5 Facts To Know About Maybank Car Loan

5 Facts You Need to Know About Maybank Car Loan

5 Facts To Know About Maybank Car Loan

Maybank is known for its easy banking for individuals and corporates. Also, it offers competitive loans like Maybank Car Loan. Learn more about it here.

Maybank has started its venture in 1960. Currently, it has been recognized as one of the domestic systemically important banks in the city-state. The extensive financial products range from insurance to investments.

Maybank Car Loan Eligibility

Maybank offers car loans to Singapore Citizens, Permanent Residents, and foreigners who have valid Employment Pass. Aside from this, foreigners must also have a local guarantor. In addition, all applicants for the car loan must be at least 21 years old.

So do you think you are qualified? Before applying for the Maybank Car Loan, you need to know these five (5) facts.

Maybank Car Loan in Singapore

Maybank Car Loan Amount

The actual amount of the loan will significantly depend on the Open Market Valuation (OMV) of the car you want to purchase.

If the vehicle’s open market value is less than or equal to $20,000, you can borrow as much as 70% of the purchase price. However, if the car costs more than $20,000, you can only get up to 60% of the purchase price.

If you’ve got some discount, rebate or any other benefits offered by Maybank, these will be the first deduction from the OMV. Then, the loanable amount will depend on the remaining OMV.

Maybank Car Loan Tenure

Maybank also gives car loans to those who want to buy used cars. One thing that can affect your loan tenure is the car’s age. If the vehicles are less than 10 years upon loan maturation, your loan tenure can stretch up to seven (7) years.

If the vehicle is older than 10 years of age upon the maturity of the loan, the tenure you can get is maximum of four (4) years for revalidated COE of five (5) years. If the COE is revalidated by 10 years, then the loan tenure can be up to seven (7) years.

Take note that the age of the vehicle must not exceed 20 years upon the settlement of the loan.’

Maybank Car Loan Interest Rate

Maybank Car Loan has a fixed interest rate as low as 3.25% per annum. To calculate your monthly hire purchase instalments with the flat rate of interest, you need to follow these steps:

  • Multiply the principal amount of finance by the interest rate. For example, let’s say your loan amount is $15,000 with an interest rate of 3.25%. Your loan tenure is 7 years.

$15,000 x 3.25% = $487.5 x 7 = $3,412.5

  • Add the figure you’ve got with the principal amount. It will be your total amount payable.

$15,000 + $3,412.5 = $18,412.5

  • Divide the total amount payable by your tenure (in months)

$18,412.5 / 84 months = $219.20 a month

Maybank does not allow partial redemption

Partial redemption is not allowed by Maybank, but you can do early settlement. However, take note that there are certain conditions.

  • If you opt for an early settlement, you must pay 20% of the total term charges.
  • Also, aside from the 20% charge, you will have to settle the prepayment fee of 1% of the original loan amount of the loan.
  • Plus, you must send a 30-day notice before the settlement date.

Your classification might not be under the Hire Purchase Act

If the COE deduction from the purchase price and the amount does not exceed $55,000, then you will be classified under the Hire Purchase Act. But if the amount is higher than $55,000, your classification is under the common law and not the Hire Purchase Act.

The Hire Purchase is a transaction that gives you the right to use the car even if the whole amount still needs payment in instalments. Therefore, you can immediately enjoy the vehicle while paying through monthly instalments. Upon the loan settlement, they can then transfer the ownership to you.

Getting a car is not just looking for the vehicle unit. You must find the best car loan to finance your vehicle to make sure you can purchase it without sacrificing your basic needs.

Maybank car loan may be a good choice for some, but it is not a one-size-fits-all. Take the time to shop around for other options and consider the additional fees involved. Ask questions as much as possible to know all the facts you need.

If you need additional cash for the down payment, Cash Mart can help you out. Call Cash Mart today to find out how.

DBS Car Loan Facts You Need to Know First

DBS Car Loan Facts You Need to Know First

Looking for a car loan? DBS car loan is one of the best financial assistance in Singapore. Understand why as we discuss the facts you need to know about it.

DBS offers car loans to Singapore Citizens, Permanent Residents, or foreigners at least 21 years old. You must have a minimum monthly income of $2,000 to $4,000.

However, before applying for a DBS car loan (or any loan), make a self-assessment. Banks are strict when it comes to loans. They will evaluate your creditworthiness by looking into your credit report.

So even though you meet the eligibility, if you have a history of payment delinquency, you might get declined. It would help if you asked the credit bureau for a copy of your credit history. If this is the first time you are applying for a DBS loan, you can get it free.

DBS car loan

Credit: https://www.dbs.com.sg/personal/loans/car-loans/carloan

DBS Car Loan Features

Like most banks in Singapore, DBS increased its loan term from 5 years to 7 years. It might be tempting to get the most extended loan term as it has lower monthly amortization. However, you will end up paying more than you should. Therefore, it is better to know how much you want to borrow and for how long. Use a loan calculator to help you see the possible amount of your monthly amortization.

The loan amount you can borrow will depend on the car unit’s Open Market Value. For example, suppose you want to purchase a unit for less than $20,000. You can borrow up to 70% of the valuation or purchase price. If the two have a different value, DBS will base the loan amount on whichever is lower.

If the unit costs more than $20,000, you can borrow 60% of its valuation or purchase price.

Another feature is that DBS also finances used cars up to 70% of their appraised value, though it still depends on the car’s age. It is best not to change the ownership yet if you haven’t got any loan approval. The used car must not be older than 10 years. Since the vehicle’s value depreciates, the older the car, the lower the amount you might be allowed to borrow.

DBS Car Loan Calculator

It indicates the monthly instalment, loanable amount and the estimated purchase price based on your monthly income, chosen loan period and existing financial commitment.

