Buying a new automobile may be thrilling, but some drivers believe it’s better to save money by just renewing your certificate of entitlement.
In this case, if you are planning to get a COE renewal loan in Singapore, there are factors that you need to consider. Here are some of them.
- Access to parts
Antique automobiles that have been out of production for a long time have difficulty finding replacement parts. It is ideal to do a COE renewal loan in Singapore if your car has the same features and is available in stores.
- The rebate from PARF
Deregistering an automobile before its COE expiration is eligible for a 50% reimbursement in the PARF rebate. Your car’s value will depreciate even more when you renew the COE rather than cancel it. Unless you decide to buy a new car, a fast approval is possible for in house used car financing.
- Power of the engine
Before doing a COE renewal, check your engine’s power. A 10% per year premium for vehicles over ten years of age also works on cars on the road longer than ten years. If your car is over 6000cc, you may consider getting used car loans in Singapore.
- Maintenance costs
Keep an eye on your car’s mileage and fuel efficiency. Your engine will almost certainly need to be overhauled if the numbers are a sign of expenses.
- Financial options
Most banks and numerous financial institutions offer a COE renewal loan in Singapore. In addition, there are a variety of interest rates available. Check a reliable renew COE loan calculator on your provider’s website to get an idea of how much you’ll be paying.
Are you looking for a car loan dealer? Swee Seng Credit offers vehicle finance solutions. Choose from their in house and used car loans in Singapore. Contact them today!