Cars are the more convenient alternative to commuting to work every day. Having a licence means you no longer need to wait before you can finally enter the train or bus. Instead, you can get inside your car and drive to your destination without the hassles that come with commuting. In fact, all you need to worry about is the traffic and getting your own car. Buying a car used to be quite difficult, considering the costs of most reliable models and everything that comes with owning one. Fortunately, times have changed since then, and loans have become vehicle finance solutions for those who want to make it easier for themselves.
There are different types of loans that you can use as a solution to your financial troubles regarding your car.
1. COE Renewal Loan
To register your vehicle, you must bid for a Certificate of Entitlement (COE) in open bidding exercises. Once you secure a COE from the exercise, you can finally register your vehicle and gain the ability to use it for ten years. After ten years have passed, your COE expires, and you now have the choice to either deregister your car or renew the COE. The only requisite for renewing your COE is to pay for the Prevailing Quota Premium (PQP). However, if you are low on cash and wish to pay for the PQP before the COE’s expiration date, you can solve your little problem by getting a COE renewal loan. With a COE renewal financing loan, you don’t need to worry about not paying the PQP in time.
2. Used Car Loan
Are you eyeing a used car for sale but don’t have the finances to buy it? You can wait till you have the cash in hand before you buy the vehicle you desire, but there’s always the possibility of it being purchased by someone else. Losing the opportunity to own the car of your dreams can be very disappointing, especially when you could have easily bought it if you only had the money to do so. Instead of allowing these chances to slip through your fingers, you can take a commercial car loan in Singapore for used cars and secure the vehicle you desire.
3. Refinancing Loan
Finance companies in Singapore have loans known as refinancing loans. Refinancing loans refer to getting a new loan in order to pay off other outstanding loans. People who usually apply for a refinancing loan aim to either receive lower interest rates or reduce the amount they need to pay. This can be used in financial problems related to your car. Whether it be for your COE renewal or new car purchase, a refinancing loan can significantly benefit you.
Are you looking for a commercial car loan in Singapore? Visit Swee Seng Credit today!