Also, it is useful when you want to know how much you can handle should you finally decide to get a car. Most people get over-excited that they only consider the interest rate and loan term. However, you will not feel the impact of a car loan unless you see the realistic figure you have to pay every month.

What happens in case you default?

Of course, most of us know that you will lose your car. However, the bank repossessing your car is just one of the consequences of defaulting. You will be charged with additional penalty fees for your delayed payments. Failure to settle the loan in a week means you will put your car on sale. If the amount of money from the sold car is still not enough to settle the ballooning loan amount, you are still accountable for it.

And much worst is the impact it will do on your credit score. A car loan is vital, and a history of a default car loan will not look good in your records. Even if you get another chance to buy a car with a loan, you will be offered a very high-interest rate.

Can OCBC Car Loans Fit Every Buyer’s Needs?

Can OCBC Car Loans Fit Every Buyer’s Needs?

(Updated 31 January 2017) Are you planning on buying a vehicle? OCBC Car Loans are the customer’s top choice. Find out how it fits every buyer’s needs.

Having a car in Singapore brings the convenience, peace and freedom commuting will never have. Driving to your office, a family function, a dinner date or anywhere on the island with your own car takes your lifestyle up a notch. It has even become a necessity for many more than just a whim.

When you think of buying a car, one of the fundamental questions to ponder is how to finance it. Unless you have saved up enough to pay the full price in cash, you need a car loan to fit your needs. So are OCBC car loans the best choice you have?

OCBC Car Loans Eligibility

OCBC offers car financing for new vehicles to Singaporeans, Permanent Residents, and foreigners with proper work permits. The applicant must be 21 years old and interested in buying a brand new car. The bank is proud of its flexible term of up to 7 years and competitive interest rate of 2.78% a year. However, be mindful that the longer the term, the higher is the Effective Interest Rate. Therefore, when comparing interest rates, it is best to use the EIR instead of the interest rate per annum as it is more accurate.

ocbc car loans

OCBC Car Loans Requirements

If you plan to apply, you have to present a valid ID, income documents such as a payslip, the latest 6 months CPF contribution or Income tax notice of assessment, a duly filled up application form, and a work permit you are a foreigner. Also, you have to prepare the initial deposit as the bank will only finance 60 to 70% of the car’s market value. You can get more information through OCBC’s online Car Financing Enquiry Form.

OCBC New Car Financing

The maximum finance amount you can get depends on the Open Market Value of the car you want to purchase. If the vehicle costs less than S$20,000, then OCBC will finance 70% of the vehicle’s market price. For cars worth more than S$20,000, the bank will only finance up to 60%.

OCBC Car Loan Application

Should you decide on OCBC Car Financing, you will have to apply through your car dealer and pay the initial deposit. It is when you have to pay cash for the downpayment. Then, wait for your dealer to contact you for the next meeting. You have to sign the Hire Purchase Agreement and pay the remaining downpayment this time.

Remember that the bank still has to evaluate the finance amount it will approve based on your financial standing and creditworthiness. Therefore, any difference between the market value of the car and the approved finance amount must be shouldered by you. Take note that your dealer might also demand the first month’s instalment.

The dealer will then set another meeting for you to get your car. Expect OCBC to send you the Hire Purchase Agreement and your payment schedule via mail. Then, make your monthly repayments in cheque deposit boxes or cash at any OCBC branch.

OCBC Used Car Financing

If you are eyeing to buy a used car from a car dealer or a direct owner, you can consider this loan product. It has a fixed interest rate of 2.98% per year, a loan term of up to 7 years and possibly a finance amount of 60 to 70% of the car’s valuation.

You can apply for a car loan through your car dealer or directly with OCBC. Either way, expect your credit agent or car dealer to ask for your first month’s instalment. You also have to be ready should you need to pay an additional downpayment and an administration fee.

OCBC Car Refinancing

This product is specially created for those who have existing car financing with other banks for at least 6 months. You can apply for Car Refinancing if your current financer has an interest rate of 2.40% or more. The financed period on your existing financer will be deducted from the repayment period of 7 years.

Upon approval, OCBC will pay off your car financing with the other bank and then refinance your vehicle with new terms.

Take Note About OCBC Car Loans

  • Though the OCBC site does not discuss any other fees aside from the interest rate, do not forget to ask them about administrative fees/ processing charges, prepayment charges and late payment penalties.
  • If you plan to buy an imported car, make sure that you can apply for OCBC’s car financing through your dealer.
  • The maximum finance amount will be based on the depreciated open market value for the used car. In addition, the car’s value is adjusted according to its age.
  • Also, they will send the purchase agreement via mail 7 days upon loan disbursement. Remember to check your repayment schedule and pay diligently to avoid penalties.
  • Terminating the GIRO for the OCBC car financing has to be at least 5 days before the following repayment is due. After that, you can do the termination only via mail.
  • Inform the bank of any changes in the motor insurance company via mail.

Choosing the car loan that best fits your needs and even wants is not an easy matter. You need to take time and shop around for the best deals, as the right car loan is key to acquiring your dream ride at ease. 

Another best choice is Cash Mart. It is a legal money lending company that approves a personal loan for any of your needs. So it can undoubtedly finance your plan of buying a new car. 

New Licensing Regulation Uber GrabCar Drivers

New Licensing Regulation Uber GrabCar Drivers Need To Know

New Licensing Regulation Uber GrabCar drivers

Do you want to continue providing chauffeured services? The new licensing regulation Uber GrabCar Drivers allows you.

Private hire car drivers have an obligation to commit. They must undergo the Private Hire Driver’s Vocational Licensing (PDVL) Framework starting 1 July 2017. It is the new requirement for both Uber and Grab drivers. 

Also, the government expects to leverage the industry. It is possible by revising the existing Taxi Driver Vocational License (TDVL) framework. It is in line with the new developments of Singapore Land Transport Authority regulations.

