East West Banking Corporation has introduced EastWest AutoCash, a refinancing service that allows vehicle owners to borrow against the value of their cars while continuing to use them.
Under the program, clients may borrow up to 70 percent of a vehicle’s appraised value with repayment terms of up to 48 months. Loans at 50 percent loan-to-value (LTV) qualify for a 0.68 percent monthly interest rate, while standard refinancing loans carry a 0.88 percent monthly rate.
The facility is open to both existing and new clients seeking funds for business needs, education, medical expenses, or other personal purposes.
To qualify, the vehicle must be registered under the borrower’s name and not more than 10 years old. Required documents include the vehicle’s OR/CR, photos of the unit, valid government IDs, proof of residence, tax identification number, and proof of income. Applications remain subject to credit evaluation.
According to Jerry G. Ngo, president and chief executive officer of EastWest, the product aims to give customers a practical way to access funds using assets they already own without disrupting daily mobility.
EastWest is a subsidiary of Filinvest Development Corporation.
