Security Bank Corporation’s consumer finance arm SB Finance Corporation (SBF) has launched a car title loan that provides vehicle owners quick access to cash in exchange for their car’s OR/CR (Official Receipt and Certificate of Registration).
In a statement, the bank said Car4Cash will allow borrowers to avail up to P2 million with a competitive low interest rate of only 1.25 percent and flexible payment terms of 12 to 36 months.
A highly successful loan product in Thailand, SBF brings Car4Cash to the Philippines through its joint venture with Bank of Ayudhya (Krungsri).
SBF leverages Krungsri’s expertise in risk management and SBC’s knowledge in the local market to introduce an attractive loan offer to Filipinos who need fast cash in their time of need.
Car4Cash requires borrowers to submit their OR/CR for safekeeping, while allowing them to keep their vehicles for the duration of the loan term.
“A key competitive advantage of Car4Cash is that we only safekeep the OR/CR of clients and we do not encumber them,” said SB Finance President and CEO Abbie Casanova.
She added that, “We want clients to feel assured that their vehicle remains their property while they use the funds they receive from our loan product to fund their needs, may it be home improvement, expanding their businesses or increased financial liquidity.”
Car4Cash offers a simple application process with competitive advantages. Interested applicants simply need to fill out an application form, submit a copy of their OR/CR and wait 1-2 days for processing, vehicles of up to 10 years of age are accepted.
“Helping Filipinos bounce back from the pandemic is a key element in all the products we plan to launch for SB Finance,” said Casanova.
“With Krungsri’s expertise in risk management and SBC’s knowledge in the local market, we specifically developed and designed the Car4Cash auto loan product to serve customers’ needs in the Philippines,” said Krungsri Chief Strategy Officer Pairote Cheunkrut.
He noted that, “Since 2020, our team from Krungsri Auto has been closely working with SB Finance to gather customer insight in the Philippines and share our best practice from Thailand, especially in terms of product design and infrastructure development, all of which were customized to suit the Philippines market.