Car Loan Directory
Prem Roy Motoring
Contact No: 9889 6985
Address: 9 Tagore Lane #02-03, 9@Tagore, Singapore 787472
Prem Roy Motoring believes the details in every car one owns, speaks aloud about who you are, hence we take great measures in understanding our clients’ needs & matching them to their required automobile.
We are not a sales team where scams are used to trick you to buying new cars. Our processes are transparent, thus the trust you have upon is our drive to excellence.
We love meeting new & different people that influence their car personality and modifications to their personal unique taste.
Since 2012, Prem Roy Motoring has grown from being the founders of ‘Drive as you sell’ consignment program to a one stop solution for motoring needs.
Autopoint Automobile Pte Ltd
Contact No: 9128 8877
Address: 33 Ubi Avenue 3 #01-04, Vertex, Singapore 408868
Our Company Autopoint is established since 2004, Autopoint has been dealing in new & used cars. Today, Autopoint is now a company that imports both Continental and Japanese makes directly from the country of origin. We offer one of the widest range of parallel imported cars for consumers to choose from.
Customer satisfaction has always been our topmost priority. Experience true, sincere dealings with us. We assure you guaranteed delivery of your car. Visit us today!
Reasons why Autopoint should be your preferred choice:
- Direct importer from all source
- CaseTrust-SVTA Accredited
- Deliver as promise
- Competitive Interest Rate
- Immediate delivery subjected to stock availability
- Guaranteed COE without top-ups
Contact No: 6474 0566
Address: 210 Turf Club Road Lot B08, Car Mall @ The Grandstand, Singapore 287995
Leco Prestige Pte Ltd was established with the vision of supplying high quality cars at competitive pricing with uncompromising customer service and support.
We are a leading parallel importer that specializes in retailing of the latest brand new models from the various established continental marques.
We are also in the business of retailing imported pre-owned as well as local trade-in used cars of different makes and models.
Our commitment is to provide our customers with good quality products and services along with prompt delivery.
We go through extensive factory training so that we may provide you with the knowledge you need to make an educated decision in choosing the vehicle that is right for your lifestyle.
Pure Motors Pte Ltd
Contact No: 6463 3343
Address: 210 Turf Club Road Lot B49, Car Mall @ The Grandstand, Singapore 287995
Founded in 1989, with a strong foothold in the automotive industry, Pure Motors continues to deliver superior automotive needs through dedication and expertise.
The key to its success lies in its team of dedicated professionals who are well-equipped with sound knowledge and deep understanding of the industry. Pure Motors aims to not only provide an excellent level of sales and product information, but also after-sales service advice to ensure the best used car buying experience.
By offering the best quality of cars that are cost-effective, equipped with its one stop services; facilitation of insurance and in-house loan services, Pure Motors is committed to providing you the best automotive solutions.
Lake View Credit Pte Ltd
Contact No: 6749 9895
Address: 61 Ubi Avenue 2 #03-08/09. Automobile Megamart, Singapore 408898
Established since 1992, Lake View Credit Pte Ltd has been the fore-runner in the vehicle sales and financing business. Honest business practices, good customer service and competitive prices are just some of the reasons that have propelled them into the number 1 position in the 2009 & 2010 SME 500 rankings.
Supported by Lake View Used Cars Trading, which is their used car sale division, Lake View is the complete one-stop car trading shop with sale of new and used cars, provision of motorcar insurance and motorcar loan financing.
The choice of Lake View as the preferred car dealer is unquestioned, and this has resulted in Lake View getting a yearly turn-over in excess of $40 million since year 2000, making them consistently ranked as the top 500 SME in Singapore.
In year 2009, Lake View was also one of the first few car trading companies in Singapore to receive the much coveted Casetrust accreditation, which is only given only to businesses that possess the foundation of good sales practices and standards.
Car Loans in Singapore
A car loan is a kind of loan that is all over the world. In Singapore, a car loan is something that every person can take advantage of. It is where a car is used as security whereby money is given in exchange for the loan, and the lender pays off the value of the loan. If you default on the loan, you will end up having a problem with the repossession, and you would be declared bankrupt.
The characteristics of a car loan include the following:
- It is easy to acquire a loan since it is a secured loan.
- It has fast approval if the borrower has a good credit score and meets the eligibility criteria.
- It can be provided by both banks, finance companies or even licensed money lenders.
- It requires insurance and other financial requirements, as well.
The Different Steps For A Car Loan
There are different steps for a car loan that every individual should follow. They are the following:
First, one should apply for financing. You have to choose the right one and make sure that you would not lose a lot of interest.
Once you have chosen the type of financing, you should have the following details ready:
- Vehicle Sales Agreement (if applicable) - the Vehicle Sales Agreement is an agreement between you and the finance agent or the car dealer. What are the limits of your loan? What is the type of vehicle? What do you need to provide the dealer?
- Employment details - you also need to provide the right details regarding employment and your income.
- Existing loans - you should have the right financial commitments that would not make your finances go imbalanced.
- Income documentation - documentation about your income is important so you should keep in mind that you must have these kept and submitted.
Another one is that after you apply for financing, the lender would approve it. Car financing is important because it helps you redirect your financial needs into something that extends your finances. It is possible for the approval process to take more than 10. You may get conditional approval for the loan which shows that you may be likely eligible.
Finally, you get to purchase the car using your funds. You can purchase the car privately, or a dealer, or from another individual. If you are purchasing from an authorized dealer, the financial institution may pay it up before you purchase.
What Are The Kinds Of Car Loans?
