Maricor Bunal
Getting approved for a cash loan is the most convenient way to get the cash you need when money is tight. However, in most cases, the banks in the Philippines have strict qualifications (high income, no history of cancelled card, at least 2 years employed etc.) which make it a bit impossible for some to get approved.
But if you need a quick cash and want to avoid the following:
1) long lines at the bank;
2) piles of documents to gather and submit;
3) even longer waiting times
4) low approval amounts and;
5) high rejection rate,
then a collateral loan is your next option. Luckily for car owners, you don’t need to worry about losing the convenience of using your car to get your cash loan.
What is a Car “OR/CR” Loan?
Car “OR/CR” Loan is most commonly referred to as “Car Loan Without Taking Your Car”, simply because the lender only keeps your OR/CR as a promise for you to pay them back. It’s under the category of a Collateral loan but instead of impounding your car, you get to continue using your car and while they keep the car title as collateral. Even if your credit is bad or you have no credit history at all, this type of loan is a great solution.
Types of Car
You can use many types of vehicle titles to get money. A car and truck are your best options while a motorcycle will limit your loan amount drastically.
Please bear in mind that other factors such as net income and the current condition of your car will determine the maximum loan amount you will get.
We created an infographic that explains further how car loan collateral (without taking your car) might be beneficial.
[Transcript] Benefits of Getting a Car Loan (Without Taking Your Car)
If you have a steady income and own a vehicle, getting a cash loan in exchange for your car title is quick and super easy. Here are a few benefits of getting a car loan without leaving your car.
Less Requirements
You just need to have the OR/CR with you, proof of income (a payslip), proof of billing, driver’s license, and then drive the car to your loan provider so they can take a picture of the car.
Quick Access to Cash
As long as you have the requirements, which (to be honest) can be done in a single day, by the next day your cash will be waiting for you.
Low-Interest Rates
Since this is a secured loan, with your car title as collateral, it is assumed that you will pay as promised or lose ownership of your car if you default.
No Credit Check
With this type of loan, lenders do not do a credit check. As long as you have a steady income and a clear title, you will certainly qualify.
How Can Loansolutions Help You?
We make sure that we provide you with the best option for your financing needs from our network of top financing partners. Our dedicated loan advisors will be with you to assist you in making sure you get the best deal.
If you don’t own a car, talk to us. We have other loan options for you.