Private Hire Driver’s Vocational Licensing (PDVL)

The regulation ensures both the chauffeur’s and the public’s interest and safety. However, all drivers must go through sufficient training. Taxi drivers who want to avail of the vocational license will have to attend a two-hour briefing for private hired drivers.

Under the new framework, the applicants must go through strict medical and background screening.

Only individuals as registered owners of a chauffeured service company or employees of a limousine company can apply for the vocational license. UberX and Grab require their private drivers to have a Class3/3A driving license for at least a year. However, under the PDVL, their drivers must now have a driving license for 2 years before the application.

Each applicant must attend the required PDVL course of approximately 10 hours. Furthermore, they must pass the given examinations. In addition, the drivers who successfully kept their license must have a 3-hour refresher course. No worries. It is only necessary every 6 years upon passing.

The Land Transport Authority (LTA) will use a demerit point system for stricter regulation. Therefore, drivers who never incurred any demerit points will be exempted from the refresher course. Also, it will apply to the limousine company drivers only if the company meets the LTA laid requirements.

Aside from the driver’s vocational license, the private drivers require to display their license and tamper-proof decals on their cars. They can only use these decals once. It will assure the commuters that the driver has undergone sufficient training. Therefore, car registration with the LTA is a plus.

Private Hire Driver’s Vocational Licensing (PDVL)

Credit: https://www.todayonline.com/singapore/lta-sets-minimum-age-30-new-private-hire-driver-licence-applicants-they-must-also-be

Revised Taxi Driver Vocational License (TDVL)

After months of survey and evaluation, the ministry found that most taxi drivers feel the current TDVL  needs revision. It is vital to provide the needed leverage as the competition with UberX and GrabCar continues to be tight. In response, the ministry is incorporating technology into the framework. Also, it shows that the industry is quickly changing. Plus, innovation is a must.

Under the reconstructed TDVL framework, the taxi drivers must learn to use the Global Positioning System (GPS). It is far different from the usual maps. So for 60 hours, they will shorten the course to 25 hours. But they will do more training online rather than in classrooms.

Also, the refresher course will have shortened period. It is now 3-5 hours from 6-9 hours. Like private drivers, taxi drivers without any demerit points are exempt from the refresher course. Therefore, the government expects better service with the said incentives.

On the other hand, taxi drivers who won’t get a vocational driving license can attend the 2 hours shortened course without paying $40.

New Licensing Regulation Uber GrabCar Drivers Requirements

Uber Driver Requirements in Singapore

You must be a Singapore Citizen or a Permanent Resident with at least 25 years of age and a holder of a Class 3/3A driving license for at least 2 years. All drivers have to register as a limo car company in ACRA. Don’t worry. It can quickly be done in less than 20 minutes online at $65.

In addition, your vehicle has to be a four-door car less than 10 years old with a capacity of 1.4L or larger. Also, it does not have to be new or expensive as long as it is in good condition. It is a common notion that no owner of an expensive car will let a stranger use their beloved vehicle. All because of the fear of premature wear and tear. However, it is up to you as Uber now offers services for commuters who want to ride luxury cars. Uber recently raised its minimum hourly guaranteed rate fare to $25 per hour during non-peak seasons. Nevertheless, it rises to $27 – $36 during peak hours.

It is a common notion that no owner of an expensive car will let a stranger use their beloved vehicle. It is due to fear of premature wear and tear. But still, it is up to you as Uber now offers services for commuters who want to ride luxury cars. Uber recently raised its minimum hourly guaranteed rate fare to $25 per hour during non-peak seasons. However, it rises to $27 – $36 during peak hours.

Uber Driver Requirements in Singapore

Credit: https://coconuts.co/singapore/news/all-private-car-drivers-including-those-under-grab-and-uber-must-have-vocational-licences/

GrabCar Driver Requirements in Singapore

You must be at least 21 years old, a Singaporean or a Permanent Resident who has at least 2 years of driving experience. Even if you do not have your own car, you can still be a Grab driver. It is possible through Grab’s exclusive partner fleets. Also, you can drive for an affiliated rental company. As for PDVL, Grab offers to reimburse or pay the corresponding fees. However, if you fail the test, you may retake it at your own expense.

If you need quick cash to get a vocational driving license, you can drive to a moneylender in Singapore, such as Cash Mart. The friendly staff will be willing to assist you with your personal loan.

Article Updated 22 August 2017

How To Get The Best Bad Credit Car Loans

Best Bad Credit Car Loans

How To Get The Best Bad Credit Car Loans

It is frustrating to fall in love with a car and then find out that you can’t take it home. All because you don’t qualify for financing due to bad credit. Bad credit has no specific range.  It is a matter of opinion that varies from each moneylenders. One money lender may consider your credit as poor while others will put you in the range of subprime. Hence, these quick tips on how to get the best bad credit car loans make it possible.

Bad credit does not mean that you can’t ever buy a car. You can even take a new car despite your poor credit standing, as many trusted licensed moneylenders are still willing to approve bad credit car loans. Do not lose hope yet, here are some tips to get your car through a Singapore auto loan even with a poor credit score.

Check your Credit Score

Moneylenders may have different ways when evaluating a credit score, however, to give you an idea, it may range like this:

  • Excellent credit: 740 to 850
  • Good credit: 680 to 740
  • Acceptable credit: 620 to 680
  • Subprime credit: 550 to 620
  • Poor credit: 300 to 550

To give you a better outlook, you still have a better chance of getting a loan than those having to a credit history. If you are determined to get a car, better plan on getting a good auto loan way ahead of shopping for a car. You can get a copy of your credit report from Singapore’s Credit Bureau. The credit report will contain your personal data (except your contact details), default records (unpaid debts), all credit checks made, credit repayments for the last 12 months, bankruptcy records that will stay in the record for five years, and credit accounts, outstanding balances and inquiries.

