Car Loan (Take Out) in the Philippines

Qualifications:

  • 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)

Collateral:

  • 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 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.