The Philippines is a thriving market for pre-owned cars, with a growing demand for affordable and reliable transportation options. To cater to this need, M Lhuillier, a leading financial services provider in the country, has introduced the Quick Car Loan (QCL) for pre-owned car financing. This innovative product enables Filipinos to purchase their dream second-hand cars with ease and convenience.
Qualifications and Requirements
To be eligible for the M Lhuillier QCL Pre-owned Car Financing, applicants must meet the following criteria:
1. Employment status: They must be employed locally or overseas, self-employed with proof of income, or a pensioner with proof of pension payments.
2. Year Model: The pre-owned car should be from the year model 2013 or newer.
3. Maximum Term: The loan term should not exceed 3-4 years.
Once qualified, clients can choose a second-hand car from a legitimate dealer and pay 30% of the appraised value. The remaining 70% of the appraised value will be covered by M Lhuillier’s financing.
Loan Amount, Charges, and Other Details
The M Lhuillier QCL Pre-owned Car Financing offers a loan amount of up to 70% of the appraised value of the inventory being financed. Upon release, the following charges and deductions will apply:
1. Chattel Fee: This fee is based on the actual computation set by the Registry of Deeds (ROD) and the Land Transportation Office (LTO).
2. Comprehensive Insurance with AOG: This insurance is based on the insurable value of the car.
3. Mode of Disbursement: The loan amount will be disbursed through M Lhuillier branches.
4. Collateral: The Original OR/CR (Official Receipt/Certificate of Registration) of the car will serve as collateral.
5. Re-availment/Reloan: In case the outstanding balance is below six months, clients can avail themselves of a re-availment or reloan, provided that the unit will be re-appraised.
According to a report by the Bankers Association of the Philippines, the auto loan portfolio of universal and commercial banks in the country reached PHP 921.8 billion in 2021, representing a 22.6% increase from the previous year. This growth indicates a strong demand for car financing options in the Philippines.
Furthermore, a study by the Philippine Statistics Authority reveals that the country’s vehicle registration increased by 13.4% in 2021, with pre-owned cars accounting for a significant portion of the total registrations. This trend highlights the growing popularity of pre-owned cars among Filipino consumers.
M Lhuillier’s Quick Car Loan for pre-owned car financing is a timely and innovative product that caters to the growing demand for affordable and reliable transportation options in the Philippines. By offering up to 70% financing and partnering with legitimate car dealers, M Lhuillier simplifies the car financing process and brings pre-owned car ownership within reach for more Filipinos.
For those interested in availing of the M Lhuillier QCL Pre-owned Car Financing, it is essential to ensure eligibility, prepare the necessary requirements, and choose a reputable car dealer. With M Lhuillier’s commitment to customer satisfaction and financial inclusion, pre-owned car financing has never been more accessible and convenient.
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