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:
If you have applied for a car loan in Singapore, your bank or local auto finance company would definitely ask you to provide them with your LTA Transaction Pin for the vehicle’s transfer of ownership.
You might be clueless on how you can do such request, which website to go, which information to provide, and so on. Don’t panic, as requesting for a transaction pin is very simple. We have provided below the instructions on how you can request for an LTA Transaction Pin online via One Motoring’s website.
One of the most important documents that you need to submit when you apply for a car loan in Singapore is the vehicle’s log card. Some car owners are not aware that they can request a vehicle log card online via One Motoring’s Website.
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:
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.
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.
Applying for a car loan can either be done in two ways – online or in person. If you are a professional in Singapore whose time is too precious and normally works over time, then an online car loan application will be more convenient for you.
Applying a car loan online is simply faster and easier. You only need to go to the website of the lender and fill up their online application form. And that’s it. This might probably take only 5 to 10 minutes of your time.
Speed Credit can help you with your car loan needs in Singapore.
We will do car loan submission & processing, transfer of vehicle ownership & all other paper works for you.
Having partnered with 13 of the best financial institutions in Singapore, we are confident that we can get you the best car loan deal!
Click here to fill up our used car loan application form.
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