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 be more than fifteen (15) 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
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.