EastWest has introduced EastWest AutoCash, a refinancing program that allows car owners to access funds by using their vehicle as collateral while they continue to use it for daily travel.

The program allows borrowers to convert the value of their vehicle into cash. Clients may borrow up to 70 percent of the vehicle’s appraised value, with loan terms of up to 48 months.

EastWest said clients who take a loan at 50 percent loan-to-value may qualify for a special interest rate of 0.68 percent per month. The bank said this offer stands among the more competitive refinancing options in the market. Standard refinancing loans carry a rate of 0.88 percent per month.

Loan-to-value compares the loan amount with the vehicle’s appraised value. A vehicle valued at P500,000 with a loan of P250,000 has a loan-to-value ratio of 50 percent.

The program is open to both existing EastWest clients and new customers. The bank said the service may help car owners who need funds for business expansion, tuition, medical expenses, emergencies, or personal plans.

Eligible vehicles must be registered under the borrower’s name and must not exceed 10 years of age. If the vehicle still has an existing loan, the new loan must exceed the remaining balance.

EastWest president and CEO Jerry G. Ngo said the program allows car owners to unlock funds without losing the 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. It’s about helping our clients move forward financially while continuing to move forward in life,” Ngo said.