EastWest Bank understands that financial needs can arise at any stage of life. These financial needs may be due to several factors, including funds for business expansion, tuition, medical emergencies, travel, or home improvements. As such, EastWest introduces AutoCash, a refinancing solution that allows clients to turn their cars into cash without surrendering them.
EastWest shared that its AutoCash plan enables car owners to secure a loan using their vehicle as collateral. This allows interested individuals to convert equity into immediate funds while retaining full use of their car. With this, EastWest said that its AutoCash plan offers financial flexibility for clients.
Under EastWest’s AutoCash, clients may borrow up to 70 percent of their vehicle’s appraised value, with loan terms of up to 48 months. For loans availed at 50 percent Loan-to-Value (LTV), EastWest said that clients may enjoy a special interest rate of 0.68 percent per month, among the most competitive refinancing offers in the market. EastWest added that regular refinancing loans are subject to a standard rate of 0.88 percent per month.
Of note, the loan-to-value (LTV) ratio compares the loan amount to the appraised value of the vehicle collateral. For example, if a vehicle is appraised at P500,000 and the loan amount is P250,000, the LTV is 50 percent.
“EastWest AutoCash gives customers a smart way to access funds using an asset they already own — without disrupting their daily mobility. It’s about helping our clients move forward financially while continuing to move forward in life,” said EastWest CEO Jerry Ngo.
EastWest AutoCash is available to both the bank’s existing and new clients, particularly car owners who are seeking funds. To qualify, the vehicles should meet the following criteria:
– Be registered in the name of the client
– Be not more than 10 years old
– If still under encumbrance, the loan amount must exceed the remaining loan balance. Loan proceeds will be released net of the remaining balance.
Moreover, EastWest’s AutoCash requires the following documents:
– Photos of the vehicle (interior, exterior, odometer, latest OR/CR)
– Two valid government-issued IDs
– Copy of latest OR/CR
– Latest electric and water bill (or additional proof of residence if not in borrower’s name)
– TIN (Tax Identification Number)
– Proof of income:
- Latest 3 months’ payslips (if employed)
- Business permit (if self-employed)
- Latest 3 months’ proof of remittance (if remittance-based income)
Autocar’s Take
EastWest’s AutoCash refinancing solution could be helpful to individuals who need extra funds without having the need to sell or lose their cars. As such, it offers car owners the opportunity to use their vehicles as collateral to get a loan, getting the opportunity to keep or to drive and use the car while using its value to secure funds.
The EastWest AutoCash program, it allows car owners to convert the car’s value into immediate funds, which will come in handy should financial needs arise, which include funds for business expansion, tuition, medical emergencies, travel, or home improvements.
