Car Refinancing

Our car refinancing offer (auto buyout or pay off) comes with multiple low interest rate options through our different top lending company providers from around the Philippines. We let these providers compete with each other indirectly through our loan consultation and application assistance service to loan borrowers for car refinancing choices. This way, we assure you of avoiding property repossession, put yourself out of stake of a possible replevin case and get approved to as many lenders as possible. This equates to giving you choices at the end of the loan approval so you can get quick cash after the processing. Let us first help you realize why you should hire us for our FREE loan application assistance and consultation service.

Top 10 Advantages, Disadvantages and Purposes of Car Refinancing

Many agents don’t know what they are up to when a client approaches them for car refinancing consultation. Here at Auto Loan Philippines – We do!

In case your purpose is good only for getting extra cash out of a mortgaged car through car refinancing, well, you are in the right track. But just to inform you, there are major reasons why we strongly advise this type of collateral loan to avail for our clients. These reasons usually come with different pros and cons but I can assure you that as minimal as the number of disadvantages, you will get your time’s worth through the countless advantages you will receive along by having us assist you with your car loan takeout.

8 Car Refinancing Advantages

1. Save you from the brink of car repossession due to unpaid balances and delinquent payments to the financing company (bank or private lender).
2. Avoid a possible replevin case filed against you by the bank or lender through their legal department. (Let me just remind you that a replevin case is forever to appear under your name unless settled and a court clearance is secured) (furthermore, it will give you your hardest time getting any form of loan approved in the future)
3. Get out of a possible bad credit status in your C-Map (credit mapping).
4. Get extra cash in exchange for using only your OR CR “without taking your car” for buffer fund or bridge financing in business or personal, corporate and special needs. (subject to approval and certain qualifications – requires at least 70%-80% paid mortgage loan)
5. Achieve a lower mortgage monthly payment compared to the original loan amortization.
6. Easier to pay for monthly loan payment due to lower loan amount base figure computation through a loan calculator.
7. Retains your good credit standing for future loan application purposes from buying new car, used car financing or even all forms of collateral and non collateral cash loans.
8. Prevents you from losing your car.
9. Get money even if car is not yet fully paid in your financing company.

2 Car Refinancing Disadvantages

1. New loan to pay and start again.
2. New loan contract to sign and new lending policies to follow.

Interested to Apply? Download Application Form HERE and send to samcasuncad.ofwcashloan@gmail.com together with your car refinancing basic requirements (2 valid IDs and copy of OR CR + statement of payment with bank or financing from start to finish).

You may also Fill Up Our Online Form Below

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Pre Qualifying Requirements

1. Car must be at least 1996 year model and in good condition
2. Borrower must be the registered owner as stated in the OR CR
3. Mortgaged car must not yet be in the legal department of bank or financing company. Otherwise, car impounding loan is the only option but is still subject for approval.
4. Car must not yet be under sheriff or repossessed / impounded
5. Car must be available for engine and chassis number stencil and physical check
6. Borrower must have source of income (unless applying for impounding) or must provide a comaker / coborrower immediate family member with income

Documentary Requirements

1. Completely filled up car refinancing application form. Download HERE.
2. Photocopy of 2 valid IDs in one page
3. Copy of OR / CR (with encumbered notation from bank or financing company)
4. Complete history of payment (start to latest) or SOA
5. Proof of income – If with business, must provide Barangay Permit + Mayor’s Permit + DTI + 3 months latest bank statement. If earning out of leasing an apartment or property rental, must provide notarized contract of lease + 3 months latest bank statement. If employed, must provide 3 months latest payslip and COE. If with remittance from abroad, must provide 3 months latest remittance receipt / 3 months latest bank statement.
6. TIN ID or any proof of TIN

Interest Rate

• 1996 – 2002 year model cars – 2.5 %
• 2003 – latest year model cars – 2.0 %

Loan Payment Term

• 3 months – 24 months (requestable up to 36 months but subject for approval)

Processing Time

• 5-7 days or depending upon correctness and sufficiency of submitted documents subject for our credit committee evaluation and bank or financing company cooperation where the car refinancing application is to be negotiated with

Loanable Amount

• 50K-1M or depending on or equivalent to 70%-80% of fair market value appraisal (market sale value based from sulit or olx or carmudi)

Who Qualifies to Apply for Car Refinancing?

1. Those who have a car financed under bank or private lending company and have paid at least 70%-80% of the principal financed or mortgaged value of the unit.
2. Those vehicle or car owners whose auto is in the brink of repossession or impounding by their provider under legal proceedings of failing to comply with loan payment terms and contract.
3. Those who needs quick cash whose second hand / used / brand new is under financing by a bank or private lending company or any third party but must have paid at least 70%-80% of the loan mortgage total.
4. Those who needs to apply for cash loan and would like to use a financed car whose OR CR is not yet cleared of encumbrancy due to ongoing mortgage plan.
5. Those who needs to lower their monthly financing amortization payment and is willing to use OR CR of vehicle without taking car as collateral
6. Those who want to avoid foreclosure and getting their car repossessed and end up with a replevin court case. Get quick cash instead as additional revolving fund for business or other investment and personal purpose expenditures