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 overseas Filipino worker (OFW) applicants.
Nowadays, you do not have to wait long until you can finally drive your dream car. There are several entities that offer solutions that can finance a car purchase. In the Philippines, one of the car loan providers is the EastWest Bank.
The EastWest Bank is one of the trusted entities in the Philippines. It has multiple loan offers which includes the Auto Loan that is ready to finance the purchase of both brand new and pre-owned vehicles.
The Auto Loan offer comes with huge loanable amounts, low interest rates, and flexible payment terms for low monthly amortizations. The offer is open not only for the salaried and non-salaried individuals but as well as overseas Filipino workers (OFWs). There are both qualifications and documentary requirements in applying for the loan offer.
Qualifications. To qualify for the loan offer, here are the eligibility requirements that an OFW loan applicant must meet in applying for the loan offer:
- 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
Requirements. With regards to the EastWest car loan requirements for application, here are the documents that must be prepared and submitted by the OFW to apply for the loan offer to the bank:
- duly-accomplished and signed EastWest Bank Auto Loan Application Form
- two (2) valid government-issued IDs
- Income Tax Return
- COEC w/ original 6-month remittances, or;
- COEC w/ original 6-month payslip, or;
- Consularized Certificate of Employment w/ Compensation (COEC)
Collateral Requirements. Aside from the personal documents of the borrower, the EastWest car loan requirements also include collateral documents of the vehicle that is set to be finance. Here are the collateral documents required by the bank for application:
- 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)