Share This Post
Have you always wanted to own a used car but don’t have the financial means to afford one? Then you may want to consider applying for the best used car loan in the Philippines. If you’ve already made the decision to buy a used car, then you’re on the right track.
It may not be practical to buy a new car these days because of its cost and depreciation value — after just one year, your brand new car will have shaved off 30% from the original amount that you purchased it with.
Buying a used car is more practical. If you choose to get a loan from Asialink Finance Corporation — your most trusted online financing company in the Philippines — then you’re making one of the best decisions for your money.
Why Asialink Has The Best Used Car Loan In The Philippines
It’s better to get your loan from the provider of the best used car loan in the Philippines, such as Asialink. Why? Because you’ll be getting the highest loan amount possible, depending on the appraisal value of the vehicle. This is because some banks might not give you an ideal loan amount that you can work with.
For example, you may be offered a variable loan. While it may give you low rates, it can also be unsecured. Whereas Asialink Finance ensures that the interest rate on your loan remains fixed. You can easily make your periodic repayments that correspond to the term that you chose.
Asialink only has your best interests at heart. You’ll get only the best used car loan in the Philippines from us as we offer you competitively low-interest rates, multiple payment options, flexibility, and reliability.
For example, you can get as low as 1.5% interest rate. You can also get a desirable loan amount with a monthly amortization that you can work with. We can also offer you down payments that are as low as 30%. Choose from a payment term rate of 36 or 48 months, with a loan amounting to as much as 70% of your chosen vehicle’s appraised value — for vehicles manufactured in 2005 and above only.
Multiple Payment Options
You can pay through banks or a wide range of other payment services such as M Lhuillier, Cebuana Lhuillier, Bayad Center, BDO, Union Bank, ECPay Bills Payment, and TrueMoney Philippines.
As mentioned before, our best used car loan in the Philippines doesn’t let you pay for more than the cost of the vehicle. We have a 5-year (60 month) limit that you can work with. Just let us know the make, model, price, and age of the vehicle you’re planning to purchase and we can come up with a term deal that works best for you.
We are transparent in all the loan products that we offer you. Whether you want help calculating your monthly loan payments or need further information on the requirements, guarantee that we’re always willing to clarify things for you.
Applying with us is as easy as filling out a form on our website. We are upfront with every expense that you may need to pay — no hidden fees or hidden charges that will cause a blowout on your budget.
Requirements Needed For A Used Car Loan
To avail of our best used car loan in the Philippines, you’ll need the following requirements:
- Valid IDs from you and the seller
- Official Receipt & Certificate of Registration (OR/CR) of the vehicle.
- Offer to Sell/Purchase Agreement
- Latest picture of the car
- Proof of income and credit score
- Proof of TIN
You’ll need all of this before you apply for a 2nd Hand Car Purchase loan from us. Don’t be daunted, however, because we’re here to help you every step of the way.
Valid IDs from You and the Seller
Provide at least 2 clear photocopies of government-issued valid identification from both you and the seller. Choose from either two of the following: passport, driver’s license, SSS UMID card, PRC ID, voter’s ID, senior citizen ID, PWD ID, TIN card, postal ID, GSIS e-Card, or PhilHealth ID.
Official Receipt & Certificate of Registration (OR/CR)
You must first provide documented proof that the second-hand vehicle you will be buying has been issued a Land Transportation Office-certified OR/CR. The OR should be the latest receipt for that vehicle. This serves as proof that the owner has duly registered the car to the LTO and has paid the necessary fees.
Make sure you get the latest copy of the OR that also contains the license plate number of the vehicle, serial number, LTO branch where the vehicle was registered, summary or fees, serial number, and the like.
The CR, on the other hand, is a document that includes more details about the vehicle i.e. make, model, vehicle class, chassis number, motor number, gross weight, net capacity, and so on.
Offer to Sell/Purchase Agreement
You would also need to secure an “Offer to Sell” or “Purchase Agreement” document from the seller of the vehicle. This serves as a legal contract between you and the seller which lists all the terms of the agreement regarding the sale.
The contract should contain the names of the parties involved, namely the buyer and the seller. Apart from technical information about the vehicle, the document should also include stipulations such as the reason & conditions of the sale, purchasing price, and signatures that signify that all the information placed on the document is accurate and true.
Latest Picture of the Car
Part of the requirements needed for getting Asialink’s best used car loan in the Philippines is a set of photos taken of the vehicle.
Some important areas of the vehicle that you’d want to focus on include the front, rear, and side areas. You may also want to include images of the engine, trunk, vehicle underside, wheels, and the car interiors.
Make sure these photos are properly taken because blurry images may be difficult to verify.
Before you avail of our best used car loan in the Philippines, you need to make sure that you have a good credit rating. Your credit rating tells us that you’re dutiful in paying debts, maintaining a minimum balance in all your accounts, settling credit card balances on time, and so on.
Proof of Income
If you already have a credit card, then you may already be familiar with one of the requirements needed, which is proof of income. You can usually secure this type of documentation from your employer. Some examples include payslips that were issued to you in the last 2 or 3 months or a copy of the COE (Certificate of Employment).
If you are self-employed and you own a business, you will need to provide a registration form issued by DTI (Department of Trade and Industry) or SEC (Securities and Exchange Commission).
On top of that, you would also need to secure your most recent Income Tax Return that contains a stamp from your bank or BIR (Bureau of Internal Revenue). You may also submit form 2316 which you can access and download by visiting the BIR website.
Proof of TIN
You’re almost down to the last step of availing of Asialink’s best used car loan in the Philippines. Coupled with the other requirements already mentioned before, you’ll now need to submit a Proof of TIN.
The TIN is a legal document signifying that you are a tax paying citizen. For employees, this number will be automatically generated for you by your employers, but if you are a self-employed individual, then you may need to once again visit the BIR website. You’ll need to download BIR Form 1901 (Application for Registration) and Form 0605 (Payment Form). Secure these documents alongside other requirements and then submit them to the corresponding RDO (Revenue District Office).
After you’ve completed all of these documents, you may now visit our website to submit your application form at no charge at all. You will be accommodated by one of our customer service representatives as soon as possible.
Get The Best Used Car Loan In The Philippines From Asialink Finance Corporation!
Asialink Finance Corporation started out more than two decades ago with a desire to give every Filipino a chance to own a house, car, or even start their own business. As demand for our services grew, we eventually became the country’s leading provider of online financing services.
We offer a range of collateral and non-collateral loans (secured/non-secured loans) to help you fund a pre-loved car or a brand new vehicle with the best auto loan in the Philippines.
Guaranteed that our best used car loan in the Philippines, alongside our other financing services, are the best value loans out there. No frills. No gimmicks. It’s just the funding that you need to get on the right track.
Ready to start applying for a pre-loved vehicle? Click here to apply now!