Are you in dire and quick need of cash? You can now include M Lhuillier as among the practical options to consider for financing.
As a reliable loans marketplace, M Lhuillier now offers various loan products that are suited to every need and category of borrowers. As part of its ML Quick Cash Loan portfolio, the ML Quick Car Loan provides an opportunity for fast financing, using a borrower’s vehicle as security or collateral.
There are many reasons why you should consider ML Quick Car Loan as a financing option. First, it offers huge amounts of loans for approval so there is no need to take numerous small loans if you are in need of a high amount of cash in an instant. This justifies the requirement for using your car as collateral—actually the vehicle’s original receipt and original certificate of registration (OR/CR) issued by the Land Transportation Office (LTO). You can borrow up to 70% of the car’s appraised value.
Second, the loan term or maturity could be flexible, depending on your own preference. ML Quick Car Loan could take the tenor of at least 12 months or at most 36 months. Your preferred term would provide you ample time to repay the loan without hurting much on your personal finances.
Convenience and reasonability
Third, convenience is assured as you can bring your car to any of M Lhuillier’s over 3,000 branches nationwide for inspection and appraisal. The process may not be tedious and long. In the same manner, payment of monthly amortizations could also be facilitated through any of the locations (over-the-counter) or even online through the ML Wallet App or mlhuillier.com. Loan disbursements are also scheduled and transacted at your specified and preferred M Lhuillier branch.
Fourth, ML Quick Car Loan interests can be considered reasonable in the industry. Rates could range from 1.5% to 1.8% monthly (18.00% to 21.60% APR). These depend on income stability and the condition of the car upon appraisal.
Other important details
Just like other major loans available in the market, borrowers are required to submit proof of income (employed locally/ overseas or self-employed). For pensioners, proof of pension payments should be presented.
ML Quick Car Lon currently accepts used car units built by major brands, particularly Ford, Isuzu, Toyota, Honda, Mitsubishi, Suzuki, or Nissan. To be considered for collateral, a car must be year model 2013 and later, provided that it would not exceed 10 years upon loan maturity. As mentioned, the loan could last 12 months to 36 months, depending on the borrower’s preference.
Upon loan disbursement (after approval), chattel fees (based on actual computations by the ROD and LTO) and comprehensive insurance fees (based on actual computation by AOG considering the insurable value of the car) will be deducted from the loan amount. (Need not worry as the amounts usually are not significant compared to loan value.)
The car’s OR/CR will be withheld as collateral. That means you can still use your car and have the photocopies of the documents. The original copies of OR/CR will be returned upon completion of payments on loan maturity.
Lastly, loans with outstanding balances of under 6 months can be refinanced. The computation would be subject to re-appraisal of the car.
To apply for ML Quick Car Loan online, visit https://webloans.mlhuillier.com/car-loan or drop by the nearest M Lhuillier branch to you.
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