To get a copy of your credit report, simply contact  Credit Bureau (Singapore) Pte Ltd and DP Credit Bureau Pte Ltd. These credit bureaus gazetted are the only bureaus allowed by the Monetary Authority of Singapore (MAS) to make copies of your credit report. Once you get your copy, evaluate if it may fall into the poor bracket.

What Affects Your Credit Score

There are certain factors that can pull down your credit score.

  • Bankruptcy, foreclosure, or defaulting on other loans.
  • Late or missed payments.
  • Little or no history of credit.
  • Too much existing debt.
  • Having no assets that serve as collateral (home or car, etc).

best bad credit car loans

Credit: https://creditrevive.co/lorem-ipsum-dolor-sit-ame/

Tips On The Best Bad Credit Car Loans 

Now that you know what affects your credit score, try to find some mistakes in your credit history and fix them.

Review Your Credit Report

If you have some, your previous moneylenders are the ones who report your payments. There are times that they may fail to report your on-time payments and only report your failure to pay on schedule. If you find some mistakes, contact the credit bureau which provided the data. They will post your dispute on your record to make it clear that it is under investigation, and then they will constantly inform you about its progress. Once an amendment has been made, the credit bureau will send the revised copy of your credit report to you and to the people who made enquiries on your record for the past three months.

Shop Around

Take some time to shop around for bad credit auto loans, but be careful with the intervals of your auto loan inquiries. Too much inquiry will pull down your credit score further. Try applying for the loan in 14 days, this will come out to your record as a single hard inquiry.

Compare the Annual Percentage Rate (APR) of auto loans instead of looking at its low monthly payment. If you focus on the monthly payments and interest, you will not see the bigger picture that you might be paying more than you could. Do not fall into the trap of making your loan period longer just to have lower monthly interest rates, in the end, you will be paying too much interest.

Have A Confidant

Bring a companion when going to the moneylender’s office. Your companion can act unconvinced or cynical and may ask questions that you may have overlooked. Moneylenders may want to talk you into the highest possible rate they can fetch, your companion can bargain for you if you don’t have the guts.

Maintain A Healthy Credit Report

Once your credit is back in good shape, always keep track of your credit report. Make sure your payments are well recorded to avoid errors. If you can, pay all the monthly payments in full. If you want to pay in full earlier than the loan’s time period, make sure there will be no penalty. Some licensed moneylenders in Singapore have prepayment penalties. If you decide to have multiple loans, it will be helpful to have them with only one provider. This way you can easily track your payments and outstanding dues.

Having bad credit does not mean you say goodbye to having a car. You just have to do more work, but it will pay off in the long run. Once you get a good Singapore auto loan to fit your needs and financial standing, ask how much you can spend on a car. Choose your car wisely. Instead of choosing according to style, choose according to your needs.

Car loans for people with bad credit are not impossible, take your time to look around. Who knows it may just be a few clicks away.

Top 3 Carpool Apps for Singaporeans

carpool app

3 Top Carpool Apps for Singaporeans

Nowadays, Singaporeans are becoming more and more receptive to the idea of carpooling. But through time, they became more acquainted with it. So today, 3 top carpool apps for Singaporeans are prominent in the country.

Various carpooling apps have been introduced on the island since 2015. As a result, a new regulation mandating carpool drivers to get paid was made. It serves as thumbs up from the government since making the country car-lite is still a goal to be reached.

At the end of 2015, registered cars reached a five-year low. It does not point to COE prices, but rather experts say that apps such as Uber and Grab may have created such an effect. From here, there is a rise in the number of rental cars.

What is Carpooling?

Carpooling is different from the original idea introduced by Uber and Grab. Instead of activating apps and getting a driver to pick them up to go to a specific destination, the carpool driver can share his or her car with others.

In a simple scenario, if a driver goes to work and wants to share the empty seats in the car, he can pick up riders along the way using an app.

Picking up riders on the road and in parking lots is strictly prohibited. However, the driver and riders can agree about pick-up locations and the time.

Carpooling is not for profit as drivers are only allowed to have two carpool trips a day. It is just like sharing the ride with friends and the costs, including the gas.

Advantages of Carpooling

Reduce Carbon Footprint

The government is now in an active fight against pollution to help global warming problems. If there are fewer cars on the road, less fuel will be used while a couple of people can arrive at places they need to go. The carbon emitted by vehicles may be reduced to 1/3 if three people use a car every day.

Split Ride Cost

Since the driver gets paid on the ride, there is no need to worry about shelling out cash for the gas. Also, the riders don’t have to pay the whole bill since they are sharing it with other riders. Another advantage when talking about costs is that there is no surcharge on carpooling.

Social Experience

People get to meet other people. We have to admit that Singaporeans are now getting busy with their jobs and other responsibilities that they start to be strangers even to their next-door neighbours. If you are an extrovert, then this experience can be fun for you and convenient. You can meet people with various interests. And you may get to share your ride with them every day.

Reduce Traffic Congestion

Congested traffic is no fun during rush hour. People waste their time stuck in the traffic while they could have been spending it with their family and loved ones. Also, some rides get more expensive whenever there’s high demand. There will be fewer cars on the road with carpool, easing the traffic situation.

Disadvantages of Carpool Apps

Sudden Appointment Changes Due to Errands

Carpooling is not all sunshine and rainbow. There are some disadvantages, such as sudden errands that must be done.

For example, the driver may have to go home earlier to pick up a child who suddenly got sick in school. It will cause the riders to use another mode of transportation to get home independently.

Another is if the rider has sudden work demands before the shift ends. Then, the driver will have to wait instead of going home after the day’s job.

Also, there is the possibility that people have driving ethics. The key here is clear communication between the riders and the driver.

