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 corporate applicants.
Nowadays, banks do not only offer car loans for the purpose of helping individuals who want to achieve their dream car. There are also entities that are ready to finance car purchases for the purpose of business or corporate use.
In the Philippines, one of the entities that are open for corporate applications is the EastWest Bank. Its Auto Loan offer is open to finance the purchase of a vehicle not only whether it is for personal or business use but as well as whether it is brand new or pre-owned.
To qualify for the loan offer, the EastWest Car Loan requirements in terms of eligibility requires the corporate to be a begistered business entity that has been profitably operating for at least 3 years with a gross monthly income of not less than PHP 200,000.
What are the EastWest car loan requirements that must be submitted to apply for the loan offer? Here are the documents required by the bank for submission:
- duly-accomplished and signed EastWest Bank Auto Loan Application Form
- Financial Statements for the last 3 years (both Audited and In-House)
- Income Tax Return
- Articles of Incorporation
- By-laws
- List of Major stockholders, addresses and ownership
- List of principal officers, positions, and addresses
- List of Beneficial Owners and Attestation of Beneficial Ownership Declaration
- Company Profile
- Business write-up
- Trade References – at least 3 major suppliers and 3 major clients
- Bank References (Deposit Accounts; Credit Lines and existing/paid loans)
Aside from the corporate’s personal documents, there are also collateral documents pertaining to the vehicle to be purchases which must be submitted to the bank. Here are the collateral requirements set by the EastWest 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)