There are basically just 2 ways to loan a car. in the Philippines today. The first one is thru OR CR sangla car collateral loan. This is a type of secured loan where you can use a fully owned used car to get cash. On the contrary, the second is thru car financing. Here, the borrower is looking to buy a used or new auto and not use it as collateral. Both is mostly referred to as car loan without taking your car collateral credit.

For loan borrowers with regular source of income and no banking credit problems, this is a sure approval loan. As of this year, 2018, only private lending companies offer both loan types. Banks doesn’t offer OR CR sangla option. Most would offer only car financing or acquisition for brand new cars. Currently, Insular Bank is the only known player that offers OR CR loan using your cash bought vehicle or fully owned auto.

Since we are only out to inform collateral loan borrowers using OR CR sangla, We will never touch issues in buying a second hand car but you can read our tips on how to get approved of an application here. We also strongly suggest to stop finding banks that offer low interest OR CR collateral loan. You will only end up wasting your time. You can read an advance tip we wrote long ago describing important information on how to get low down yet high financiable amount on this post.

Requirements for Car Impounding Loan

OR CR Sangla Pawning Requirements

We made it clear above that this post is not all about car financing. That this blog review is only intended for people who want to pawn their fully owned car. This being clear, below is the list of standard application and pre-qualification requirements. Remember that these requirements may vary depending on which type of income source or capacity to pay the money loan borrower has. Also, documents may change and additional requirements may be needed to present to come up with an approval of loan application.

Pre-Qualification Criteria

1. Car must be at least 2000 year model
2. Borrower must be at least 21 years old or 59 y.o. by the time the loan contract expires.
3. Only Filipino citizens can borrower money but foreigners with spouse or Filipino business partners are allowed.
4. Must be able to provide complete documentary requirements listed below.
5. With regular income source or capacity to pay must be enough to pay for the loan to borrow.
6. No post-dated checks or PDC (cheke) required
7. OR CR must be under borrower’s name or with deed of sale or with SPA

Documentary Requirements

1. 2 valid primary IDs
2. Latest electric or water bill (other proof of billing may be allowed)
3. 3 months latest proof of income – read it from here
4. Original and photocopy of ORCR
5. TIN ID or any proof of TIN
6. Duly filled up application form

Where to Apply for OR CR Sangla?

If you already understand what documents you need as stated above, you’re already one point ahead. This time, we would like to tip you off where you can apply for this auto loan. Since we have discounted banks from the list of prospect options where you can apply for ORCR sangla, the next choice is thru a private lending company. The second choice is to go to a private financier. If you find this post, you must be lucky because we already have both providers. If you want to apply for this loan and you are one of the disqualified individuals listed here, please call us  below.

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