Security Bank’s SB Finance launches Car4Cash in the Philippines

Car owners can gain access to as much as PHP2m.

Security Bank’s consumer finance arm SB Finance Corporation (SBF) has launched Car4Cash, a car title loan that provides vehicle owners quick access to up to PHP2m with an interest rate of 1.25%, payable between 12-36 months.

To avail, car owners are asked to submit a copy of the car’s OR/CR (official receipt and certificate of registration), fill out an application form, and wait for 1-2 days. Cars up to 10 years of age are accepted.

Owners will get to keep their cars for the remainder of the loan.

“A key competitive advantage of Car4Cash is that we only safekeep the OR/CR of clients and we do not encumber them. We want clients to feel assured that their vehicle remains their property while they use the funds they receive from our loan product to fund their needs, may it be home improvement, expanding their businesses or increased financial liquidity,” says SB Finance President and CEO Abbie Casanova.

Pairote Cheunkrut, Krungsri chief strategy officer, added that Car4Cash will present an affordable source of funding for vehicle owners and elevate the standard of automotive refinance in the Philippines market.

In February 2021, Security Bank and Krungsri obtained board approvals to infuse PHP3b into SBF upon receipt of requisite regulatory approvals. The additional capital will reportedly be used to fund investments in the latest cloud-based technology to support end-to-end customer journeys that are built on continued digital transformation, SBF said.

Photo courtesy of Alex Suprun.