EastWest rolls out auto loan refinancing program
EAST WEST Banking Corp. has launched a refinancing solution for auto loans that lets borrowers access cash while keeping their vehicles as collateral.
The program, called EastWest AutoCash, allows borrowers to tap as much as 70% of their car’s appraised value, with repayment terms of up to 48 months.
For loans with a 50% loan-to-value ratio, the bank offers a promotional interest rate of 0.68% a month, below the standard 0.88% rate for refinancing.
“EastWest AutoCash gives customers a smart way to access funds using an asset they already own — without disrupting their daily mobility,” EastWest Chief Executive Officer Jerry G. Ngo said in a statement on Monday. “It’s about helping our clients move forward financially while continuing to move forward in life.”
The product is available to both existing and new customers, particularly car owners seeking liquidity for business, education, medical expenses, emergencies or personal needs.
Eligible vehicles must be registered under the borrower’s name and no older than 10 years.
If the car is still under a previous loan, the refinancing amount must exceed the remaining balance, with proceeds released net of the outstanding loan.
Applicants must submit photos of the vehicle (interior, exterior, odometer), latest official receipts and certificates of registration, two government-issued IDs, proof of residence, tax identification number and proof of income
Acceptable income documentation varies: three months’ pay slips for employed applicants, a business permit for self-employed borrowers or three months of remittance records for those relying on remittance income.
Applications remain subject to the bank’s standard credit evaluation.
EastWest Bank has been expanding consumer-focused lending products as it seeks to diversify its portfolio. Last year, the lender reported a net income of P9.1 billion, up 21% from 2024, driven by strong core revenue and fee income growth.
Shares of EastWest Bank closed at P12.92 on Monday, down 1.37% or 18 centavos from Friday’s finish. — Aaron Michael C. Sy