Car Insurance Doesn’t Cover Accident Claim on Commercial Basis

Private vehicles may have insurance; however, it may not cover the damages if used the car commercially during the accident. Contact your insurance provider and inform them that you plan to use your car in carpooling. Also, you can ask them regarding the extent of your car insurance coverage.

Popular Top Carpool Apps in Singapore

Travelling around is more convenient if you try out these top carpool apps for Singaporeans. 

Ryde

ryde carpool app

Ryde is one of the most popular carpooling apps in the country. It uses a “proprietary algorithm” to calculate the price based on variable costs of petrol, depreciation, and maintenance.

While there is still a risk of certain assaults during carpooling, Ryde is insured to $1,000,000 against sexual assault claims and third-party liabilities. It means that they give insurance to those who had accidental death and permanent disablement three months after the incident during carpool. Just be sure that you are a verified member to get insured.

To keep the safety of the carpooling community, Ryde has a two-way review wherein drivers and riders can evaluate each other. Those with less than four stars will be suspended from the community for a month.

Swat Mobility

swat mobility carpool app

Swat Mobility offers flexible carpool services with shared buses. While it is convenient for individuals to book their rides anytime anywhere, this app also helps businesses book for their employees.

The employee transport is designed to pick employees close to their homes. This assures that they sit with their co-employees with social distancing.

Grab Hitch 

grabhitch carpool app

The app takes pride that it is not an on-demand commercial ride but rather a social ride-sharing app. Grab calculates the fares, which only covers the driver’s variable costs. Currently, Grab is negotiating for cross-border carpooling services to cater to those crossing the borders between Singapore and Malaysia. The authority does not allow the use of cars on the island not registered in LTA, and Malaysia has a similar regulation. Nevertheless, Grab Hitch started a test run and collected various reactions from people.

Still, convinced you need your own car to go to places? Then, get a car loan to purchase your vehicle finally. Call Cash Mart now.

Standard Chartered Bank Car Loan: Top 5 Queries

Standard chartered bank car loan

Standard Chartered Bank Car Loan: Top 5 Queries

Standard Chartered Bank Car Loan is ideal for a car purchase in Singapore. Use this article as a guide. Ask these questions before proceeding.

Standard Chartered Bank Car Loan in Singapore

While Singapore’s transportation system is on top among other Asian countries, many Singaporeans are still eyeing the convenience of having a car.

Now that there are various car loans in the market purchasing a car has never been more affordable. You can quickly get a car and drive it around while still paying for it. However, there is a lot to consider other than just the design and brand of a vehicle.

It would be best to take your time shopping for the right car loan. Let’s look at Standard Chartered Bank Car Loan here in Singapore.

Standard Chartered Car Loan

Car Loan Documents Required

Standard Chartered Bank has a strict policy regarding the required documents like any other bank. Also, your paperwork must be complete, and the photocopies must be precise.

Standard Chartered Bank requires its car loan applicants to submit proper identification documents, proof of income, Sale and purchase agreements, Application for Hire Purchase, and Vehicle registration card or Log card.

If you are a foreigner, you can still apply for a car loan to present additional documents such as your proof of address. However, giving complete requirements can make your loan process faster.

Car Loan Interest Rates

Unlike other loans that can charge after a certain period, Standard Chartered Bank offers fixed interest rates for the whole duration of your loan term. You can now choose a term of up to seven (7) years. After the Monetary Authority of Singapore (MAS) had eased its regulations with car loans. It made the car loans in Singapore more affordable because longer terms can lower the number of monthly instalments.

Standard Chartered Charges

You need to consider the car loan’s fee and charges before choosing the one that fits your needs. Also, it gives you an idea of how much you will have to pay if you have not met the loan contract.

They will charge the late payment fee for every month you fail to pay your instalment. 

Let’s say the opposite happened. You want to settle the loan ahead of the maturity date. You would think that the bank will be happy to pocket your money and close the loan. Instead, banks such as the Standard Chartered Bank will penalty those who did not follow the agreed contract, whether late payments or early completion.

Should you decide to settle your loan voluntarily, you will need to pay 20% of outstanding interest in addition to 1% of the balance payable. That is why you need to choose the proper loan term for you.

Standard Chartered Loan Calculator

How will you know the estimated amount of your monthly instalments? And is it even imperative?

Nowadays, banks and other financial institutions provide easy-to-use loan calculators. It helps borrowers know how much they must pay if their requested loan amount has been approved. With this, the borrower can see if he can meet the monthly repayments without sacrificing the basic needs.

The loan calculator can also help you decide the number of years you want to pay your car loan. Also, it will help you avoid the prepayment charges too.

5 Smart Questions to Ask on Standard Chartered Bank Car Loan

How much financing should you apply for?

Using an online car loan calculator can help you decide the right amount of financing. Choose the amount you need with the monthly instalment that you can handle. Remember that you are getting a loan to have a better life, not to go deep into debt.

Another thing to consider is your savings. How much downpayment are you willing to pay off? It is best to pay as much downpayment as you can. It will lessen the amount you have to borrow and the interest charge you need to pay.

What are the first steps when purchasing a car with Standard Chartered Bank Car Loan?

When purchasing a car, it is best to learn about the car you need and the possible expenses you need to handle as a car owner. For example, while a vehicle gives convenience, it must be well maintained, refuelled and taxed.

Can you handle additional expenses on top of your current finances? If so, then you can go on and visit car dealers. Check the available makes and models. Read about these units and consider which one is best for your needs.

How does the Standard Chartered Bank Car Loan charge its interest?

Banks’ usual practice is typically to charge what is known as a “flat” or “applied” interest rate. The Amount Financed is constant throughout the loan term. Multiply the loan amount, the Applied Interest Rate and the number of years (Loan Term). It is your total interest to be paid throughout the loan period.

