CAR collateral loan, also known as vehicle mortgage loan, and now, more commonly called Sangla OR/CR (official receipt and certificate of registration), is a product many Filipinos are not aware of.
Based on a survey, only one out of 10 knows about it. Fewer people know that they do not have to surrender their units and that they just need to submit their car or truck's OR/CR along with other documentary requirements to avail of a cash loan that amounts to up to 90 percent of the unit's value.
Global Dominion Financing Inc. (GDFI)'s sales and marketing teams are doubling their efforts to further expand market reach in key cities nationwide in order to increase awareness of the said loan product.
During a recent virtual financing forum, one of the guest speakers, Renzo Duat, shares that in the founding of his own business, he thought of selling his car before learning about Sangla OR/CR and how fast and easy it is to apply for it. Duat is now in partnership with GDFI in expanding his business, and now has more than 100 units in his car dealership showrooms and more than 20 employees for Dashcarr Pro.
In a previous national customer experience event attended by various leaders from different industries, GDFI President and Managing Director Patricia Poco-Palacios shares the story of another businessman, who has started a logistics firm with one truck and is able to grow his business through Sangla OR/CR. The businessman has renewed his loan 17 times until he owns 24 trucks and employs around 50 people. What has been unimaginable has become a reality with the help of financial tools.
GDFI sets up more offices in the country to reach more Filipinos. From 78 branches in 2022, the company has opened new ones, making the count reach 116 as of the first quarter of 2024. It has also started more digital campaigns with the help of its brand ambassadors — multimedia personality and TV host James Deakin for car and truck financing, and singer-songwriter and Original Pinoy music legend Ogie Alcasid for car and truck Sangla OR/CR — to get in touch with more people in different fields of work and industry.
In its recently concluded annual stockholders' meeting, GDFI reveals its operating profit margin of 22 percent, leading to a net operating income of P518 million in 2023. Its revenue has increased by 23 percent compared to the previous year, reaching a record-breaking P2.62 billion. It has catered to the financing needs of more than 17,000 borrowers. The company's financial health continues to flourish even in 2024 as proven by its P2 billion in loan booking just as of the first quarter.
Poco-Palacios says: "Sangla OR/CR (vehicle mortgage loan) really uncovers a lot of opportunities in the business sector. Entrepreneurs get access to a substantial amount of cash loan using just their car ownership papers, and they get to keep their cars or trucks, which makes them still able to go on with their day-to-day operations, service their customers and eventually expand their firms."
She adds, "Our NPL (nonperforming loans ratio) tells us that the financial consumers we help also help us by paying on time as committed, which enables us to help even more SMEs (small and medium-sized enterprises)."
GDFI has been in the business since 2003. Its purpose is to ignite and accelerate growth in people and organizations to transform lives for the better. Aside from car collateral loan, it also provides Filipinos with simple and easy access to vehicle financing whether for brand-new or secondhand units. Learn more about the financing company by visiting gdfi.com.ph.