Car Loan Takeout / Refinancing / Buyout Offer Vs OR CR Loan Vs Car Impounding Loan

Car Loan Products by Global Dominion

3 Types of Car Loan Offers by Global Dominion

Global Dominion is actually offering 3 types of car loan collateral products. Although one which is no longer feasible for many borrowers, it still is being offered by other lending company providers that we have on our list.

Car Impounding Loan

Car Impounding Loan

The first type of loan is the car impounding loan. The other names it is being called by different loan borrowers and lending companies and banks is "car loan takeout" or "buyout" but basically, it differs from those in so many ways and I won't go over the details so much about it. Instead, i'll be describing each as I go along below.

Why this particular loan is being availed is for the simple reason that the car repossession type of loan gives the comfort of ridding clients parking space when there are 2 or more cars available and the other units are not being used often. Furthermore, car impounding allows a much faster processing of car loan at 1-3 hours fastest possible time if documents are all available and the client or borrower had his or her own checking account plus no problems will be seen in an LTO and Registry of Deeds verification of the vehicle. If you are applying for this type of loan, be sure you are willingly open to leaving or surrendering your car to our lending company provider. You can apply for car impounding loan HERE.

Car Loan Without Taking Car (OR CR Only)

Car Loan Without Taking Your Car

The other 2 types of car loan offered by the company is car loan without taking car and car loan takeout. Of these two credit offers in the Philippines today, the most availed so far based from my experience as a top collateral loan consultant for Global Dominion is this type of loan otherwise known and called as the car OR CR loan. Here, the company won't be taking or impounding the vehicle unit but instead, they opt in to take the original copy of the OR CR for mortgaging to LTO (Land Transportation Office) and the Registry of Deeds (RD). This way, the company may prevent any future attempts to sell or mortgage the auto anywhere else legally in exchange of not taking the unit itself. If you want to know more about this specific loan offer, you may inquire or directly apply HERE.

Car Loan Refinancing or Takeout

Car Refinancing

Good for those who have delinquent payments with the bank, private lending companies or in house financing companies like Toyota, Mitsubishi, Chevrolet, Hyundai, Honda, Nissan, Isuzu, Kia, Ford, BMW, Mercedes, Suzuki, Chrysler and many other cars available in the Philippines, the car loan takeout is a redemption offer. This helps auto owners to prevent foreclosure of their vehicle. This also helps the owner of the car to avoid getting charged with a court case known as replevin.

If this happens, you might be forever deemed not possible to get another chance to buy a new car and worse, not be able to qualify to apply even to buying a second hand car or used vehicle. There are also cases where you can't even pawn or use your auto as a collateral to get a loan or any other types of loans both collateral and non collateral due to the replevin case appearing in your c map (credit mapping).

Car Replevin Case

So be very careful about this and to prevent it from happening, the car refinancing is definitely the answer. Other lending companies call it car buyout. It employs using the same process and requirements as the OR CR loan but here, you have 2 choices. You may opt in to apply for either a refinancing via impounding or OR CR only. The degree or amount of pending unpaid loan determines if there is no other way but to impound or repossess the car but for faster processing to avoid any legal charges from the financing company, an impounding is usually the solution. To know your choices and apply for car refinancing, please visit HERE.