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 self-employed applicants.
In the Philippines, banks are among the entities that you may turn to if you are looking for a solution for the financing of a vehicle purchase. Are you looking for a reputable entity that offers a car loan?
In the country, one of the trusted entities that you may turn to is the EastWest Bank. It is operating in the country for several years already offering different kinds of bank accounts, credit cards, loans, and many other consumer finance products and services.
One of the loan offers of the EastWest Bank is the Auto Loan. The bank is ready to finance the purchase of both brand new and pre-owned vehicles under the loan offer. Who are qualified to apply for the loan offer?
The bank has set a few qualifications in applying for the car loan offer. To be eligible to apply for the loan, here are the eligibility requirements that the loan applicant must meet:
- 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
In the case of the self-employed individuals, there is a unique set of EastWest car loan requirements for application. Here are the documents that the bank requires from non-salaried individuals who want to apply for the loan offer:
- duly-accomplished and signed EastWest Bank Auto Loan Application Form
- two (2) valid government-issued IDs
- Income Tax Return
- Business Registration Certificate
- Business Permit
- Financial Statement (for the last 3 years)
- Bank Reference/Statements
- Proof of other Income Sources
- Identification Papers
Aside from the personal documents of the bank, the EastWest car loan requirements also include collateral documents pertaining to the vehicle. Here are the collateral documents required in applying for the loan offer:
- 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)