What is OR CR sangla car pawning? Perhaps you have heard so many ways by which you can pawn vehicle in the Philippines. Although basically, an auto loan is understood to be that wherein one is looking to buy a car, auto loan collateral has other terms. In an online search by people looking to get cash using a private vehicle, a taxi, a multicab and at times, a truck, there is no other way but to search for car loan keyword. Sadly, with lack of knowledge by many Pinoys regarding secured loan, there is no other option but to think of other more related search terms.
Today, after 5 years in the lending industry serving top banks and private lending companies in the Philippines, I was able to help literally hundreds of cash loan borrowers. If you are one of them looking to pawn your fully owned or mortgaged car, this is perfect. Allow me to differentiate first what an ORCR sangla car loan is all about compared to what many has come to know as “car loan without taking car” collateral loan.
Difference Between ORCR Sangla and Car Loan Without Taking Car
These two are basically one and the same. Both uses the original OR/CR to pawn as collateral without the need to leave the physical car itself to the lending company or bank. There are also times, a private financier is the second party involved. On the other hand, for the sake of a conversation, let me give you a clear overview of the only difference between these two car collateral loan programs.
While OR CR sangla is really characterized more of a fully owned vehicle (not under a mortgage payment program), car loan without taking car option may be availed even if you don’t have a fully owned vehicle. For example, some of the qualified car status would be a second hand bought car where the owner has a deed of sale and the OR CR is not yet transferred with respect of ownership. Another qualified applicant would be that where the car is not yet fully paid from a bank or financing company. This is the car loan takeout option or sometimes called as car refinancing and yes, in layman’s term here in the Philippines, it could be called pasalo / payoff balance or assume balance auto loan.
Today all these has changed. They are all now the same as all of them use the original copy of OR CR to pawn as collateral without the need to leave the car. All of them is now called OR CR sangla loan. In the above mentioned information, I reiterated that car must be fully paid or bought cash in order to qualify for OR/CR sangla. Today, they’ve all merged into one. Below are the different names by which Filipinos call car collateral loan.
14 New Names Pinoys Call OR CR Sangla Car Collateral Loan Today
- OR CR Sangla
- Car Loan Takeout
- Car Refinancing
- Pasalo or Car Loan Payoff/buyout/assume balance
- Car Impounding
- Car Pawn
- Car Prenda
- Car Title Loan
- Car Collateral Loan
- Auto Loan
- Car Sanla
- Private Auto Loan
- Loan for a Car
- Car Cash Loan
- Kotse Sangla
Thank you to the power of the internet, the names by which we call car loan has changed from only buying a car to using it as a collateral to get cash. I’m sure they may be more in the future but for now, let’s leave it at these 14 new terms for pawning your auto. Allow me below to teach you how to get money our an almost sure approval loan in the Philippines – the OR CR Sangla option.
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How to Qualify for ORCR Sangla?
- You have to have a car that is either fully paid/owned or is at least 80% paid with a bank or any financing company. This includes all in-house financing such as Honda, Mitsubishi and the most popular, Toyota Financial Services (TFS).
- ORCR must either be under your name, with a deed of sale under your name as the vendee. Or you have a duly notarized SPA under your name whether on red ribbon or not depending on case to case basis.
- No derogatory records, court case and negative banking or credit mapping records (C-Map) or bad credit status.
- Must have a regular source of income to serve as capacity to pay for the loan amount you are looking to apply or get.
- With complete documentary requirements
- At least 21 years old or 59 by the end of the loan payment contract.
- Bonafide Filipino citizen or have spouse or business partner Filipino.
OR CR Sangla Documentary Requirements
- Completely filled up application form
- 2 valid IDs photocopied in one page
- Copy of OR / CR (official receipt / car registration and TIN number (tax identification number)
- Documented source of income (your choices) – if with work —> 3 months latest payslip and COE (with ITR is an advantage but not required) / if with business —> DTI or SEC and Mayor’s Permit and 3 months latest bank statement / if with property for rent —> contract of lease and 3 months latest bank statement / if with freelance job or remittance —> any voucher, remittance receipts and 3 months latest bank statement
Remember: Other document requirements might be needed on a case to case basis.
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