SB Finance unveils new loan product, Car4Cash

Security Bank Corporation’s consumer finance arm SB Finance Corporation (SBF) has launched its newest offering Car4Cash, a car title loan that provides vehicle owners quick access to cash in exchange for their car’s OR/CR (Official Receipt and Certificate of Registration). Borrowers can avail up to 2 million pesos with a competitive low interest rate of only 1.25% and flexible payment terms of 12 to 36 months.

A highly successful loan product in Thailand, SBF brings Car4Cash to the Philippines through its joint venture with Bank of Ayudhya (Krungsri). SBF leverages Krungsri’s expertise in risk management and Security Bank Corporation’s knowledge in the local market to introduce an attractive loan offer to Filipinos who need fast cash in their time of need. Car4Cash requires borrowers to submit their OR/CR for safekeeping, while allowing them to keep their vehicles for the duration of the loan term.

“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.

Car4Cash offers a simple application process with competitive advantages. Interested applicants simply need to fill out an application form, submit a copy of their OR/CR and wait 1-2 days for processing, vehicles of up to 10 years of age are accepted.

“Helping Filipinos bounce back from the pandemic is a key element in all the products we plan to launch for SB Finance. Through the expertise of Security Bank in the local market and the success of Krungsri of Thailand in risk management, we are able to craft loan products that are tailored to supporting the success of Filipinos,” adds Casanova.

“Krungsri continues to focus on connecting customers’ needs across ASEAN. With Krungsri’s expertise in risk management and SBC’s knowledge in the local market, we specifically developed and designed the Car4Cash auto loan product to serve customers’ needs in the Philippines. Since 2020, our team from Krungsri Auto has been closely working with SB Finance to gather customer insight in the Philippines and share our best practice from Thailand, especially in terms of product design and infrastructure development, all of which were customized to suit the Philippines market. Car4Cash is our first product launch following the last month’s SB Finance branding campaign launch. It does not only serve consumer demand at the right timing but will also create a better customer experience. We are confident that Car4Cash will present an affordable source of funding for vehicle owners and elevate the standard of automotive refinance in the Philippines market. We will also continue to leverage Krungsri’s no.1 position in consumer finance in Thailand to support the growth of SB Finance in the Philippines,” says Mr. Pairote Cheunkrut, Krungsri Chief Strategy Officer.

In February 2021, Security Bank and Krungsri have obtained board approvals to infuse PHP3-Billion into SB Finance upon receipt of requisite regulatory approvals. The additional capital will 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.
To know more about SB Finance and its Car4Cash offering, you may visit www.sbfinance.com.ph or www.facebook.com/SBFinancePH.

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