Overview
In need of vehicles for your business expansion? Whether it’s trucks, vans or sedans that you need, our Auto Fleet Financing Facility makes acquiring multiple vehicles more manageable. With the right collateral, this secured loan can finance at least 3 vehicles or a total of P8M.
Our Auto Fleet Financing Facility is perfect for the:
- Purchase of brand new, second hand or imported cars
- Reimbursement of brand new cars
- Refinancing of second hand cars
Need financing for only 1 car? Take a look at our regular Car Loan or Truck Loan.
At a glance
| Loan amount |
Brand New: Mininum of PHP400,000 or up to 80% of purchase price Second Hand: Minimum of PHP100,000 or up to 70% of appraised value |
| Maximum car age | Up to 11 years old |
| Payment terms |
Brand New: 12 to 60 months Second Hand: 12 to 48 months |
| Down payment | As low as 20% of purchase price |
| Processing time | 10-15 days processing time upon submission of complete documents for accreditation |
*From receipt of complete application form and requirements
How to apply for auto fleet financing?
1
Submit requirements for accreditation at any Security Bank Branch.
2
Wait for approval of accreditation request
3
Wait for processing and approval (as fast as 1 banking day!)
Eligibility
Sole-Proprietor / Partnership / Corporate Borrower
- Business/companies registered in the Philippines; OR
- Foreign companies operating in the Philippines
- Business/companies operating legitimately at least 3 years
Required documents
For Accreditation
- Business Loan Application Form
- Income Tax Return with BIR Stamp for the last 3 years
- Audited Financial Statements with BIR Stamp for the last 3 years
- SEC Certificate of Filing of Articles of Incorporation/Partnership and By-laws
- Latest General Information Sheet
- Company Profile
- DTI Permit (if applicable)
- Original Corporate Secretary Certificate / Board Resolution
- Names of of authorized signatories and corporate secretaries with photocopies of their valid IDs
- List of major trade references (at least 3 suppliers and 3 customers with contact person and details)
- Authority to Conduct Bank and Trade Checkings
- If Non-Depositor: Latest 12 months Bank Statement
Availment of Auto Fleet Financing Facility
- Auto Loan Application Form (for Sole-Proprietors)
- Auto Loan Application Form (for Partnerships or Corporations)
- Dealer Quotation
- Bank Loan Documents
- Payment (Down payment, chattel mortgage fee and one month advance if applicable)
- Insurance Policy with payment
Acceptable Vehicles as Loan Collateral
- Sports Utility Vehicle (SUVs)
- Passenger Vans
- Asian Utility Vehicles (AUVs)
- Light Commercial Vehicles (LCVs)
- Auto – Sedan / Passenger Car
- Selected imported cars with market-wide acceptability
- Trucks (4, 6, and 10-wheelers)
Additional Requirements if Collateral is Used/Second Hand/Imported Vehicle
- LTO OR/CR under the name of the seller/applicant,
- Motor Vehicle Inspection and Appraisal Report,
- Car History Verification
- For Imported Units: Bill of lading and importation papers, including proof of payment on custom and duty taxes
- 3 original and clear LTO stencil under LTO blue form
- 3 original and clear Onion skin stencil
- PNP Clearance/Macro Etching
- Notarized Deed of Sale (acquisition)