An OR/CR Loan is basically a car collateral loan based on the residual value of your fully paid off car or in other words a “Car Loan” that allows you to keep your car. This is a good way to get equity out of your car and get cash right away while keeping your car for everyday use. An OR/CR loan allows you to keep your car as long as you constantly pay your monthly interest payments. Other benefits of OR/CR loans include low and fixed interest payments; therefore if interest rates change your loan will not be affected.
OR/CR Loans are easy to apply for and take very little time to approve. This is why they are so popular in countries like the Philippines, where banking institutions are not as advanced as this in other countries. If you or your business needs cash now an OR/CR loan might be the solution for you.
The requirements to apply for an OR/CR loan are very simple:
For employed individuals you will need to provide the following:
Valid Government Issued ID
Photocopy of your OR/CR
Home Address
Proof of Income
For Self-employed individuals you will need to provide the following:
Valid Government Issued ID
Latest 1-Year Audited Financial Statement
Latest 3-month bank statements
SEC/DTI Certification
Business Permit/Mayors Permit
Latest GIS
Photocopy of your OR/CR
Home Address
Lenders such as M Lhuillier Financial Services Inc. offer OR/CR Loans (“Car Loans”) and accept all types of cars and all brands as long as they are taken care of properly and the borrower meets the minimum requirements to afford the monthly payments. The benefit of getting an OR/CR loan from M Lhuillier is that you can apply for this loan at any of M Lhuillier 3,000+ branches across the Philippines. All you need to do is walk into one of M Lhuillier’s locations and provide the documentation mentioned above. M Lhuillier Financial Services Inc will get back to you with an approval within 48 hours from the loan application. If your loan is approved you can collect your money at any of M Lhuillier’s locations or through M Lhuillier’s mobile Wallet.
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