Side Hustle Vehicle Loan

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Side Hustle Vehicle Loan

A thriving side hustle, doesn’t need to come at the expense of your ‘regular’ job. Keep the safety and security of your employment, while also enjoying the emotional fulfilment and financial reward of business ownership.

 
What is the Side Hustle Vehicle Loan?

This loan provides financing to salaried persons for commercial vehicles to support their side-line business. Whether for delivery or transportation, the uses are endless. No assessment of their business is required. Simply qualify based on your salary.

Who can apply with us?

Any salaried customer interested in purchasing a commercial vehicle to support their side-line business.

What will you need?
  1. One (1) form of identification (Passport of National Identification Card)
  2. A current job letter
  3. A recent payslip
  4. A recent utility bill
  5. Quotation for vehicle
  6. Evidence of BIR number
Loan Criteria
  1. Loan will be assessed based on monthly salary.
  2. 15% minimum down payment required.
  3. Normal lending criteria applies.

Side Hustle Vehicle Loans for new commercial vehicles now have a maximum term of 60 months with down-payments as low as 15%. Even better, customers enjoy purchasing these commercial vehicles at super-low car rates! Jumpstart your business and set your vehicle mission in motion.

How much can I borrow

For a new commercial vehicle loan, Republic Bank can lend up to 85% of the price.

What are my repayment choices?

For a new commercial vehicle loan, repayment terms at Republic Bank can be up to 60 months.

How do I make payments?

You can make loan payments via direct deductions from your salary which can be assigned to the bank or a direct salary deduction to the loan.

What fees will I pay?

Legal fees for the Mortgage Bill of Sale and the Bank's Negotiation Fee.

What type of insurance is required?

Republic Bank requires collision and comprehensive insurance coverage with an insurance company acceptable to the bank. At Republic Bank, you also have the option of including the cost of fully comprehensive insurance to your monthly installments for the life of your loan with MotorPlus Insurance.

What are the collateral requirements?

Republic Bank will be listed as the first lien holder on the title by way of a Mortgage Bill of Sale over the vehicle being financed.

Who must own the vehicle to finance a vehicle loan at Republic Bank?

The vehicle must be registered to you, the borrower and/or your co-borrower.

What will you need?
Before visiting our Branches, ensure you have the following documents:

  1. One (1) form of identification (Passport of National Identification Card)
  2. A current job letter
  3. A recent payslip
  4. A recent utility bill
  5. Quotation for vehicle
  6. Evidence of BIR number

Simply click below to apply online in just 5 minutes and we will contact you within two (2) business days regarding your application.

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