV, Truck, Tricycle (Private or Commercial Use)
– Your unit is registered under your name and fully-paid (No Mortgagee)
– Your unit is no more than 10 years of age and is in good, if not great, condition
– If your unit is a tricycle, it must be one of the major brands in the Philippines, namely;
• Yamaha
• Honda
• Kawasaki
• Suzuki
– You are in possession of the the unit’s registration (Of course)
You think your unit qualifies? Feel free to inquire now. Quick cash is at your fingertips!