Car Loan Tips

COE premiums dropped after the full implementation of VES

Certificate of entitlement (COE) premiums have been on a falling trend since Uber exited Singapore’s market. With the absence of private-hire players bidding aggressively for COEs, premiums now reflect more accurately the real demand from car buyers.

COE prices continued to fall in the first round of bidding since VES has been implemented, with premiums ending at their lowest in as long as 8 years in the latest bidding result (4th July 2018). Category A (cars up to 1.600cc and 130bhp) premium fell the most by 24.5% to $25,000. While Category B (cars above 1,600cc or 130 bhp) dropped by 7.8% to $31,000. Premiums for Category E (any vehicle except motorcycles) dipped by 9.9% to $31,001. All the 3 premiums ended at their lowest since March 2010.

The fall might be the result of the new VES ruling which went into full effect on 1st July 2018. The new emission rule measures the level of tailpipe pollutants new car produces. It factors in particulate matter on top of carbon dioxide, carbon monoxide, hydrocarbons and nitrogen oxides. The amount of rebate/surcharge given is determined by the worst performing pollutant. Many petrol cars are now subjected to additional surcharge. This result in many people holding back on new car purchase, resulting in lesser competition in COE bidding, hence a fall in COE premium.

Take advantage of the low COE premiums (especially for CAT A cars) and get your dream car today. Speed credit provide one of the most competitive car loan packages with established banks and financial institutions in Singapore. We provide interest rates as low as 1.68% for used car loans and 2.48% for new car loans. We also provide insurance quote for new/used car.

Drop us an enquiry here or get a non-obligatory insurance quote here.

Alternatively, call our hotline at 6444 4400 to enquire.

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Uber’s Unhired Car Models for Sale

Uber’s car rental firm (Lion City Rentals) is selling their un-hired fleet of cars after the American ride-hailing app service ceased operation in South-East Asia. Most of the cars are very new with mileage of less than 50km. Many cars bought by Lion City in late 2017 are being sold at a loss of between $10,000 to $20,000 each. If you are looking for a used car, Lion City’s loss might be your gain! We have summarized in the following a few popular ex-Uber car models you can expect to find as a bargain.

 

Honda Vezel

The Honda Vezel is well-loved by families due to its spacious interior and large boot capacity. It is a practical SUV with good fuel consumption. There are 2 variant, the petrol model and the hybrid model. The hybrid model might cost a bit more but if you will be driving a lot, you will definitely benefit from the savings in the long run especially when petrol prices are constantly increasing in Singapore.

 

Mazda 3 Sedan

LCR expanded its fleet aggressively with Mazda 3 which is believe to largely contribute to it being the best-selling midsize sedan in Singapore. This Japanese-built sedan is not the best in terms of cabin space and legroom space, but it is a reliable go-to car recommended for younger families or couples. The Mazda 3 is powered by a 1.5 litre engine producing 118bhp with fuel consumption of 17.5km/l.

 

Toyota Corolla Axio

The Toyota Axio is a Japanese-built variant of the Corolla sold by Parallel Importers in Singapore. The Axio is a comfortable family ride that is definitely value for money. It is powered by 1.5 litre engine that deliver excellent fuel consumption on paper at 20km/l.

 

Toyota Corolla Altis

The Toyota Altis is a Thai-built Corolla sold by Toyota Authorised Dealer – Borneo Motors. The car is of a higher spec as compared to the parallel imported model – Corolla Axio. Other than spare tyre and alloy sport rims, the car also comes with front and rear disc brakes which is not found on the Axio. The Altis also has a slightly larger capacity than the Axio. It’s 1.6 litre engine produces 21 more bhp making it more -powerful and responsive when fully loaded.

 

Toyota Vios

The entry-level sedan from Toyota. The Vios comes equipped with 1.5 litre 4-cyclinder in-line 16-valve DOHC with VVT-i producing 106bhp. A great choice for those looking for a standard point A to B car, yet not sacrificing passenger’s comfort.

 

Mitsubishi Attrage

The Mitsubishi Attrage is probably the cheapest you can find in the LCR’s fleet. The Thai-built car features a 1.2 litre 3-cyclinder 12-valve DOHC MIVEC engine. It is definitely not the best in terms of performance but it boosts an excellent fuel efficiency figure of 20.8km/l. If you are looking for a good bargain and great savings in the long run, the Attrage would be a good choice for you.

 

Conclusion

As those former Uber cars are still very new, most of them are under warranty especially for those “official” authorised dealer car models like Toyota Vios, Toyota Altis, Mitsubishi Attrage and Mazda 3. For Mitsubishi, the cars are all under 10 years engine warranty and 5 years other parts warranty with unlimited mileage. For Toyota and Mazda, they provide 3 years warranty or 100,000 km, whichever earlier. As for Parallel Imported models, warranties are subjected to individual PIs which the cars are bought from.

Although most of the cars are very new with only delivery mileage as reported, we still recommend buyers to be careful when purchasing the above-mentioned car models. If you need tips on how to differentiate if the car mileage is genuine, check out this article.

After you have decided on your favourite car model, it is now time to look for financing options. At Speed Credit, we not only help you with car loan application, processing and approval, we also provide full administrative support for transfer of car ownership and all monetary transaction. We work with various banks and financial partners to provide the highest loan amount with lowest interest rate starting from 1.68% for used car loan.

