Sangla ORCR

3 of the Best Sangla ORCR Providers in the Philippines

Sangla ORCR or “Car Collateral Loan” has been in the market many years now. Many companies have proven themselves to be good providers for this product. You can type in Sangla ORCR in your search bar and you will get matched with dozens of banks and private financing companies who have a solid history in terms of secured loans. But then comes the dilemma of identifying which of them is the best and what is it exactly that makes some providers better than others.

Here we have listed 5 of the best providers of Sangla ORCR:

1. MAYBANK

Background

A well-known commercial bank, serving retail, commercial, and corporate clients.  Maybank Philippines, Inc. (MPI) provides a wide variety of financial services and products that include lending (personal and salary loans, commercial loans, corporate loans), deposit-taking, electronic banking, credit card, cash management services, remittances, trust and fiduciary accounts, and treasury products and services. With 20 years of service, MPI is present in all the three major islands of the Philippines. They have about 73 branches nationwide and 93 offsite and on-site ATMs.

Product Details

If you are in need to raise funds for your personal or business needs, their refinancing product allows you to use your existing vehicle as collateral, even if it’s almost 10 years old. Maximum loanable amount for this loan product is 60% of your vehicle’s appraised value, the processing takes 3 days and the loan term is up to 24 months. Know, however, that this product is only available for business owners. If your source of income is employment, remittance, or investments, you may want to check the other providers now.

Qualifications

  • No adverse records
  • Business in operation for at least 3 years

Requirements

  • Completely filled-out and signed application form
  • 2 valid IDs (borrower and spouse / authorized signatory)
  • Latest income tax return
  • Compensation certificate, income indicated (if employed)
  • Business Papers (SEC Registration, Articles of Incorporation & By-Laws if Partnership and Corporation; DTI Registration if Single Proprietorship)
  • Latest 3 months Bank Statements (if self-employed)
  • Latest Audited Financial Statements (for Corporate Borrowers)
  • Copy of LTO Registration, Original LTO Registration and LTO Official Receipt of the vehicle for unit inspection and car history verification


Pro’s:

  • Recommended for high profile business owners with good credit history
  • Lower Interest Rate (common with banks)
  • Maybank account holders may be entitled to loyalty perks and promos


Con’s:

  • Approval Amount is on the low-end relative to other providers
  • Target Demographic for applicants is niche
  • Completion of requirements is not really what you can consider as convenient and hassle-free


2. RADIOWEALTH

Background

What started as a radio and car manufacturer has become an established and reputable loans solutions provider in the country.  RFC started from a small radio repair shop in 1930 and ventured into appliance assembly, pioneered appliance financing, and now provides a multitude of financing products.

Product Details

RFC has two loan products that accept ORCR’s as collaterals; Vehicle Down Payment Loan and RFC Business Loans.

Vehicle Down Payment Loan. This loan product will allow you to purchase a new vehicle for your by using your existing vehicle as collateral. Cash-out is unnecessary. Loan amount is from PHP 10,000 to PHP 150,000, payment term is 3 to 12 months.

RFC Business Loans, on the other hand, have 3 subcategories:

Working Capital Loan –  For existing business owners who simply need liquid funds

Business Expansion Loan – For existing business owners who are aiming for expansion by acquiring new assets (machinery

Franchise Financing Loan – For prospecting business-minded individuals who need more cash to start their own franchise business in the Philippines

Loan amount for all these is at least PHP 10,000 with your car as collateral. Loan term is 3 to 36 months.

Qualifications:

  • Filipino citizen living in the Philippines for at least 12 months
  • 21 to 64 years old
  • For employed applicants: Working for the current employer for at least one year, with a basic monthly salary of at least PHP 10,000
  • For self-employed/professional applicants: Running the current business profitably or practicing the same profession for at least two years


Requirements:

  • Accomplished online RFC loan application form
  • Two valid government-issued IDs (including company ID for employees)
  • Latest utility bill
  • One-month payslip (if employed)
  • Certificate of Employment (if employed)
  • Business Barangay Permit / Business Permit / DTI Certificate of Registration (if self-employed)
  • Income tax return (ITR) (if self-employed)
  • Two ID photos (1 x 1 or 2 x 2) (if self-employed)
  • Passbook (active for at least six months) (if self-employed)
  • Latest three-month proof of remittance or passbook (if OFW)
  • Copy of active and valid employment contract (if OFW)


Pro’s:

  • Good for business owners (even for SMEs)
  • Low qualifications
  • Standard number of requirements

Con’s:

  • If you are not a business owner or not planning to start one, the payment term is quite short
  • Low loanable amount

 

3. GLOBAL DOMINION


Background

Global Dominion Financing Inc. (GDFI) is a financial institution that have been championing innovative loan facilities whether for car purchase, business capital, tuition fee, home improvement, or even emergency and medical expenses, with easily manageable interest rates and convenient payment options. With more than 60 branches nationwide, they are highly equipped to serve any customer, wherever they may be.


While the company’s main loan product has always been OFW loan, they are now one of the leading providers for Sangla ORCR in the market, especially now that the pandemic has stunted, if not completely halted, the deployment of OFWs abroad.

Product Details

Affordable Secured Loan product fit for those with car (private or PUV), truck, or tricycle  who are in need of fast cash. Interest rate is measly 1.2%, payment term is 3-36 months, and the loanable amount is up to 80% of your vehicle’s current fair market value. Processing upon completion of requirements is 3 days.

Qualifications

  • Must be a Filipino citizen
  • With documented source of income

Requirements

  • Any 2 valid ID’s (Government Issued)
  • Copy of Latest OR/CR (Official Receipt and Certificate of Registration)
  • Latest Electric and Water Bill. If not in the name of the borrower, you must submit additional proof of residence. (Any documents under your name and with your current address)
  • TIN (Tax Identification Number)
  • Proof of income

‣If employed – Latest 3 months payslips

‣If with business – Business permit

‣If Remittance – Latest 3 months Proof of remittance/receipt.

Pro’s:

  • Very minimal number of requirements. You will only be needing to submit 6 documents at most
  • Low Qualifications. Almost everyone can apply
  • Wide array of units eligible for application
  • Low Interest Rate
  • High Loanable Amount

Con’s:

  • None whatsoever, apparently

Final Thoughts

Applying for a loan is probably one of the biggest decisions you will be making in your life. It can ultimately be one of if not THE deciding factor between having financial freedom in the near future and living month after month dreading the payment you have to settle for a very disadvantageous loan that need not fall victim for in the first place. It all starts with choosing your provider.

sangla orcr providers philippines