Besides the fact that all OFWs want to secure a house, most of us want comfort in transportation, too. Having that said, houses and cars are few of the main goals that OFWs look forward to. In addition to it being a comfort in transportation, they can use it for business or income-yielding processes as well. Although hearing and reading about the OFW Auto Loan can excite all OFWs, this application is only available for Hong Kong and Saudi Arabia OFWs through the Philippine National Bank (PNB). Moreover, the program is through Global Filipino Auto Loan, a financing institution that helps car buyers.
In this article, we will be discussing the ins and outs of this OFW Auto loan. So, if you know someone, share this and spread the knowledge to help and assist them especially if you have a relative or family member working in either of the countries.
What types of cars are eligible for buying under the OFW Auto Loan?
Of course, buyers won’t be able to secure or purchase “any type of car they want.” Although the range of cars available is wider than you would expect, here’s a list of what’s available for purchasing.
Sedan cars;
Sports Utility Vehicles (SUVs);
Asian Utility Vehicles (AUVs);
Light Commercial Vehicles (LCVs); and
Passenger Vans
We mentioned earlier in the article that it can either be used for better transportation of the family of the OFWs or for business purposes. Although trucks are not included, as you can see passenger vans are here meaning, the OFW Auto Loan can be used to purchase a van that can be used as a rental vehicle or the UV Express franchise.
What are the documentary requirements in applying for this OFW Auto Loan?
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