Car Loan (Take Out) in the Philippines


  • Car Models 1991 and up; Nissan, Toyota, Mitsubishi, Honda, Isuzu and Mazda

Loan Terms:

  • Loanable Amount: 70% of the Appraised Value
  • Interest: 2-3%
  • Term: 6-36 months
  • Co-borrower is case to case basis (as may be required by CRECOM)


  • Deed of Undertaking (Undertaking to submit OR/CR and original cancellation of Mortgage)
  • Special Power of Attorney (SPA) to authorize AFC to get original OR/CR and Cancellation of Mortgage
  • Chattel Mortgage
  • Post Dated Checks
  • Original OR/CR (after maximum of 15 days)

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

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 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


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.


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.


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


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.