Car Loan in the Philippines

Qualifications:

  • Car Model 1991 and above
  • Luxury Car 1988 model

Loan Terms:

  • Loanable Amount: 80% of FMV
  • Interest: 2-3%
  • Term: 3-36 months

Documents to prepare:

  • Original Copy of OR/CR upon release; photocopy upon application
  • Actual appearance of vehicles upon loan released
  • Original CTC (Cedula), TIN w/ proof
  • Stencil of motor no. and chassis no. upon application
  • Latest picture of the vehicle upon application
  • Usual requirements apply if the borrower is w/business, seaman, OFW, doctor or employed

 

3 Things You Need to Remember to Avoid Paying High Rates for a Car Loan

When you have finally decided to get your dream car, it is high time to get auto loans online. This is a much better option since everything can be processed easily. You don't have to step inside a bank or a firm just to get the loans. Once your auto loans application has been approved, you have nothing to worry anymore. This is true for SimplexLoan. With us, you can get the best results in no time. However, just before you decide to get one, here are 3 things to remember so you won't have to pay high rates for an auto loan:

1.       Make sure that you compare and contrast car loan rates. Each online company offers different rates. Thus, you have to ensure that you get one that fits your ability to pay. You must not be burdened by the interest rates or else you won't be able to pay off the auto loan at all.

2.       Opt for a used car loan if you wish to spend less. There are used cars that are still working on their optimum. Thus, you can grab the opportunity to apply for this type of loan and not spend much in the end. You can even use a car loan calculator to compare the amount that you will probably save.

3.       Look for promotions and discounts. Check if they offer promotions and discounts if you have another account with their partner banks or firms. You can also check if they offer reduced rate if you get online coupons. This will help in reducing your overall payment somehow.

You don't have to spend much for auto loans if you know exactly what needs to be done. In fact, you can even get a better car model if you maximize the car loans that you have taken. Again, just remember to pay everything on time to avoid messing things up. Rest assured, with SimplexLoan, you will be given the best customer service possible. 

Also, check our another offer Car Loan Take Out

 

No Collateral Required

Basic Documentary Requirements

Eligibility Requirements:

  1. Must be at least 21-65 years old;
  2. With a minimum monthly income of P10,000;
  3. Preferably with an owned Collateral (house, car, lot etc.);
  4. With a co-maker (spouse or any relative);
  5. Duly completed and accurately filled out SimplexLoan.com form.

Note: Incomplete form will not be processed.

Documentary Requirements

1. Proof of Identity

Any two (2) of the following Government IDs:

  • SSS or GSIS ID;
  • Voter's ID;
  • Driver's license;
  • PRC license;
  • Passport;
  • Marriage Contract of all parties to the transaction, if applicable.

2. Proof of Residency

Any one (1) of the following Utility Bills (under applicant's name)

  • Electricity bill;
  • Water Bill;
  • Cable Bill;
  • Telephone Bill.

3. Proof of Income

A. For Employed: (Locally Employed)

  • Latest Income Tax Return or BIR Form 2316 or Pay slip for at least three (3) months;
  • Original Certificate of Employment and Income (COEI) within six (6) months from date of issuance.

(Employed Abroad)

  • Latest Crew Contract & Employment History (for seamen);
  • Employment Contract or Certificate of Employment and Income (COEI);
  • Proof of remittance or allotment slips or pay slips for the past three (3) months.

B. For Self-employed/Business Owner

  • Photocopy of Audited Financial Statements (AFS) for the last two (2) years with latest ITR with BIR or Bank Stamp;
  • Sole Proprietorship - Certificate of Business Registration with DTI;
  • Business/Mayor's Permit;
  • Last six (6) months bank statements or photocopy of passbook (with account name and account number);
  • Business Background/Company Profile;
  • Proof of other income (if any).

Why Choose Us

1 LOWEST INTEREST RATE - GUARANTEED

Peer-to-peer lending was conceived as a way to democratize finance, by using technology to bring borrowers and lenders together. Individuals could make their pitches to borrow money or offer credit without the involvement of institutional lenders.

2 EASY REQUIREMENTS

Verification and security are important parts of our process. In order to complete your loan application, we verify your identity and income mostly by submitting your documents online.

3 FAST RELEASE

It generally only takes 24 hours from receiving all your relevant supporting documentation to provide the applicant with a decision.

4 CUSTOMER SUPPORT

Simplex Loan is not your ordinary company, so expect extraordinary customer support around the clock. Remarkable customer service has the power to change someone's day or even life.