Car loan can take different forms in the Philippines. Although I must admit that many Pinoys have the notion that car loan is mostly for those who are interested to buy a car, there is another form of it. Today, I am going to discuss the possibility of getting loan by using the car title or ORCR (official receipt / car registration receipt). In this case, its going to be a car that is owned not personally by anyone but by a company. I will also be extending this discussion to individuals who own a company-financed car who want to use it to file for a loan. Here, the name who is listed as the owner is the company name itself and not the individual. This company owner on the other hand may either be of single proprietorship, partnership or corporate. Let me call this type of car collateral loan as corporate car loan.
Car Loan Vs Business Loan – 10 Major Reasons to Pawn Car in the Philippines to Get Your Business Going
Car loan vs Business Loan Comparison
As a top loan consultant for different lenders in the Philippines for both collateral loan and non collateral unsecured loan, I have seen different problems of borrowers. While many if not most of them didn’t know which particular loan to avail or apply best, there are a few who just don’t realize the potential of saving money from interest and payment thru prioritizing a collateral loan to apply. This is the reason why I wrote this post to make it clear that there are so many options with securing a loan and getting fast approval and release of cash proceeds in the Philippines. But always only thru collateral loan can you get fast approval at a less or lower interest rate.
Why a car loan or real estate collateral loan is your best choice especially if you have a business is what I will explain in the coming paragraphs. In the meantime, take it to account that if you need extra quick cash funds for whatever right reasons, a secured or collateralized loan is your best bet. A business loan on the other hand is a good second choice if you don’t have anything to use as a collateral.