So what is car impounding loan? Is it really necessary? When is it best to opt in for the car impounding loan? These are just some of the frequently asked questions by qualified collateral loan borrowers who have a car to pawn and use to get quick cash.

If our 1 day release seaman loan is the most popular loan next to our car loan without taking your car which can also possibly take 1 day to process and release the loan proceeds, the car impounding loan is our fastest loan offer for those who can qualify with the use of his or her vehicle as impounding

Just today, December 22, 2014, me and my wife in our quest to provide our loan clients the service that they require, a qualified client, a Korean businessman who had a corporation in the Philippines wanted to know and made an inquiry if there is a fast loan provider in the Philippines that could offer them same day release of loan proceeds (money) if he intends to pawn his car and have it impounded. As usual, we have at least 3 providers to choose from amongst our list of offers to clients with this type of need for funds to use for business.

We went to the provider, a private financier located somewhere in Timog Quezon City area and just like promised, car impounding loan is the fastest type of collateral loan we offer to loan borrowers. It’s Christmas time and according to this Korean client (we chose not to disclose his name) wanted really quick cash in exchange for surrendering his Mitsubishi Montero 2011 year model car. In short, we succeeded  in giving him what he wanted – release of loan proceeds in 2-3 hours. Yes, it may not be 1 hour because we came in late but nonetheless, we succeeded once again in giving what the client needs – fast cash in exchange for the OR CR and the car to be impounded to the car barn of the private financier provider.

For a 2011 Montero, the Korean got in exchange an amount to 600K pesos to be deducted with charges including fees for this financing company that has been operating for probably more than 20 years now. Their target clients – politicians, business owners in need of quick instant cash and those who have 2 sets of cars but only needs a certain amount in exchange for having his or her car impounded at a certain amount of time as part of the loan loan requirements

Requirements for Car Impounding

  1. The car to be impounded must be brought to the private financier
  2. The original OR CR of the car
  3. OR CR must be under the borrower’s name or to the least, the borrower must have a deed of sale to use as proof of ownership. Additional charges may apply and extra time may be needed to fully approve and furnish loan approval in this case but is still possible for a few hours loan proceeds hand over.
  4. Own checking account may be needed on a case to case basis but is not required.
  5. Car or unit must be fully owned and is under the borrower’s name. Or else, a deed of sale, SPA or some legal corporate board resolution must be presented. Otherwise, those who have the OR CR under his or her name as the borrower will have the fastest loan processing advantage.
  6. Accepts Muslim brothers, politicians, lawyers, military, police, business owners, corporation owners and all other entities that your ordinary private lending company will not approve or will decline as part of their lending rules.