Compared to car loan without taking your car, car impounding loan gives the borrower a faster choice in getting cash in exchange for an auto to use as collateral. With very minimal and easy to produce requirements, a short term of as quick as 3 months is made available as a choice for the loan applicant. Provided that he or she is willing to have the vehicle surrendered to the lending company, all else will be a breeze with respect to processing duration which usually takes from 1-3 hours only.
Try to balance the pros and cons by looking at our own comparison chart below revealing important factors to consider by the borrower when applying for car loan in the Philippines thru our Fast Loan service.
3 Biggest Charges in Car Loan:
In case you didn't know it, there are basically 3 different big charges incurred and deducted in your loan for car loan in the Philippines when you apply and get approved of one using your auto as collateral. On the other hand, car impounding loan tends to be different with our private financier. They charge you less. Try to see below:
You can start comparing by looking at these 3 big charges below.
Car Impounding
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Without Taking Car
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Fees to Be Collected:
Requirements:
Processing Time:
Loan Term and Amount:
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Fees to Be Collected:
Requirements:
Processing Time:
Loan Term and Amount:
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Different loan borrowers have different prerogatives and reasons why
they want to borrow money from a lender. These lendees have to be
listened to in order to meet halfway with providing a good experience
and service with a loan application. As a qualified top loan consultant
who is duly accredited to multiple legitimate lending companies and
banks in the Philippines, I know how it works. I can give outright
assurance if an application had bigger chance of approval or if it might
get disapproved / declined. I have my own process of pre qualification and analysis and I've
learned to perfect this process with more than 3 years of experience
assisting hundreds of car loan applicants in the country.
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Apart from the comparison above, you have to use a loan calculator to realize and come up with a huge advantage seeing marginal difference in loan fees and charges at the end of the loan application and approval. Try to apply with 2 lenders and you'll know it. |
Loanable amount is also vast when we speak of range of choices with
a car impounding loan vs the OR CR loan or car loan without taking your
car option.The reason? Lenders give priority to car impounding loan applicants because they have the car surrendered to them which is actually what car collateral loan is all about in the first place. Furthermore, lending companies won't even have to mortgage the car. A memorandum of agreement or MOA contract is all both parties need to sign. This way, no additional fees will be collected like a possible waiving of the C.I. fee and mortgage fee with the Registry of Deeds (RD or LRA).
While our best effort is made to explain to our clients the different advantages for availing of this type of collateral loan in the Philippines, we deem it best to show what convenience car loan impounding can offer using a question and answer format with our list of FAQs below. This way, we may be able to make it clear why we strongly suggest this type of loan to specifically qualified lendees.
1.) How to apply for car impounding loan?
2.) How do I qualify to apply?
3.) How much loanable amount may be approved of my car?
4.) What is the loan payment term?
5.) What is the mode of payment?
6.) How to contact us?
7.) Do you accept applicants from military, media, muslim brothers and other similar personnel?
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