EastWest introduces AutoCash

MANILA: EastWest Bank has launched AutoCash, which lets clients use their vehicles as collateral without surrendering it to the bank.

In a statement, the company said that the newly-introduced refinancing solution helps customers address their financial needs — be it for business expansion, tuition, medical emergencies, travel, or home improvements.

Here’s how the EastWest AutoCash solution works for car owners who want to secure loans using their vehicles.

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Clients may borrow up to 70 percent of their vehicle’s appraised value, which can be settled in up to 48 months.

For loans availed at 50-percent loan-to-value (LTV), customers may enjoy a special 0.68-percent per month interest rate — considered to be one of the most competitive refinancing offers in the market.

Meanwhile, standard refinancing loans have a 0.88-percent monthly interest rate.

To note, the LTV ratio compares the loan amount to the appraised value of the vehicle collateral.

EastWest AutoCash is available to the bank’s new and existing clients, particularly current car owners seeking funds for business growth, education, medical expenses, emergencies, or personal needs.

Per EastWest, the aforementioned program aimed to give practical financing solutions that align with real-life financial goals.

Eligibility Requirements

To qualify in the EastWest AutoCash program, the vehicle that will be utilized as collateral should be registered in the name of the client and not more than 10 years old.

Additionally, the loan must exceed the remaining loan balance if the vehicle is still under encumbrance. Loan proceeds will be released net of the remaining balance.

Once eligible, those who will apply for loan must provide the following documentation:

• Photos of the vehicle (interior, exterior, odometer, latest original receipt and certificate of registration)
• Two valid government-issued identification cards
• Copy of latest OR/CR
• Latest electric and water bill (or additional proof of residence if not in borrower’s name)
• TIN (Tax Identification Number)
• Proof of income:

• Latest three months’ payslips (if employed)
• Business permit (if self-employed)
• Latest three months’ proof of remittance (if remittance-based income)

Applications remain subject to credit evaluation under existing EastWest credit policies and procedures.

Empowering Financial Flexibility

EastWest Chief Executive Officer Jerry Ngo said that the AutoCash reflects the bank’s commitment to providing accessible and practical financing solutions.

 “EastWest AutoCash gives customers a smart way to access funds using an asset they already own — without disrupting their daily mobility. It’s about helping our clients move forward financially while continuing to move forward in life,” Ngo explained.

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