- Interest Rate
- You Pay
- ₱ /mth
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User your vehicle's OR/CR to loan additional funds
|Min. Financing Amount||₱100,000|
|Max. Financing Amount||₱1,000,000|
|Min. Loan Tenure||1 year|
|Max. Loan Tenure||3 years|
|Interest Rate||16.80% to 27% per annum|
|Approval Duration||2 to 3 business days|
|One time set up|
|Processing Fee||3.00% of approved loan amount|
|Stamp Duty||₱400 (including notarial fee)|
|Age requirement||Age 21 - 60|
|Employment eligibility||Must be regular employed or self-employed|
|Min. salary requirement||₱25,000 gross per month|
|Guarantor / Collateral requirement||vehicle's OR/CR|
|Need to open linked bank account?||No|
|Other details||Get a loan using your current vehicle's OR/CR as collateral|
Welcome Bank is a subsidiary of Welcome Financial Group, a specialized retail banking provider from Korea established in 2002. They offer a wide range of financial solutions to retail consumers from credit lines and loans, to banking products such as savings accounts, to digital banking services.
One of their offerings to the retail market is their auto finance loan - this isn’t a car loan, but rather a type of loan where a car is used as collateral. A good alternative for those who need a bigger loan amount but fall short in the eligibility department to qualify for more premium loan products.
With Welcome Bank's Auto Finance Loan, you can use your current vehicle's OR/CR as a collateral to get financial assistance when purchasing your next vehicle.
You can apply for a Welcome Bank Auto Finance Loan using our online application form. Our Customer Care Agent will contact you shortly to guide you through the application process.
You can loan from up to PHP1 Million with Welcome bank’s auto finance loan depending on the appraisal of your car.
Application and approval for the auto finance loan takes 2-3 business days.
Welcome Bank requires their autofinance loan applicants to meet certain eligibility requirements and provide the following documents.
*Additional documents may be required during credit evaluation.
The estimated monthly interest rate for Welcome Bank’s Autofinance Loan is 2.25% but it can go as low as 1.4% depending on their assessment.
Repayment options are from 12 to 36 months.
The following fees will be deducted from your loan amount:
The Welcome Bank Auto Finance Loan calculator provides you with a rough estimate of how much your monthly amortization will be based on your desired loan amount and payment term (tenure). You only need to fill in the amount of loan you’re applying for and your preferred tenure.
You may check your loan status by visiting Welcome Bank's 'My Page' on their homepage.
You can check your Welcome Bank Auto Finance loan balance by logging in to your account.
Your loan application is stil subject for approval once you passed all needed requirements aside from participating in credit verification.
This loan product is specifically made for car owners who are willing to put up their car as bank collateral for a bigger loan amount. While we don’t necessarily encourage such practice if the need calls for it, this should be a faster option to access a better loan opportunity for a lower interest rate.
SB Finance, a subsidiary of Security Bank offers a unique product that allows you to borrow cash with the use of your vehicle’s official receipt or certificate of registration (OR/CR). You can borrow from ₱100,000 up to ₱2,000,000 with interest rates starting from 1.25% per month. Get approved within 5 - 7 banking days and repay your loan up to 48 months. You can apply if you have at least ₱15,000 monthly income.
As one of the leading banks in the country, BPI offers top customer service for your financing needs. For the BPI personal loan, loan amount ranges from ₱20,000 to ₱1M and payable starting from 1 up to 3 years. Interest rate starts at 14.4% per annum and can be approved within 8 - 14 business days. You are eligible to apply if you have a minimum monthly salary of ₱25,000.
Delivering the level of reliability of an international bank, Citi offers numerous advantages as a financial services provider. With Citi personal loan, it offers one of the longest loan tenure options in the market of up to 5 years. Borrow from ₱20,000 up to ₱2M at competitive interest rates starting from 26.9% per annum. Approval duration is as fast as 24 hours. To apply, you need to have at least ₱21,000 monthly income and an existing credit card holder.
Similar options are still few in the market, however, you can also consider the common loan products as you take a look at our list of personal loans to help you compare and choose the right one for you.