Published: May 7, 2021 | Updated: May 14, 2021 | Posted by: Moneymax | Loans
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.
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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.
SB Finance Car4Cash comes with many benefits for car owners in need of quick cash in the Philippines.
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.
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.
For auto title loans, SB Finance accepts car model years of 2011 and above (units that are up to 10 years old).
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.
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.
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
If you want to know SB Finance Car4Cash’s interest rates, you can refer to the table below.
|Age of Car||12 Months||18 Months||24 Months||36 Months|
|0 to 5 years||1.25%||1.25%||1.50%||1.75%|
|6 to 10 years||1.50%||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.
Primarily, Filipinos who own a car and meet the qualifications below are eligible for the SB Finance Car4Cash program.
In addition to the eligibility requirements listed above, your vehicle must also meet these qualifications so that you can apply for SB Finance Car4Cash.
If you have met all the qualifications for the Car4Cash program, you can start preparing the supporting documents for your car auto loan application.
Employed applicants interested in getting an SB Finance Car4Cash loan will have to submit any of the following income documents:
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.
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.
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.
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.
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.
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:
For your reference, the fees and charges involved in the SB Finance car title loan are the following:
Related article: Personal Loan Fees and Charges to Consider Before Borrowing Money
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.
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.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.