SECURITY Bank Corp.’s consumer finance arm SB Finance Corp. (SBF) has launched its newest offering Car4Cash, 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).
Borrowers can avail of 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 Security Bank Corp.’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. 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,” said SB Finance president and chief executive officer Abbie Casanova.
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 one to two 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. Through the expertise of Security Bank in the local market and the success of Krungsri of Thailand in risk management, we are able to craft loan products that are tailored to supporting the success of Filipinos,” Casanova added. (PR)