Singapore is notorious for extremely high car prices, making car loans quite popular. At Credit King We have reviewed every car loan from Singapore’s top lenders in order to help you find the cheapest loan for your new or used vehicle.
With the news of COE prices having fallen to an all-time low in 8 years, many of you might bank on this opportunity and decide that now is the best time to buy a car. However, even with the drop in COE prices, the cost of owning a car in Singapore still remains relatively high. Think car insurance, road tax and maintaining costs, resulting in the average cost of a car in Singapore to hover around the $100,000 mark. We will serve as a guide in helping you decide if you should get a car, and if so, how we might be able to help, with our personalized car loans. Speak to us today to find out more about applying for a car loan with us.
No doubts having a Car does brings convenience and prestige. It means that you get to drive comfortable around Singapore and not have to squeeze with the crowd on MRTs and buses, shuffling with all the people and standing through peak hours. Getting a car means that one gets to travel to different places conveniently and comfortably with independence.
While having a car brings so many benefits, getting a car in Singapore however, is not very cost-friendly. As compared to other countries such as Malaysia where almost every household has their own cars, less than 20% of Singaporeans actually own a vehicle in Singapore.
With COE (Certificate of Entitlement), taxes, parking fees, petrol, insurance and more, just buying a new car in Singapore costs at least $100,000.
The alternative that some people choose to take it getting a second-hand car due to the lower cost. Although second-hand cars can lower the cost by 40-70%, it may still require the individual to get a car loan for the car. Unless you have at least $35,000 lying around to make the full payment of the car (not considering the monthly expenses), most Singaporeans actually take on a car loan in order to drive the vehicle home.
Have a chat with us today and get a free indicative answer of how we can help you.