Second Hand Car Loan Philippines

Best Buy In The Philippines: A Second Hand Car Loan To Suit Every Budget

The Philippines is a tropical country in Southeast Asia that is home to car enthusiasts and car buffs alike. Mechanics with unbridled skills of restoring an otherwise hopeless junk abound in many parts of the 7,100 islands.

Filipinos, dedicated car owners that they are, actually have some unique habits when it comes to taking care of their cars.

For one thing, they tend to preserve the plastic on the seats and door panels of their brand new cars.

And whether the car is brand new or have passed hands through 20 or so owners, there should always be a rosary, or any religious figure in the rear view mirror – for a safe trip, always.

Second Hand Cars Among Prized Possessions Of The Filipino

In the Philippines, sales of second hand cars usually peak during the school graduation period, which is March to April. A lot of parents want to reward the hard work of their children (either finishing high school or earning a college degree) with wheels!

A most encouraging development for the buyers of second hand cars is the proliferation of financing institutions willing to bankroll such a purchase.

It used to be that buyers of used cars needed a lot of cash to be able to make a purchase. Now, loans abound and acquiring second hand cars is not longer as difficult.

Providers Of Second Hand Car Loans In The Philippines – From Big To Not-So-Big Financing Institutions

Financing of a second hand car loan may be through the usual channels like a bank or a car dealership.

Lately, independent financing institutions have included a used car loan package in their roster of products. Many multi-purpose cooperatives have also included a similar loan in their loan portfolios.

Second Hand Car Loan Philippines – Easy As 1-2-3

In the Philippines, many independent loan providers offer low interest credit.

In the case of a second hand car loan, some low-interest financing institutions could offer to cover the remaining 70% of the total price of a vehicle. What’s more, their interest rates are far easier to manage than those of banks and other traditional financing institutions.

Useful Parameters For A Second Hand Car Loan

In some financing companies, models of popular car brands that are 1995 and up are acceptable under low interest financing schemes.

What’s more, paperwork is very limited and practically painless. Often, a photocopy of the official receipt (OR) and the Certificate of Registration (CSR), along with an offer to sell, are all that’s required for a loan to be processed.

As far as the seller is concerned, other supplementary documents needed are an original and notarized Deed of Sale, a clearance from the Philippine National Police, and the latest picture of the vehicle to be purchased by the borrower.