East West Banking Corporation has introduced a new refinancing product that allows car owners to convert the value of their vehicles into cash while continuing to use them for daily mobility.
The bank recently launched EastWest AutoCash, a financing solution designed to help customers access funds for a variety of needs — from business expansion and education expenses to medical emergencies and home improvements.
Under the program, eligible borrowers may use their vehicle as collateral and receive a loan of up to 70% of the car’s appraised value. Loan terms can extend up to 48 months, offering borrowers flexibility in repayment while retaining ownership and use of their vehicle.
“EastWest AutoCash gives customers a smart way to access funds using an asset they already own —without disrupting their daily mobility,” said Jerry G. Ngo, Chief Executive Officer of EastWest. “It’s about helping our clients move forward financially while continuing to move forward in life.”
EastWest AutoCash converts vehicle equity into working capital
For borrowers availing loans equivalent to 50% of their vehicle’s appraised value, the bank is offering a promotional interest rate of 0.68% per month, positioning the product among the more competitive refinancing options in the market.
Standard refinancing loans carry a monthly interest rate of 0.88%.
Loan-to-value (LTV) refers to the proportion of the loan amount relative to the vehicle’s assessed value. For example, a car appraised at ₱500,000 could support a ₱250,000 loan at a 50% LTV.
The AutoCash facility is available to both existing EastWest clients and new customers, particularly those seeking liquidity for personal or business-related expenses. The bank said the offering aims to provide a practical financing option for individuals who already own vehicles but need additional capital.
To qualify, vehicles used as collateral must be registered under the borrower’s name and the car must not be more than 10 years old. For vehicles that are still under an existing loan, the new financing amount must exceed the remaining loan balance, with proceeds released after the outstanding balance is settled.
Applicants must also provide documentation including government-issued IDs, proof of residence, a copy of the vehicle’s official receipt and certificate of registration (OR/CR), photos of the vehicle, and proof of income such as payslips, business permits, or remittance records.
The launch comes as banks in the Philippines continue to expand secured lending products that tap into underutilized personal assets. For financial institutions, vehicle refinancing represents a way to extend credit while managing risk through collateral-backed lending.
With AutoCash, EastWest is positioning vehicle equity as a potential source of working capital for households and small entrepreneurs alike — allowing borrowers to access funds without giving up the mobility they rely on every day.
