SB Finance Car4Cash Guide: How to Get a Loan Using Your Car’s OR/CR

Moneymax Editorial Team

Moneymax Editorial Team

Last updated October 25, 2021

There will be a few instances in your life when you'll need a great amount of cash immediately. You may be planning to renovate your home, fund your child’s education, or start a business. You may be also dealing with emergency expenses, such as a family member’s hospitalization.

In such situations, you may find yourself going to a jewelry pawnshop. But such places, however, can only offer so much. If you have a car, why not get a loan using your OR/CR? When it comes to that, SB Finance Car4Cash is one of the best options that you can go for.

Below are some of the important things you need to know about this car title loan and how it can help you with your situation.

What is SB Finance Car4Cash?

Car4Cash is an unsecured loan from SB Finance, a partnership between Security Bank and Thai bank Krungsri. This auto title loan is for vehicle owners who need quick cash.

When you apply for the SB Finance Car4Cash program, you're submitting your car’s OR/CR (Official Receipt and Certificate of Registration) for safekeeping so that you can borrow money. The amount you'll receive, however, will depend on the appraised value of your car. So, in essence, a car that has received proper maintenance and upkeep may fetch a larger loan amount.

Read more: Borrower’s Guide to Unsecured Loans in the Philippines

What are the Benefits of Car4Cash?

SB Finance Car4Cash comes with many benefits for car owners in need of quick cash in the Philippines.

High Loanable Amount

If your car title loan application is approved, you can borrow from PHP 100,000 to PHP 2 million. Remember, though, that the loan amount you'll qualify for will be based on the thorough assessment of your car and its fair market value.[1]

Flexible Loan Term

SB Finance Car4Cash has flexible loan terms (12, 18, 24, and 36 months). This means you can choose a payment term that will suit your current situation, budget, and repayment capacity.

Wide Range of Accepted Cars

For auto title loans, SB Finance accepts car model years of 2011 and above (units that are up to 10 years old).

No Need to Surrender Your Car

car title loan - SB Finance Car4Cash benefit

Some car title loan providers require borrowers to surrender their car, which means that their auto will stay untouched in the lender’s garage for months.

With SB Finance Car4Cash loan, you’ll only need to submit your OR/CR for safekeeping. This is a favorable term, especially for borrowers who use their cars for livelihood. However, keep in mind that some conditions may apply.

Low Interest Rates

The interest rates of SB Finance Car4Cash program start from 1.25% to 2%. Your interest rate will still depend on the age of your car and your loan term.

Low Processing Fee

To process your loan, SB Finance will charge you only 3 percent of the approved loan amount.

Related article: 4 Signs You Need a Personal Loan in 2021

What are the Rates of SB Finance Car Title Loan?

If you want to know SB Finance Car4Cash’s interest rates, you can refer to the table below.

Age of Car12 Months18 Months24 Months36 Months
0 to 5 years1.25%1.25%1.50%1.75%
6 to 10 years1.50%1.50%1.75%2.00%

Note that the rates and charges of this car motor vehicle loan are subject to change without prior notice. Your application will also be subject to SB Finance’s credit policies and procedures.

Who Should Avail of SB Finance Car4Cash?

car title loan - SB Finance Car4Cash eligibility requirements

Primarily, Filipinos who own a car and meet the qualifications below are eligible for the SB Finance Car4Cash program.

General Qualifications

  • At least 21 years old but not more than 65 years old upon loan maturity
  • Filipino citizen
  • With an office or residential landline
  • Residing or working within Security Bank’s service processing area

Qualifications for Employed Applicants

  • Regular employee or employed for at least one year
  • Minimum gross monthly income of PHP 15,000 (Metro Manila) or PHP 12,000 (outside Metro Manila)

Qualifications for Self-Employed Applicants

  • An owner or a majority owner with at least 40% stake in the business
  • Running a business with a positive net worth in the last two years
  • Minimum gross monthly income of PHP 100,000

What Cars are Accepted for the Car4Cash Loan?

car title loan - SB Finance Car4Cash vehicle qualifications

In addition to the eligibility requirements listed above, your vehicle must also meet these qualifications so that you can apply for SB Finance Car4Cash.

  • Registered under the borrower’s name or under the business name, if the business is a sole proprietorship owned by the borrower
  • Owned by the borrower for at least six months at the time of car title loan application
  • Should not be encumbered. This means that the car loan has been fully paid.
  • Either a passenger car or a pick-up (Trucks are not accepted.)
  • Not for commercial use (e.g. used for Grab or any TNVS)
  • Not a public utility vehicle or yellow plate (e.g. taxi, jeepney, UV Express, FX, etc.)
  • Can be brand-new or used
  • Maximum age of 10 years at the time of application

What are the SB Finance Car4Cash Requirements?

