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.
- Motor vehicle should not more than ten (10) years old at the time of application.
- 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
- 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
- Certificate of Registration
- Latest official receipts of registration
- Picture of motor vehicle (front, side, inside and back shots)
- Stencil of engine and chassis number
- Deed of sale
- Duplicate key
- Court clearance
- Two (2) valid identification cards of all signatories
- 2x2 ID picture of borrower
- Own damage insurance (upon approval)
- Copy of Franchise for Public Utility Vehicle Operators
- Current year community tax certificate
This credit program requires two (2) co-makers who are gainfully employed.