In Singapore, there are typically 4 different types of car loans like any other loan.
- New Car Loan. The new car loan is one of the most common loan that every borrower in Singapore wants. Everybody wants a new car as they are easy to drive with very easy access. Almost all of the financial lending companies would rather approve a new car loan than any other kind of loan. The term loan and the tenure depend on how much the borrower has met the eligibility criteria. It also helps when the individual has an excellent credit rating.
- Used Car Loan. There are also 2nd hand car loans that usually come in another form. Compared to the new car loan, it has a unique set of eligibility criteria. It depends mostly on how old the car is and its mileage. Since 2nd hand cars are cheaper, many borrowers also consider it.
- Commercial Car Loan. The loans that are offered to borrowers who have a business and who aim to purchase a car for commercial purposes are commercial car loans. Cars that may be used for this kind of loan include taxi cabs, company cars, and even cars for transport networks such as a Grab.
- Car Loan Refinancing. Borrowers with an existing vehicle loan may decide to go for refinancing. Borrowers may get a loan from one bank to another bank. The new bank will transfer the loan amount that you originally applied for and get a new bank loan. You will refinance the car based on newly agreed terms.
How Do I Compare Car Loans?
Before applying for a loan, it is important for you to compare car loans and the different aspects of the loan. It is necessary that you compare car loan aspects and make sure that you would get the right aspects.
The following are some of the things that you can do to compare car loans:
- The interest rate. It is important to look at the interest rate that will be charged on your car financing. This one plays a very important role since it helps you realize the kind of loan that you need and the amount of money that you will be required. Always make sure that you get competitive rates, so you get more value for your money. When most individuals want to go hunting for a cheap car loan, you would first want to get a low-interest car loan. Some people believe that getting a low-interest rate car loan is a great deal. However, that is not always the rule because you must look at the fees and charges as well as the late payment penalties that can increase the amount that you must pay. You should make sure that you consider all of the costs that accompany the loan before you sign the dot.
- The loan term is another important aspect that you should look at. Car loans should be set up over the right period. Some of the lenders would usually deal with competition properly. They will give you a loan term which comes with a balloon payment at the end of it. You must make sure that you check the loan term.
- You must also check the repayments. Ask how often you need to make repayments. You should ask them how you would make the repayments, how many months, as well as the amount that you will make the payments.
- It is also important to know the fees that you will be charged of. The fees that you should pay off include the basic administrative fee of $140 and a processing fee of $25. You must make sure that you ask your lender if there are any other fees that you’d need to be aware of as well as all the others that they will charge.
- It is also necessary to know if the lender would require insurance. If you opt for financing, you would be required to get comprehensive insurance.
How Do I Get A Lower Interest Rate?
You must get a lower interest rate so you should make sure that you try to get the lowest possible rate that you need. The following are some of the things that you should consider.
First, you should be aware of the interest rate of the market. The market is fickle, so you should take time and compare car loans as much as you can. You would get a good idea of what the interest rates are if you see the requirements of the market. This would give you a headstart when it comes to dealing and negotiating with a lender.
You should also see if you can bring down the price with the seller. You should be keen to stay with your bank, but you should not let them know that you need them more than they need you. Make sure that they know how you can negotiate a price and make sure that you would negotiate.
You should also consider taking out a car loan from dealer finance. This part of life is important because you need to look at all of the possible options. You should look at the margin between what they pay and the amount that you are required to pay them in the forms that they will make you sign. You should look at the undisclosed commission that you are paying them.
Finally, you must ask if you can get a package deal. Some banks will offer you a discount so you should know if you are going to get a package deal.
How Do I Reduce My Monthly Repayments?
It is important for you to lower your monthly repayments so you can extend your money’s worth. The main issue here is to make sure that you are paying just the right amount that would not lead you into financial distress.
If you are looking for the necessary ways, you should try out the following ways:
You should try to borrow less. If you have a bigger amount to pay than the required down payment, you should try to make sure that you pay off with more cash. You will reduce your monthly payments if you pay more cash. The best example for this is if you need to borrow $100,000, and you are required for a loan that goes for $20,000, but can only pay for $10,000, the other half that you would need to pay off goes for a 5 year loan adds up to $2000 per year, plus the interest charged on that amount as well. This adds up to about $190 extra per month, which can be used for all of the other things you need.
Finally, you may also opt for a longer loan term. A longer loan term could reduce your monthly payments into the amount that is exactly just what you can afford.
What Do You Need To Apply?
When you apply for a loan, you would need the following:
Proof of identification, such as:
- NRIC (front and back);
- Work permit (for non-resident or foreigner); or
- Utility bill to serve as proof of address (for non-resident or foreigner)
Proof of your income and employment. You should submit the following:
- Copy of latest Income Tax NOA (2 years for Self-employed);
- Copy of latest 6 to 12-month CPF Contribution Statement;
- Copy of 1 to 3 months of payslip from existing employer;
- Copy of the bank statements dating back at least 6 to 12 months;
- Employment information and employer’s contact details.
Proof of your assets and liabilities, such as:
- Details of properties or large assets that you own;
- Your ongoing expenses; and
- Details of existing financial commitments.
The Details of the car you plan to borrow such as the following:
- The make, model, year and color of the car;
- Sale and purchase agreements;
- Vehicle registration card; and
- Application for Hire Purchase.
Check Your Eligibility
Before you get into the process of applying for a carload, you should be able to check your eligibility and make sure that you and your finances are ready for a car. Your needs would dictate the kind of car loan, the kind of car, in terms that you are financially able to comply with.