Security Bank Car Loan Qualifications for Application 2024 — A Guide for Aspiring Clients…

Security Bank Car Loan Qualifications for Individual, Partnership & Corporation Applications

SECURITY BANK CAR LOAN QUALIFICATIONS – Here are the eligibility criteria set by the bank for individual, partnership, and corporation applications.

Are you interested to apply for a car loan offer? Many people are not ready to make a car purchase under a one-time payment. The good thing nowadays is that there are a lot of offers that can finance your vehicle purchase and you can just pay for the car in monthly installments that you can afford.

Security Bank Car Loan Qualifications
Photo Credit: Tresl Auto Finance

One of the excellent offers that you might like to consider is the Security Bank Car Loan. It can finance a vehicle purchase whether the car is brand new or pre-owned. It is open for both salaried and non-salaried individuals as well as partnerships and corporations.

Security Bank
Photo Credit: Genesys

The Security Bank’s loan offer is payable for up to 60 monthly installments or five (5) years. It can finance up to 80% of the selling price of the vehicle and it only requires a 20% downpayment which is truly affordable in the case of a vehicle acquisition.

Under the offer, the Security Bank Car Loan qualifications depends if you are applying as an individual, as a partnership or corporation, or as someone who just started a business.

For individuals. If you are employed or self-employed who is applying for the loan offer, here are the qualifications that you must meet to be eligible to apply for the loan offer:

  • Filipino citizens who are residents of the Philippines / Foreign citizens residing in the Philippines with a positive endorsement from the company he is affiliated with & a qualified Filipino citizen guarantor or co-maker in place / Filipino citizens who are residing outside the borders of Philippines but with a guarantor/co-maker in place
  • at least 21 years old at the time of the loan application
  • not more than 65 years old at the end of the loan term
  • earns a minimum joint monthly gross income with spouse of Php 40,000 for the financing of a brand new vehicle or Php 20,000 for the financing of a second hand vehicle
  • employed for at least 2 years or officer position on a permanent / regular basis

For Partnerships and Corporations. The loan offer is also open to finance the purchase of vehicles that will be used for a business owned by partnerships and corporations. Here are the Security Bank Car Loan qualifications:

  • duly registered to operate as a legal entity in the Philippines
  • must be in operation for at least three (3) years

For Start-Up Businesses. Individuals or businesses that have just started in the field may also be eligible to apply for the Security Bank loan offer provided that the following criteria are met:

  • must be operating for less than 3 years, co-makers / sureties are required
  • has strong business prospects/potentials based on evaluation

There is an easy process on how to apply for the Security Bank Car Loan offer. There is a set of documentary requirements that you must prepare and submit to the bank to file a loan application.

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