Get Quick Cash with Car OR/CR Loan
Fast loan approval comes with valuable collaterals. Regardless of the reason, you can get quick cash with car OR/CR loan. It lets you take out a loan without leaving your car. Instead, you use the OR/CR to promise the lenders you’ll pay in time.
Let us dig deeper into how it works:
What is an OR/CR Loan?
OR/CR loan is a type of secured car loan which allows the owner to pledge the vehicle’s Official Receipt or Certification of Registration as collateral. Because the borrowing owners get to keep their vehicle, this loan is also fittingly known as “Car Loan Without Taking Your Car.”
Lenders will accept the car titles in exchange for quick cash, giving you no worry over impounding or losing your cars. Regardless of bad or no credit history, this type of loan solves your need for cash.
Types of Vehicles Accepted as Collaterals
These are the kinds of vehicles that can be subjected to car OR/CR loan:
- Multi-cab vans
- Private cars or non-public utility vehicles
- Taxis
- Trucks
- Tricycles
- UV Express vans
Eligibility for OR CR Loan
Here are the conditions that you should meet to apply for the loan:
The vehicle is legally owned or fully paid.
A car not attached with a mortgage plan to any financier such as banks or financing companies is deemed favorable for lenders to approve your OR/CR as collaterals. This is one of the very first things that the lending personnel will check in your application.
Used or second-hand cars are fully paid or owned.
OR CR loan also applies to used and second-hand cars as long as there’s proof of car ownership. The title or deed of sale should bear your name as the owner of the car.
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.
If under car mortgage plan, the vehicle should already be paid 80%
Car financing companies will likely approve an OR/CR loan application when the owner has settled at least 80% of the car payment. Other generous financing institutions can offer the loan to borrowers who have paid at least 70-80% of the car’s fair market value (such as Global Dominion Financing, Inc).
Requirements for Sangla OR CR Loan
Check this list for the documents needed in filing for a car loan:
- Copy of Official Receipt and Certification of Registration (OR/CR)
- Two (2) government-issued IDs
- Proof of residences such as water or electric bills (statements not under your name are accepted)
- For employed — company ID, COE, and pay slips
- For self-employed — business permits and bank statements for the last 3 months
Advantages of Getting a Car Loan Without Taking Your Car
The benefits of a car collateral loan are listed below:
It has a fast approval.
An applicant with a complete set of the required documents can get the whole application process done shortly. You can finish the filing in a day, which can result in receiving the loan proceeds the next day.
No credit history check is done.
Another reason why this loan has an easier process since no credit check is performed. An applicant who meets the requirement will likely be approved.
Fewer documents are required.
There is no long list of documents to submit. Identification, proof of billing, proof of income, driver’s license, and OR/CR are enough to file for a loan.
It has lower interest rates.
Since this is a secured loan, with your car title as collateral, it is assumed that you will pay as promised or lose ownership of your car if you default.
Final Thought
Aside from the benefits listed above, a car loan without taking your car is a solution to your urgent financial need. It streamlines the whole process and it helps you avoid long queues at the lending facility, numerous documents to collect, and a high rate of rejection (all of which a loan application entails). This collateral loan is convenient for you without removing the same convenience a car offers.