If you have met all the qualifications for the Car4Cash program, you can start preparing the supporting documents for your car auto loan application.

General Documentary Requirements

  • Filled out and signed loan application form
  • Photocopy of one valid government-issued photo-bearing ID
  • Photocopy of OR/CR (Must be under the borrower’s name, unencumbered, and owned for at least six months)
  • Screenshot from Google Maps of home and company address

Additional Documentary Requirements for Employed Applicants

Employed applicants interested in getting an SB Finance Car4Cash loan will have to submit any of the following income documents:

  • Certificate of Employment and Compensation (issued within the last two months)
  • Latest ITR / BIR Form 2316
  • Latest one-month payslip

Additional Documentary Requirements for Self-Employed Applicants

  • Latest one-year Audited Financial Statement with at least the previous year’s comparative financials
  • Business Permit/Mayor’s Permit
  • SEC Registration/DTI Certificate
  • Latest three-month bank statements
  • Latest General Information Sheet (if registered as a corporation)
  • List of three trade references (at least one supplier and one customer) with contact details

How to Get an SB Finance Car Title Loan

The car pawning process at SB Finance is streamlined, and it follows at least five simple steps. Note, however, that some parts of the process may change without prior notice.

1. Check Your Eligibility Criteria

Before you proceed with the application, you have to check first if you’re eligible for the loan. Once you’ve ticked off all the qualification requirements, start gathering all the necessary documents. Don’t forget to check them thoroughly, so you can correct any mistakes and inconsistencies before submitting them.

2. Submit Your Application

car title loan - SB Finance Car4Cash online application

There are two ways to submit your car title loan requirements. Either you apply at the nearest branch of Security Bank or submit your application online.

3. Wait for the Confirmation

Once you have submitted all the requirements, wait for the bank’s confirmation via email or SMS. Be wary of scammers trying to imitate the bank. Transact only with the bank’s personnel through authorized channels.

The SB Finance car title loan process takes between five and seven banking days, provided that you’ve submitted all the requirements, or the bank has verified that you don’t have any adverse findings.

4. Have the Car Appraised

If all goes well, your car will be eventually appraised. Appraisals are held at any of the following: SB Finance Hub, SBC Branch or satellite office, your residence, or any other location that you prefer.

5. Wait for the Release of Cash

Once your application is approved, your car is appraised, and you agree to the terms and conditions, the loan proceeds will be released soon. Usually, the proceeds are disbursed via a manager’s check. But if you have a Security Bank account, you can have the money credited to it.

You can personally claim the loan at the Loan Releasing Area (No. 849-A GF Keyland Building, Arnaiz Avenue, Makati City) or at the branch where you applied for the car title loan.

Don’t forget to bring the following when claiming your loan amount:

  • If employed: Original company ID and one valid government-issued ID
  • If self-employed: Original two valid government-issued IDs

See also:

SB Finance Car4Cash Fees and Charges

For your reference, the fees and charges involved in the SB Finance car title loan are the following:

  • Processing fee: 3% of the loanable amount
  • Notarial fee (for PHP 100,000 loan and up): PHP 200
  • Documentary stamp tax (for PHP 250,000 loan and up): PHP 1.50 for every PHP 200 of the loan amount
  • Late payment fee: 3% of the amount due or PHP 500, whichever is higher
  • Pre-termination fee: PHP 2,500

Related article: Personal Loan Fees and Charges to Consider Before Borrowing Money

How to Pay Back the Car4Cash Loan

You can repay your loan to SB Finance via post-dated checks (PDCs) only. So if you get approved for the car title loan, open a checking account immediately if you don't have one yet. This way, you won't miss any loan repayment.

Final Thoughts

If you’re looking for quick cash, the SB Finance Car4Cash loan makes a great choice. Not only does it offer a high loanable amount, but it also lets you keep your car while you're repaying the loan. On top of that, the car title loan application process is fairly simple, which means you can easily get the cash that you need.

SB Finance ORCR Sangla apply here

Source: [1] Car Depreciation: What Factors Affect Car Values?

The Moneymax Editorial Team consists of talented and experienced writers, editors, investors, and subject matter experts on a mission to help Filipinos build healthier financial lives. Browse the Moneymax blog for information and advice on credit cards, loans, insurance, investments, and other personal finance topics. For more financial news and articles, follow Moneymax on LinkedIn.


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