Amount Financed x Applied Interest Rate x Hire Period = Total interest

Are there any charges for early settlement of Standard Chartered Bank Car Loan?

Should you decide to settle your car loan prematurely, you will charge an early completion fee. It is 20% of outstanding interest on top of the additional 1% balance payable.

What to consider if you are financing a used car with Standard Chartered Bank Car Loan?

Standard Chartered Bank Car Loan lets you purchase a used car. However, there are other things that you need to check before you apply for a loan. First, you must have the vehicle appraised to know its current value.

Also, it will help you know how much you have to borrow. Know when to repay the Road Tax and when to renew the COE registration. All these will incur expenses aside from the car loan fees and interest charges.

When getting a car loan, you need to be realistic with the money you have to borrow and your handling amount. There might be a fine line between your wants and needs, but remember that whatever you borrow now has to be paid with interest and other fees in the future.

Another great option is Cash Mart. It approves a low-interest personal loan for any purchase. Check their official website to learn more. 

How To Buy A Car In Singapore With sgCarMart

sgcarmart

How To Buy A Car In Singapore With sgCarMart

Are you wondering how to buy a car in Singapore with sgCarMart? This article is the answer to your question.

For many, buying a car in Singapore is an aspiration. It symbolises that you are financially responsible and can handle such a costly feat.

While using carpool apps and public transport is convenient in Singapore, having a car gives many a desirable status symbol and smooth travel.

However, the Singaporean government has put into place a variety of taxes and fees to control the car population in the city-state and encourage the utilisation of public transport.

In addition, Singapore Land Transport Authority administers various regulations concerning buying and driving a car. As a result, it sets Singapore’s car industry apart from other countries.

If you think you are ready to buy a car, you must first know what type of car you want. It is beyond the brand or model. You also have to consider purchasing a new car or a used car from a trusted car site such as sgCarMart.com.

Why use sgCarMart?

The sgCarMart is not an ordinary car site. It is a wholly-owned subsidiary of Singapore Press Holdings and has the most expansive database of new and used cars for sale in Singapore. In addition, this multi-awarded site boasts 2.6 active visitors a month.

That is why sgCarMart is worth visiting if you want to purchase your car. In addition, it contains essential information and the latest guidelines for car purchasing.

sgCarMart New Car

To maintain its accuracy, the New Cars Section comprises listed prices that are updated twice every month and the latest information on all new car models in the market.

A car buyer can enjoy the detailed description of each car model and provide a convenient way to compare cars both by model and price.

Also, it will give you an overview of how much you have to save to get your car, especially since the provided price list is from Singapore’s authorised distributors and parallel importers.

Furthermore, the site has its own search engine for you to narrow down your search and find your ideal car in a breeze. You can set your minimum price, maximum budget, depreciation each year, vehicle type and category (authorised dealer, parallel importer, Cat A COE, and Cat B COE).

sgCarMart Used Car

The sgCarMart Used Car Section possess the largest and most comprehensive database of used cars in Singapore, complete with photos and pricing. Daily updates are available to keep the current listings accurate.

You can set the search based on:

  1. Make
  2. Model
  3. Price range
  4. Depreciation
  5. Registration date
  6. Engine capacity
  7. Mileage
  8. Vehicle Type

Since the database is always up-to-date, you will see if the vehicle is still available or already sold. Aside from this, you will also see if the seller is the direct owner or an agent (consignment).

How much does it cost to own a car in Singapore?

Various factors contribute to the cost of cars in Singapore. As a buyer, you need to understand how car pricing works. Also, know why most people consider it costly to buy vehicles in Singapore.

Car Registration Fees

You need to pay a Registration Fee of S$220. It is the basic fee paid upon registration of the vehicle.

Open Market Value (OMV)

The OMV is the cost of a vehicle imported into Singapore. Its basis on the assessment of the Singapore Customs.

In getting the OMV, the customs consider several criteria. These are the actual purchase price, freight, insurance and other sale and delivery charges incurred when importing the car to the city-state.

Additional Registration Fee

The Additional Registration Fee (ARF) is a tax collected upon registering a vehicle. The amount of this fee (the ARF rate) is on a percentage of the vehicle’s Open Market Value (OMV).

  • 100% ARF charges the first $20,000 of the OVM.
  • 140% ARF charges on the next $30,000
  • 180% charges on OMV above $50,000.

Road Tax

Road Tax is part of the vehicle ownership tax that you have to pay to own a car. This fee is an ongoing cost that you have to renew every 6 or 12 months.

Ask the seller about the road tax settlement if you buy a used car. As for the seller, they will transfer any remaining road tax on the vehicle to the buyer.

Your road tax will depend on whether your car is electric or not.

The car’s engine capacity will be the road tax for Petrol, Petrol-Compressed Natural Gas (CNG), CNG, or Diesel Cars.

Also, it will determine the road tax for Petro-Electric or Electric Cars based on the power rating of the car.

You must renew your road tax through online payment, AXS services, GIRO, or any Authorised Road Tax Collection Centre before it expires. Late payment will incur fines and risk getting charged in court for using an unregistered vehicle.

If you are not sure of your road tax expiry date or how much fee to pay, you can use the road tax calculator provided on the OneMotoring site.

In addition, here is a guide to help you prepare for your renewal of registration.

When you buy a new car from sgCarMart, they can include the road tax in the total cost of the car. If you buy a used car, the vehicle cost may exclude the road tax. Do not forget to ask the seller about it.

Excise Duty

Singapore Customs also collects excise duty. Another form of tax is 20% of your car’s OMV.

Certificate of Entitlement (COE)

A Certificate of Entitlement (COE) gives you the right to own a vehicle and drive it in Singapore. However, unlike in other countries which have a fixed amount of certificate or ownership based on the vehicle’s cost/model, COE requires buyers to make bidding.

