CAR BUY BACK LOAN

A Car Buy Back Loan is a short-term, secured financing arrangement in which the borrower temporarily transfers the legal ownership of their vehicle to a lender in exchange for immediate funds. The lender holds legal title of the car as security until the loan is fully repaid. Once the borrower settles the outstanding balance, ownership of the vehicle is officially transferred back to them.

APPLICATION PROCEDURE FOR CAR BUY BACK LOAN

1. The process begins by a client submitting an application letter, original car documents and legal documents of the car for the transfer of ownership to Cool Financial Services.

2. Once we receive the documents, they will be sent to the legal department for review and verification to confirm its validity.

3. The vehicle is sent to Cars45, a certified automobile valuation and inspection service provider, for inspection and report as to the current value of the car.

4. A comprehensive credit risk evaluation is conducted to determine the creditworthiness of the customer.

5. If there is no discrepancy, the customer must complete all loan forms. Afterwards, an email is sent to the legal and relevant departments for final approval, including scanned copies of all required documents.

6. Subsequently, the loan is approved and disbursement is done within 48 hours.

7. In circumstances where a customer seeks a concession such as a modification of loan terms or an extension of the repayment period, a formal written request must be submitted and must be explicitly approved before such is granted.

8. Our loans are issued for a standard maximum duration of 90 days. Clients who require additional time may apply for an extension; however, the extension period shall not exceed 30 days.

REQUIRED DOCUMENTATION CHECKLIST

The customer is required to provide a set of essential documents which include:

a. Loan application letter

b. Customer bio data form

c. Guarantor form

d. CRC profile form

e. A duly signed/executed loan agreement

f. A duly Signed/executed car sales agreement

g. Car Evaluation report

h. Physical possession of the car & key

i. Original car documents, such as proof of ownership, road worthiness certificate, insurance certificate, driver’s license, custom papers, vehicle license.

j. Bank statement.

For corporate bodies, the following documents are required:

a. Loan Application Letter

b. Customer Bio Data Form

c. Guarantor Form

d. Company bank statement for the last 6 months

e. CAC certificate

f. Company status report (not less than 2 weeks)

g. Board resolution to take loan and use the company car as collateral

h. Car Evaluation report

i. Original car documents

j. Car Purchase Agreement/Loan Agreement