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.
July 5, 2017