Sangla OR CR – Car & Truck Loan Finance Industry in Philippines
What is Sangla OR CR? Sangla is the Filipino term for pawning or depositing in pledge or depositing as security in exchange for money. OR is the Official Receipt of the vehicle. CR is the Certificate of Registration of the vehicle.
In the Philippine finance industry, anyone may apply for a loan from a lending company such as Quick Finance Loan, a local company that provides the fastest loan approval on car loans, OFW (Overseas Filipino Worker) loan, seaman’s loan, modified business loan, doctor’s loan, and many more.
Advantages of Sangla OR CR
Hence, Sangla OR CR means that someone owning a car or truck may pawn the OR and CR of his his/her vehicle to the lending company instead of pawning his/her vehicle. This arrangement allows the lending company to take only the OR and CR of the vehicle. The advantage of Sangla OR CR is that the vehicle remains in the owner’s care.
In Visayas and Mindanao, they call it Car Prenda, the Spanish term for pawn.
How to check if you’re qualified to apply for “Sangla OR CR” using your private utility vehicle
Now that you know about the advantages of having your loan easily and quickly approved by pawning your car’s Official Receipt and Certificate of Registration, the following checklist determines your qualification of whether or not a loan company is willing to lend you money.
- Vehicle is fully paid or it is owned. If your car is not under a mortgage payment plan with a bank or any finance company, it means that you are qualified to pawn your OR and CR. This is the first basis of a loan company before they can lend you money.
- Vehicle is already paid at least 80%. If your car is paid at least 80% of the fair market value, then you may be qualified to pawn your OR and CR to the lending company.
- Second-hand vehicle or used vehicle is fully paid. Even if your car is purchased second-hand or it’s already a used car, you may still pawn its OR and CR. Just make sure that ownership of the vehicle is under your name or there is a notarized deed of sale that specifies your name as the new owner of the vehicle.
How to find the best loan agent for Sangla OR CR
Beware of scammers! Beware of fake loan agents. Beware of fake loan companies. Never transact with anyone that is not verified, as this may lead to unwanted situation where your OR and CR have fallen to the wrong hands and worse is that instead of getting money from a lender, you’ll end up paying for transactions with the so-called loan agents.
And that is the problem anywhere in the Philippines, especially in Metro Manila where numerous individuals disguise as agents or are friends of agents and have good connection with lending companies.
Make sure that the agent has a genuine professional-looking website with updated information of his/her profile including company information, company address, contact numbers and email address, social media accounts, video presentations, feedback or reviews made by borrowers online, etc. A good example of the best agent in this industry is Mr. Richard Rapera, who has an extensive knowledge from many years of experience in loan industry and is one of the most trusted loan consultants and “authority” on financing or loan related matters in the Philippines that already helped many Overseas Filipino Workers (OFWs) and seafarers to get their financial applications easily and quickly processed and approved.
Vehicles accepted to apply for OR CR Sangla in Metro Manila
Car owners in the Philippines have been pawning their vehicles such as tricycles, multicabs, vans UV express, taxis or cabs, trucks, and non-public utility vehicles (PUV) or private cars. Filipinos pawn their cars to get cash.
In the National Capital Region (NCR), specifically in Metro Manila, loan or finance industry is dominated by private cars and trucks being pawned to lending companies.
Car Loan Sangla OR CR with 1.25% Interest Rate
If you need some money for emergency purposes, you can get quick cash with QFL through Car Loan Sangla OR CR for as low as 1.25% interest rate, which is payable from 6 to 36 months. Interest rate and terms though depend on your car’s year model.
Truck Loan Sangla OR CR with 1.5% Interest Rate
For Truck Loan Sangla OR CR, you can get quick cash with QFL for as low as 1.5% interest rate, which is payable from 6 to 36 months.
Payment Method for Sangla OR CR
Monthly payment of loan to the lending company is settled through any Bayad Center branches. No Post-Dated Check (PDC) is needed when paying for this type of car or truck loan.
Requirements for Sangla OR CR Application
Below is the list of requirements to process OR CR Sangla Application. Note that no coborrower is needed for loan below ₱500,000.
- Copy of OR and CR
- 2 valid government IDs
- Electric or Water Bill (a different name on the billing statement is accepted
- Proof of Income. If you’re employed, you need to provide copy of your company ID, COE (Certificate of Employment), and Payslips. If you’re self-employed, you need to provide business permits and 3-month latest bank statements.
What is the minimum and maximum loan amount?
The minimum loanable amount is ₱100,000 and the maximum loanable amount is ₱1,000,000.
Accepted Car and Truck Models for Sangla OR CR
Lending companies or the finance companies like Quick Finance Loan and Sangla OR CR Company accept car models from 2003 to 2009 and truck models from 2009 and up.
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