To register your car, you must first bid for a COE during the open bidding exercises conducted twice a month. However, before the bidding starts, LTA will announce the vehicle quota of COEs available for each category.

There are five categories: Cat A (cars up to 1,600cc and no more than 130bhp), B (larger cars above 1600cc or 130bhp), Cat C (Goods vehicles and buses), Cat D (Motorcycles), and Cat E (Open).

The sgCarMart site helps car buyers by posting the most recent COE results:

  • Quota (the number of issued COE)
  • Quota premium (the price of the successful COE bid)
  • Bids received (the number of people bidding)
  • Prevailing Quota Premium (the fee to be paid for COE renewal)
  • Change (Difference between the current and previous price of COE)

Vehicular Emissions Scheme (VES)

VES is for cars registered from 1 January 2018 to 31 December 2019. VES has totally replaced the carbon Emissions-based Vehicle Scheme (CEVS).

The new VES aims to reduce carbon emissions, hydrocarbons, carbon monoxide, nitrogen oxides, and particulate matter that damages the environment.

If you want to compare the fuel cost savings between various vehicles models, you can use the OneMotoring Fuel Cost Calculator. Then, you have to simply type in the make, model, body type, engine type, Maximum Power Output, and other detail to know the CO2 emission of the cars and their Fuel Economy Data.

How will this affect the cost of buying a car?

There are a lot of made changes made from CEVS to VES. Buyers of Toyota Prius Hybrid will need an additional $30,000 to purchase since there will be no longer a rebate. Those interested in buying the Toyota Harrier will require an extra $10,000.

Let’s say you want to buy a new Toyota C-HR 1.2 Turbo in July 2018.

The total cost you have to pay is:

  • Car Registration Fee: $220
  • OMV: $25,713 (as indicated in One Motoring)
  • Excise Duty (20%of OMV): $ 5,142.6
  • COE: $38,941
  • VES: $10,000
  • ARF: $25,713

Basic Cost of Car: $104,650

Toyota C-HR 1.2 Turbo’s recent purchase price is $126,988 (May 2018).

Difference: $22,338 (road tax, sales commission, dealer profits, other fees)

Used Car Surcharge

The surcharge is the tax you have to pay when buying a used car in Singapore from an import. The used car must not be older than 3 years old at registration.

With sgCarMart, these fees are broken down to know how much you pay for the car and your taxes.

How much is a car down payment in Singapore?

In 2016, the Monetary Authority of Singapore (MAS) eased the car loan guides in Singapore three years after tightening them.

The cars with an OMV of $20,000 or less, you can request a car loan up to 70% (previously 60%) of the purchase price. Cars with OMV of more than $20,000 can have a car loan up to 60% (previously 50%) of the purchase price.

Also, it extended up the loan tenure to seven years. It is different from the previous cap of five years.

With all these changes, it simply means that the minimum down payment will be dependent Applicable OMV of the car.

The example above indicates that Toyota C-HR 1.2 Turbo’s OMV is $25,713. It means you can get a loan of as much as 60% of the purchase price. It is $76,192.8, as shown in sgCarMart’s instalment calculator.

How to Buy a Car in Singapore

After choosing the type of car and defining the range of costs you have to pay, you must know how the COE bidding in Singapore works.

RELATED: Where to find the best new car loan in Singapore

What is COE in Singapore?

As mentioned above, your COE or Certificate of Entitlement gives you the right to own and use a vehicle. To obtain your COE, you must first know the bidding period.

The Bidding period usually begins at noon on the 1st and 3rd Mondays of every month. It ends at 4 pm the following Wednesday. The Land Transport Authority (LTA) will announce the period, when it will start and when it will end.

After knowing the bidding period, you must determine which category you have to bid. Then, you will need to use your bank account in either DBS, POSB or OCBC. It contains enough money for the fixed bid deposit based on your category.

You can then place your bid and revise as much as possible since the bids will likely go higher than the minimum quota. Once you get a COE, you have to renew it in 10 years to keep your car.

Shop Around for a New Car or Second Hand Car

Once you have decided which car you want to buy or can afford, you can search in sgCarMart for a seller.

You can select a car and compare it with other vehicles. Then, you can add it to a shortlist to keep track of it. You can also read reviews from the site’s editor and the previous users.

Once you have finally found the best car for you, ask the seller how much you have to pay and the inclusive and exclusive fees.

Sign the Sales Contract

Signing the sales contract means that you have agreed to the indicated terms and conditions. Therefore, it is essential to check the accuracy of the information on the sales contract before attaching your signature to ensure that the car dealer/seller has no hidden charges.

The essential items that must include in the contract are:

  • Description of Model (model, engine capacity and year of manufacture)
  • Colour
  • All of the accessories and options included in the purchase
  • Itemized fees and other included charges
  • Deposit amount
  • Payment terms
  • Delivery period
  • Warranty and any included services package

Never sign an incomplete contract or any document that you do not understand. It is vital what is inclusive of the deal and which is not.

Valuable Sites for Car Buyers

One Motoring

one motoring

One Motoring is a comprehensive portal for all vehicle owners in Singapore. From buying and selling cars to real-time traffic conditions, One Motoring is a handy site for Singaporeans.

From this site, you also access helpful information and online applications for car ownership such as COE bidding, road tax renewal and enquiries on COE rebates.

One Motoring was from LTA  but managed by NCS Portal City.

sgCarMart

sgcarmart

sgCarMart has essential information for car owners and buyers. It fits Singaporeans with various motoring needs. It has four sections: New Cars, Used Cars, Articles and Motor Directory.

The articles provide value-added services to help car owners and buyers make intelligent decisions on whether they want to buy a car or keep the vehicle in good shape. On the other hand, Motor Directory full contact details of merchants offering different products and services.

