EastWest Banking Corporation launches EastWest AutoCash—a refinancing solution that turns your car into cash by using it as collateral for immediate funds such as for tuition, medical emergencies, or home improvements.
With EastWest AutoCash, clients may borrow up to 70 percent of their vehicle’s appraised value, with flexible loan terms of up to 48 months.
For loans availed at 50 percent Loan-to-Value (LTV), clients may enjoy a special interest rate of 0.68 percent per month, among the most competitive refinancing offers in the market.
Regular refinancing loans are subject to a standard rate of 0.88 percent per month.
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 P 500,000 and the loan amount is P 250,000, the LTV is 50 percent.
EastWest AutoCash is available to both existing EastWest clients and new clients. To qualify, the vehicle used as collateral must be registered in the name of the client; be not more than 10 years old; and if still under encumbrance, the loan amount must exceed the remaining loan balance. Loan proceeds will be released net of the remaining balance.
Applications remain subject to credit evaluation under existing EastWest credit policies and procedures.
According to EastWest CEO Jerry G. Ngo, AutoCash reflects the bank’s commitment to providing accessible and practical financing solutions.
“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,” Ngo said.
Any financial advisers here? Check out my plan if its any good...
ReplyDelete1. Avail loan, use car as collateral.
2. Use loaned money to gamble.
3. Win, get 10x the loan amount.
4. Pay loan. Pocket the rest.
What could go wrong?
A lot, you could end up like Tarzan no money and no clothes but loud
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