Sangla OR/CR is a collateral loan, a secured loan, that requires an asset as guarantee or security for the loan. But instead of impounding your vehicle, the lending or financing company will only keep the original Official Receipt and Certificate of Registration of vehicle as collateral.
One of the top financing the offers such collateral loan is Asialink Finance Corporation (AFC) and it’s operating since 1997.
Today, it has more than 80 branches the Philippines, located in Luzon, Visayas, and Mindanao.
Other affiliate companies were South Asialink Finance Corporation, Global Dominion Financing, Inc., Tanay Rural Bank, Cepat Kredit Financing, Inc., and other credit-and-collection companies.
Other affiliate companies were South Asialink Finance Corporation, Global Dominion Financing, Inc., Tanay Rural Bank, Cepat Kredit Financing, Inc., and other credit-and-collection companies.
They usually offer same type of loans as AFC.
Loan Products
These are the loan products that are usually available in financing companies. Other loan products where discontinued since the beginning of COVID19 pandemic.
- Car Loan - most brands are accepted, aged 15 years old and younger. Some are subject for approval if okay to process, like luxury cars and Chinese brands. They are usually okay to process but with minimal amount of approval.
- Truck Loan - same with car loan, most are accepted and with exemptions.
- Motorcycle Loan - same with truck and car loan but 8 years old and below only.
- Tricycle Loan - this loan is for motorcycle with sidecar both private and for-hire.
- Multicab Loan - this is for multicab private vehicle only.
Basic Requirements
These are the basic requirements:
- Application Form - can be obtained for free at any lending office or branches, can be downloaded at their website, and/or ask a loan/agent consultant.
- 2x2 pictures - your latest picture;
- 2 valid IDs - any government issued plasticized ID with photo, name, signature, and address. Valid, means not expired. e.g. passport, UMID, driver's license, and SSS;
- 1 latest original proof of billing - Any latest of two, water bill or electric bill. Bill must be with in 2 months. Some financing companies accept landline bills as proof-of-bill;
- 2 proof of residency - sometimes this is required if c.i. at your residence is not required. Proof of residence is any document under your name with the same address at your declared present address. e.g. barangay clearance, police clearance, phone bill, credit card bill, etc.;
- Sketch of residence - sketch of residence from nearest landmark of your town to your residence.
- Documented proof of income - any document that shows your monthly income. For employed, 3 months pay slip, certificate of employment, and company ID. If income is business, requirements are, business permit, DTI, - for corporation, SEC registration, article of incorporation or general information sheet - and latest 3 months of bank statement. If income is remittances, latest 3 months of proof-of-remittances.
- Car/Multicab Loan - basic requirements plus updated original Certificate of Registration and Official Receipt of vehicle. Must be latest, free from encumbrance (fully paid), and under borrower’s name. If under deed-of-sale, it must be transferred under borrower’s name upon release of loan proceed.
- Truck Loan - basic requirements plus same requirements as car loan, also without taking your truck, but borrower's income must be related to trucking or hauling service.
- Tricycle / motorcycle loan - basic requirements plus latest or valid MTOP (Motorized Tricycle Operators Permit) is required if vehicle is not private.
Approval, usually takes one day only if document required is complete and clean with no discrepancies.
Interest rates depends on economic situation. Usually starts at 1.25% to 1.35% per month.
Sometimes, terms of loan and year model of collaterals may effect interest rate.
If you have other questions, you may visit my contact page or click here or the contact form below:
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