Conclusion

Buying a car in Singapore is not a simple financial commitment, especially when you can buy just one car for the price of almost two cars in another country.

Before purchasing a car, you must commit to proper financial planning to fully enjoy the convenience of owning a car – the independence of travelling on your own time.

Make sure that all of your documents are in order and use online forms and payment systems to help move the process along faster.

Make your car purchase possible with Cash Mart Singapore. It is a licensed moneylender in the country that financially assists eligible borrowers. So get yourself assessed and take out a loan from them before buying your dream car. 

One Motoring: Why Is It Top Vehicle Online Portal

One Motoring

One Motoring: Why Is It Top Vehicle Online Portal

One Motoring is a customer-centric one-stop portal launched in 2000 by the Land Transport Authority (LTA) to serve all motorists and vehicle owners in Singapore. Its current management isNCS Portal City. So it ensures quality service and high online visitor satisfaction. Today, it is Singapore’s Top Vehicle Online Portal.

With this site, Singaporeans can enjoy the online convenience when getting road tax renewal, bidding for COE, paying traffic fines, looking for helpful information on selling and buying vehicles, and even viewing real-time traffic conditions in the city-state.

One Motoring covers information and services related to every part of the entire life-cycle of a vehicle.

Over the years, One Motoring can handle the increasing portal traffic without charging any costs to the users. ONEMOTORING Forum aids to increase the number of vibrant, active, and responsible motorists in the community.

One Motoring Lifestyle

In addition, if you sign up as a Happenings Lifestyle Member, you will get access to exclusive members-only privileges such as contests and promotions.

Be posted for auto shows, industry news, Formula One racing, and technology development updates worldwide.

Suppose you are into cars, One Motoring will help you maintain and modify your ride. It ensures that you are not beyond the legal guidelines. Also, you can access the complete list of motoring service providers and shops for cars and motorcycles. It includes care products providers, insurance agencies, and bodyworks services.

You can also read articles on car care, maintenance schedules, and necessary car adjustments.

Buying a Car with One Motoring

Suppose it is your first time buying a new car in Singapore, One Motoring will guide you on fees, taxes, and a breakdown of the costs. You will also get familiarized with the different types of vehicles and registrations.

Apart from that, OneMotoring provides a complete guide to know your way around your car and some maintenance tips.

You can also know more about car sharing if you want the convenience and flexibility of using a car without owning one.

Transferring of Vehicle Registration with One Motoring

One Motoring can also help Singaporeans who want to buy or sell a used car.

Aside from a complete guide on transferring ownership of a used car, diplomatic car or a vehicle of a deceased person, this motoring hub also provides necessary online services such as calculation payable road tax, PARF/COE Rebate Details, PARF/COE Rebate at de-registration and Transfer fees.

One Motoring Traffic News

Any incident on the road can cause traffic inconveniences. Fortunately, J-Eyes and EMAS cameras detect road incidents.

One Motoring lets you access real-time traffic information, including road accidents, current ERP rates, road works in progress, vehicle breakdowns and traffic signal status. Updates run every five (5) minutes.

One Motoring Traffic News in Singapore

Credit: https://www.torque.com.sg/advice/traffic-jams-in-singapore-5-possible-causes/

One Motoring Camera

Expressway Monitoring Advisory System (EMAS) is OneMotoring’s intelligent incident management tool to manage the traffic along the expressways.

Also, it detects any traffic inconveniences from vehicle breakdown and other incidents. Thus, it helps restore regular traffic in no time. If it spots an incident, the recovery crew will deploy and arrive at the location in 15 minutes.

They assist the motorist, remove obstructions and tow broken down vehicles. This way you can avoid any traffic congestion. Thus, it enhances the safety of the motorists.

It serves as an offence if the car owner refuses to tow the vehicle to the nearest car park by the recovery crew.

OneMotoring COE

Whether you want to bid for a new Certificate of Entitlement (COE) or renew an existing one, OneMotoring will help you.

The OneMotoring site will direct you to the Open Bidding System of the Land Transport Authority (LTA). The bidding exercises for new COEs usually commence on the first and third Monday of the month at 12 pm and will last for 3 working days.

If you plan to renew your COE, you need the completed and signed application form. In addition, a cheque for payment must be payable to the “LAND TRANSPORT AUTHORITY”. Take note that postdated cheque is not acceptable.

One Motoring Road Tax

One Monitoring helps vehicle owners to pay their road tax conveniently and smoothly.

There are four ways to pay your road tax.

Via Internet

The service is available from 1 am to 12 midnight. To complete the transaction, spare only 5 minutes for it. You will need your vehicle number, identification number (NRIC/FIN/Passport/ /Association Registration Cert.) and a credit or debit card.

Once you enter the needed details, you need to tick the box below to agree to the set of Terms and Conditions.

A successful road tax renewal is visible by LTA receipt.

Via AXS Stations

It is available daily from 1 am to 12 midnight. 

With GIRO

Submit your application for ‘Interbank GIRO for Road Tax’ to LTA

Via SingPost and Collection Centres

It is essential to renew your road tax before it expires. Take note that LTA is no longer issuing paper road tax discs. That’s why you need to keep a valid copy of your vehicle’s certificate of insurance.

Benefits of One Motoring

As of date, One Motoring can increase usage of critical LTA e-Services by more than 70%. In addition, it delivers high customer satisfaction ratings of 95.3%.

Furthermore, encourage Singaporeans to participate in the motoring community of the city-state actively.

It is no secret that ownership in Singapore is not as easy and cheap as in the neighbouring countries, but OneMotoring made it more convenient. Therefore, it is not a surprise it won various accolades, such as the National Infocomm Award (Singapore).

To become a diligent One Motoring taxpayer is a secured fund. Get it through Cash Mart. It is a licensed moneylender in Singapore that approves a personal loan hassle-free