EastWest Bank has launched EastWest AutoCash, a refinancing solution that allows car owners to convert their vehicle’s value into accessible funds while continuing to use their car.
The new financial product offers a way for individuals to address various financial needs—such as business expansion, tuition, medical expenses, travel, or home improvements—without selling or surrendering their vehicle.
Through the program, customers can use their car as collateral to secure a loan while retaining full access to it for daily use.
Access Funds Without Letting Go of Your Vehicle
EastWest AutoCash allows qualified borrowers to loan up to 70% of their vehicle’s appraised value, giving car owners access to immediate funds based on their vehicle’s equity.
The refinancing option also offers flexible repayment terms of up to 48 months, providing borrowers with manageable payment schedules depending on their financial situation.
For loans availed at 50% Loan-to-Value (LTV), EastWest offers a special interest rate of 0.68% per month, which the bank says is among the more competitive refinancing offers available in the market.
Standard refinancing loans under the program carry an interest rate of 0.88% per month.
The Loan-to-Value ratio refers to the percentage of the loan amount relative to the vehicle’s appraised value. For example, if a vehicle is valued at ₱500,000 and a borrower takes a loan of ₱250,000, the LTV would be 50%.
Open to Existing and New Clients
EastWest AutoCash is available not only to current EastWest customers but also to new clients who own vehicles and require additional funds.
The refinancing solution targets individuals who may need capital for various purposes, including:
- Expanding a small business
- Funding education expenses
- Covering medical emergencies
- Addressing urgent financial needs
- Supporting personal projects or milestones
By extending eligibility beyond its existing customer base, EastWest aims to provide accessible financing options aligned with everyday financial goals.
Eligibility and Requirements
To qualify for the AutoCash program, the vehicle used as collateral must meet several conditions:
- The vehicle must be registered under the borrower’s name
- It must be no more than 10 years old
- If the vehicle still has an existing loan, the new loan amount must exceed the remaining balance
In cases where the vehicle is still under encumbrance, the loan proceeds will be released after deducting the outstanding loan balance.
Applicants must submit the following documents:
- Photos of the vehicle (interior, exterior, odometer, and latest OR/CR)
- Two valid government-issued IDs
- Copy of the latest OR/CR
- Latest electric and water bill or proof of residence
- Tax Identification Number (TIN)
Proof of income is also required, depending on employment status:
- Latest three months’ payslips for employed applicants
- Business permit for self-employed individuals
- Latest three months’ remittance records for remittance-based income
All applications are subject to credit evaluation under existing bank policies.
Expanding Financial Flexibility for Car Owners
Vehicle refinancing solutions like EastWest AutoCash provide an alternative source of financing for individuals who already own valuable assets but may not want to sell them.
For many Filipinos, cars represent both a personal mobility tool and a financial asset. By allowing owners to unlock part of their vehicle’s value, programs like AutoCash help provide liquidity for urgent or strategic financial needs.
According to Jerry G. Ngo, President and CEO of EastWest Bank, the initiative reflects the bank’s goal of offering practical financial tools for everyday situations.
“EastWest AutoCash gives customers a smart way to access funds using an asset they already own — without disrupting their daily mobility,” Ngo said. “It’s about helping our clients move forward financially while continuing to move forward in life.”
For more information or to apply, interested clients may visit EastWest’s AutoCash page on the bank’s official website.
