Which Bank is Best for Car Loan?
Auto Loan Philippines have scoured the internet and online blogs out there. The purpose is to come up with an answer to one of the frequently asked question for car buyers and loan borrowers. When we say loan borrowers, we mean secured loan thru auto pawning. So, which bank is best for car loan in the Philippines? In order to answer both concerns, we did a short research and found online reviews. We have combined all bank offers and compared it with private lender rates to see the difference. This way, it would be easy for you to decide whether you are buying a new car or pawning one.
Best Bank and Lowest Interest Rate for New Auto Buyers
Based from data taken from a comparison website called imoney.ph Metrobank is the best option for new car buyers. This bank is a priority if you are looking to buy a new car. The bank has the best offer you can get compared to other bank offers for the lowest interest rate. Metrobank only offers 4.79% while other popular prime banks like BDO has 8.24%, Eastwest Bank has 5.83%. Second to the lowest offer is from RCBC Savings Bank which is 5.05% and the Third lowest offer is from Security Bank which is 5.07% effective interest rate.
There are 2 private financing company players found in the online resource we have read from imoney.ph. These companies were South Asialink Credit Corporation (SACC) and Global Dominion Financing Inc. (GDFI). Both offer a very large margin of interest rate compared to banks. GDFI rate is at 15% while SACC is at 15.6%. This interest is almost twice the rate of bank offers. Take note that these rates are applicable only for those who are looking to buy a new car.
Best Option with Lowest Interest Rate for ORCR Sangla Loan Without Taking Car
In the case of people looking to apply for private car loan or car pawning using ORCR sangla without taking car, there is a different rate offer by lending companies and banks. It is undeniable that banks are an unbeatable financing company to apply with respect to low interest rate. Private lending companies however have the edge with respect to processing time. The downside to going for a bank is that the process takes longer than private lending companies as mentioned above. Private lending companies can process car loan without taking your car in as fast as 24 hours (1 day) provided the borrower have complete documentary requirements. He or she must also be willing to do full cooperation to lending policy, terms of loan application and company process.
If you are looking to pawn a fully owned car via private car loan, consider applying with us. We can give you the convenience of privacy of application. You won’t have to wait in the long line with us if you submit complete documents online thru Viber, IMO, Whatsapp or any messaging app. Our providers no longer require PDC or cheque for payment for 400k loan and below. No C.I. or credit investigation and no coborrower for lendee with enough source of income to pay for the loan.
For free assistance to apply for car loan without taking your car, visit our page here – http://www.autoloanphilippines.com/car-loan-orcr/.