UOB Thailand has launched a car title loan product called UOB Car2Cash offering vehicle owners in Thailand a quick access to cash and increased financial flexibility. An owner of personal four-wheel vehicle including cars, pickup or vans may borrow up to full assessed value of the vehicle. The Bank has added the car title loan to its suite of lending in response to evolving customer expectation.
Mr Tearavath Trirutdilokkul, Head of Card Payment and Unsecured Products, UOB Thailand, said, "The Bank of Thailand reports that there has been a 19 per cent increase in the number of collateralised personal loans this year, and currently stands at 5 million accounts[ Source: Bank of Thailand, December 2022 Personal Loan under Supervision in category of Loans for Hire Purchases and Leasing of Automobiles and Motorcycles]. As spending rises, UOB Car2Cash provides much-needed financial flexibility. This car title loan product is designed to meet customers needs as many already own cars and need a simple access to a collateralised personal loan. UOB Car2Cash will complement the Bank's existing loan product mix and allow customers to benefit from cross-selling options."
With a low fixed interest rate beginning at 0.45 per cent per month[ When apply online from 14 February 2023 to 31 March 2023] and repayment plans lasting 72 months, UOB Car2Cash allows customers to borrow up to 100 per cent of the appraised value of their automobile without having to transfer its registration. UOB Car2Cash is available for A four-wheel vehicles with a license valid for up to 16 years.
For more information, visit https://www.uob.co.th/personal