Lists of EastWest Car Loan Requirements 2024 & Qualifications for Application
EASTWEST CAR LOAN REQUIREMENTS 2024. You can check here the qualifications and the documents required from locally-employed applicants.
Are you looking for a bank that can finance your purchase of a vehicle? Whether it is a brand new or pre-owned vehicle, in the Philippines, one of the financing solutions that you may turn to is the EastWest Bank.
The EastWest Bank is one of the trusted banks in the country. It is in the service of the Filipino people for several years now. Are you interested to apply for its Auto Loan offer?
There are qualifications set under the loan offer. Here are the EastWest car loan requirements in terms of eligibility for the loan application:
- Filipino citizen, foreigner residing in the Philippines for at least 1 year, or foreigner with a Filipino co-maker
- at least 21 years old at the time of the loan application
- not more than 70 years old at the time of the loan maturity
- salaried or non-salaried with a gross monthly income of not less than PHP 40,000
According to the EastWest Bank, if the loan applicant is locally-employed, he/she must be on a regular or permanent status upon the loan application. Aside from the qualifications stated above, there are also EastWest car loan requirements that must be submitted to the bank.
In the case of the locally-employed individuals who want to apply for the EastWest Bank Auto Loan offer, here are the documents required by the bank in applying for the loan offer:
- duly-accomplished and signed EastWest Bank Auto Loan Application Form
- two (2) valid government-issued IDs
- Income Tax Return
- Certificate of Employment
- Bank Reference/Statements
- Proof of other Income Sources
- Identification Papers
The EastWest car loan requirements for application also includes the collateral documents required by the bank for application. Here are the collateral requirements set by the bank:
- Notarized Promissory Note with Chattel Mortgage
- Comprehensive Insurance Policy with proof of premium payment
Brand New Vehicles
- Encumbered LTO Official Receipt and Certificate of Registration or Letter of Undertaking to Submit LTO OR/CR within 30 days
- Delivery Receipt
- Sales Invoice / Sales Parts Invoice
- Stencil on LTO Form
- Certified true copy of Official Receipt of down payment and Chattel Fee proof of payment
Used Vehicles
- Encumbered LTO Official Receipt and Certificate of Registration under Borrower’s Name
- Deed of Sale
- Car history check from LTO to confirm ownership
- Unit appraisal / Inspection report
- Stencil on LTO Form
- Appraisal Report
- Notarized Deed of Sale
- Original Cancellation of Mortgage and Registered copy of PNCM (for refinancing with encumbrance)