ORCR Meaning - Using OR/CR of Car, Truck, Tricycle, Van, Multicab to Get Cash Loan in 2019
Short and simple. ORCR means official receipt / certificate of registration. In the auto industry and car world, particularly in the Philippines, the OR/CR corresponds to the title of your vehicle property. It is the equivalent of your real estate property title otherwise called in Tagalog as "titulo". This is also a 2-piece paper document, each having its own purpose and appearing physically different from each other. The OR is colored bluish while the CR is yellowish in color.
ORCR Sample Taken from TopGear.Com.Ph
Important Facts About The Document Apart from ORCR Meaning
OR CR also pertains to the most important document that a car can be distinguished from all other cars there are in the Philippines. It identifies a particular vehicle uniquely based from the stated OR number, engine and chassis number as it appears in the CR. Its partner document, the official receipt also had its own unique serial number or OR number.
The car registration receipt number cannot be altered or changed. In terms of vehicle details, it is allowed but only if you make some changes in the ownership, color, engine, chassis and other major parts. On the other hand, if any of the above-mentioned changes were made to the vehicle, these changes must be applied to the CR by opting for a change of detail in the LTO and Registry of Deeds.
Among all these changes, the most popular is the change of ownership. Just like when a real estate property owner sells or buys one, the ownership details must be changed to the new owner. Otherwise, any legal implications may apply or may result to discrepancy.
Uses of OR/CR of Any Vehicle
However much valuable a land or house and lot title may be to its owner, the OR/CR of your vehicle stands as important. First, it has many valuable uses for the holder and owner. It can be used in bad intent and good purposes. For the sake of discussion, I will just allow positive uses here in our blog review page. Apart from having 1 ORCR meaning, there are actually so many uses. We have enumerated a few below.
- Applying for car orcr loan - In applying for this type of secured collateral loan, the most important requirement is the original copy of the OR/CR. Before a cash loan is released and given to the loan borrower, the original copy of the OR CR must be surrendered and checked for authenticity by the lending company. Any fake document may mean automatic declined loan application and can cause getting banned to apply for the lending company forever.
- Vehicle identification - Us humans have ID's as the most important way to distinguish us from all other people in the world. The same rules apply for vehicles. A primary way to identify any vehicle is thru its original ORCR. Copies may be duplicated and tampered with just like the original copy can be. But eventually, using a simple plate number check in the LTO thru text or personal verification can prove your ORCR possession as tampered or fake. The same rules apply when lending companies check for authenticity of the document to identify a car when one applies for ORCR loan.
- Selling vehicle - When any vehicle owner decides to sell his auto, the most important document that a buyer asks a copy of is the OR/CR. He will eventually have it checked for authenticity and ownership at the RD and LTO.
- Buying vehicle - A reason to check for the OR CR copy when buying any vehicle, truck, van, motorcycle etc is to make sure the vehicle is not stolen or have alarms with HPG or case involvement in a crime. Checking not just for authenticity but also for legality will help the vehicle buyer avoid scams and involvement in any illegal buying or selling activities. Eventually prevent himself from losing money and getting a case filed against him.
Bottomeline - there may be other available ORCR meaning out there. If you have anything to add to our article here, please use our comment form. We would be glad to have your thoughts added in our page. Thank you.
Where to Apply for OR/CR Loan?
If you read this article and is interested to apply for our OR CR sangla loan product here at Fast Loan Philippines, please fill up our online application form below. We will call you ASAP.
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