In addition, we also provide free car insurance quotation. Fill up our FREE online car insurance quotation form and we will reply with 3-5 of the best and cheapest car insurance quotes that is perfect for your driving needs.

Alternatively, call us at 6444 4400 to speak to our consultants to find out more.

All information is good at print time & best of our knowledge.
You are advised to double check on them.

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COE Trend – April 2018, 1st Tender

COE have been on a downward trend since the start of this year. Premiums for Cat A and C dropped from $38,000 to $37,000 and $35,001 to $34,001 respectively. While premiums for Cat B and E increase slightly from $37,010 to $37,605 and $38,000 to $38,039 respectively.

If you are looking to get a used car, now is the time to take advantage of the low COE prices. You will most likely be able to grab a good deal to get cars at relatively low depreciation value per year. Start shopping for used cars available in the market now.

After you have decided to purchase a car, it is now time to look for car loan package. Speed credit provide one of the most competitive car loan package with established banks and financial institutions in Singapore. We provide interest rates as low as 1.68% for used car loans. Apply online or call our hotline at 6444 4400 to enquire.

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Will Used Car Sales be affected by New Vehicular Emissions Scheme (VES)?

Getting a used car might be a better choice in 2018 due to the latest regulation in Singapore to reduce pollutions and making Singapore a cleaner country.

Last week, the National Environment Agency (NEA) announced a new scheme called Vehicular Emissions Scheme (VES). This scheme will replace the existing Carbon Emissions-Based Vehicle Scheme (CEVS) and will be implemented by 2018 till end 2019

Taxi companies will be the most affected, hence encouraging them to convert to environmentally-friendly cars.

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Buying a used car in Singapore

Having your own car is certainly more convenience than hailing a taxi or booking a Grab / Uber especially if you’re in a hurry to business meetings, wanting to drive your kids to school or simply looking to enjoy the luxury of going places with ease on the weekends.

Why buy a used car?

buying-a-used-car-in-singapore-1

Buying a new car is extremely costly especially with the raising COE premiums. The hefty down payment of a new car could instead be used to spent in other areas, for example housing or your kids’ educations.

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High Car Loan Quantum in Singapore & Other Car Financing Options

With the new restrictions imposed by Monetary Authority of Singapore (MAS), on the car loan quantum and loan period, many middle-class families are now worried that they may never be able to drive and own a decent car in Singapore.

It is true that many potential car buyers in Singapore do not have the means to cough-up hefty down payments. As such, it is reasonable for them to seek alternative financing sources that can offer a much higher car loan quantum and flexible financing options.

Fortnutely, credit companies in Singapore do not come under the purview of these financing restrictions – where new and used car loans are now restricted to 60% or 70% of purchase price and must be repaid within seven years.

Speed Credit Pte Ltd (Business Registration #200000423N), a company that specialises in car financing and insurance services with more than 12 years of solid experience, has recently announced that car buyers are still able to get a higher quantum over a longer period through their company.

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Cheapest Car Loan For sgCarMart Used Cars

sgCarMart Used Cars Cheapest Car Loan Promotion

sgCarMart Used Cars

sgCarMart (www.sgCarMart.com) is the largest and most popular car portal in Singapore. If you’re looking for a used car, you’ll probably visit and spend some hours in looking for the car that you want through sgCarMart’s website rather than visiting each and every used car dealers’ showroom in Singapore.

Perhaps 95% of car dealers in Singapore post their used cars at sgCarMart. With only a few clicks, you would be able to get a list of the exact used car model that you want. Every car listings at sgCarMart can be sorted by make, model, price, gear, engine cap, mileage, vehicle type and availability status. Used cars at sgCarMart are also searchable by car type, budget and brands.

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10 Things To Do Before You Apply For A Car Loan in Singapore

Perhaps you are a first time car buyer in Singapore who does not know anything about car loan. This article will help you to be more confident in dealing with banks and finance companies and be aware of the car costs, loan amounts and terms.

Below are the 10 things that you need to do before you apply for a car loan in Singapore. We assure you that you’ll achieve a very smooth and hassle-free loan application process once you have done the following:

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Details & Documents Needed For Car Loan Applications

When you apply for a car loan in Singapore, there is a lot of information that you need to provide to the bank or your local finance institute. Below are some of them:

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Requirements For a Car Loan Application in Singapore

Individual Car Loan Application Requirements for Locals


For the local car buyer, requirements are signed car loan application form, a clear copy of your NRIC (front & back), at least one income document and sales & purchase agreement. Income document can either be your latest 6 months CPF, 2 years notice of assessment or latest 3 months computerized payslip.

For the local/non-local car seller, requirements are vehicle log card or acknowledgement and clear copy of NRIC / Passport are needed. If the seller’s vehicle is still under finance, an authorization form to check full settlement is needed.

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Car Loan Guide For First Time Car Buyers

If it’s your first time to buy a car, then this article will serve as your quick guide in obtaining a car loan.

Before you jump the gun in buying your dream car, you must first ask yourself if you can afford a car loan. Think twice and evaluate your job stability, current savings, monthly income and expenses.

Once you’re done with the evaluation, you must be able to somehow make an estimate on how much monthly car payment you can afford. If you think that you have more than enough and are able to make regular monthly payments, then choose the car that perfectly matches your budget.

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