For business or family use, Rang-ay Bank would be of assistance to buy that vehicle you need. This loan facility provides prospective clients to finance the purchase of car, passenger jeepneys, bus, mini-bus or trucks from any dealer.

Purpose of Loan

The main purpose of this loan facility is to finance the purchase of a motor vehicle to be used for business or personal use.

Collateral

  1. Motor vehicle should not more than ten (10) years old at the time of application.
  2. Equity: Financing of Motor Vehicles requires equity (cash participation) for the following:
  • Brand new motor vehicle: 20% equity
  • Reconditioned motor vehicles not more than 2 years: 35% equity
  • Reconditioned motor vehicles not more than 5 years: 40% equity
  • Second hand motor vehicles not more than 10 years old model: 40% equity

Term

  • For brand new private vehicles: Maximum of 5 years; and Commercial vehicles (like PUV's and Trucks)
  • For reconditioned motor vehicle: Maximum of 3 years

Requirements

  1. Certificate of Registration
  2. Latest official receipts of registration
  3. Picture of motor vehicle (front, side, inside and back shots)
  4. Stencil of engine and chassis number
  5. Deed of sale
  6. Duplicate key
  7. Court clearance
  8. Two (2) valid identification cards of all signatories
  9. 2x2 ID picture of borrower
  10. Own damage insurance (upon approval)
  11. Copy of Franchise for Public Utility Vehicle Operators
  12. Current year community tax certificate

Co-maker

This credit program requires two (2) co-makers who are gainfully employed.