Car refinancing loan is a savior. A redemption offer to all car
financing and used car loan borrowers who are having a hard time paying for the monthly
amortization with the bank or private lending company. Another name we call it is "car loan takeout".
It also saves the borrower from ending up with a foreclosure or repossession of the car under mortgage program and best of all, it prevents the owner from ending up with a car loan replevin court case. This is a case filed by the legal department of banks and lending companies in response to breach of loan contract or for not being able to pay in time for at least 2 months. If this happens, your case will be turned over to the legal department for proper filing of a replevin case.
In case you did not know, a replevin case will be tagged under your name the moment the legal department of a bank or lending company files for a law case for not paying your car mortgage. If that happens, there are so many bad implications in your credit status in the Philippines.
Negative Impact of Having a Replevin Case Filed Under your Name
Having a C MAP of replevin case appearing under your name will cause you to get declined of all other types of loan application. This includes but is not limited to buying new car / using car as collateral or any other types of loans / buying second hand car / buying a house under mortgage bank or lending companies and many more.
Now, there are so many ways that you can resolve ths problem to avoid getting in to bad credit status and prevent having a court case or ending up with a foreclosed property or asset. One is to apply for a loan refinancing (applicable for both house and lot loan and car loan). In the case that a car is your collateral, you may opt in to apply for car impounding loan or car refinancing. Others call it as car loan payoff balance / assume balance / car loan buyout / car loan takeout.
Depending upon the provider and type of refinancing option you choose or will qualify, there are different sets of requirements for each. I will enumerate all these options so that before any application takes place, you already know what to expect.
3 Types of Car Loan Refinancing Options
There are currently 3 types of car loan refinancing. One is via OR CR without taking your car, the second is thru car loan payoff / buyout or takeout and the last one is via impounding (surrendering your car unit to the lending company).
1. Refinancing via Car Impounding - While most of our client prefer to retain their cars, not every borrower will qualify for it. There are cases where the mortgage balance is too big for an OR CR without taking your car option. In this case, we will pre-qualify you and upon advise of our lending company provider, we will let you know should there be a need to repossess or surrender your vehicle or not. On the other hand, for those who are in the brink of repossession or sheriff of their car, impounding is the best option. It is much faster in process and will involve hassle-free procedures and less requirements.
Processing time will only take 1-3 hours if there will be no problem with your car loan provider or the financing company with which your car is under mortgage with.
The interest rate will range from 2% - 2.5% monthly add on.
2. Without Taking Your Car - To qualify for car refinancing without taking your car option, the balance of the car under mortgage program must not exceed 20% of the total value. This means that the applicant borrower must have paid at least 80% of the total mortgage value as computed based from the history of payment or SOA (statement of account) / car loan contract and monthly amortization.
Without Taking your Car Requirements:
Same set of requirements apply with this option for car refinancing. Additional pre qualifying requirement is that the car must still be in your (owner) possession and not yet repossessed plus no legal case is filed yet against you.
The time to take for the final loan application approval will depend on the provider where you will qualify or choose to apply with. Again, we have at least 2 providers for this one. We will have to subject borrowers for this type of collateral loan in a 2-3 minute short pre qualification interview to find out what provider fits best.
The same interest rate applies as with the refinancing via car impounding loan which is 2% - 2.5%.
Depending upon your need and your qualifications, you will have to undergo a short 2-3 minute pre-qualification interview from us to determine which car refinancing provider is tailored fit to your need. In the meantime, below is an overview of what you can expect.
By now, you must be ready to apply and have chosen which of our 2 providers for car refinancing you can qualify or want to apply with. Don't worry if you are still confused because we will undergo you to a short 2-3 minute pre-qualifying interview to help you decide. In the meantime, you may fill up our car refinancing application form below for faster processing. One of the representatives from Fast Loan will call you as soon as we receive your concern or you may call us now.
home office phone: 542 7015 (mobile PLDT) / 775 6277 (PLDT)
Sun Cellular No 0932-872-5532
Smart Cellular No 0939 - 9269335
Globe No 0917-501-9245
Email application form at firstname.lastname@example.org or email@example.com