Car Loan Tips

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?

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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 50% or 60% of purchase price, and must be repaid within five 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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