Driving a car in Singapore is easy if you have the proper financing. Quite often, people who want to drive in Singapore also want to know how to get a car loan. Many finance institutions and trusted licensed moneylenders in Singapore will offer you a competitive loan quotation for free. However, you should also keep in mind that getting a car loan in Singapore also has its challenges. To make the process easier for you, here are a few tips.
Get Help from Your Car Dealer
In addition to buying and selling new and used cars, many car dealerships in Singapore provide vehicle financing as well as insurance; all in the same place. Having your car dealer getting everything done in one place is extremely convenient. Most dealerships have special arrangements with banks and finance houses to provide you with more options.
Types of Car Loans
In Singapore, banks only offer one type of car loan known as comprehensive vehicle loans. These types of loans help people purchase any new or pre-owned vehicle of their choice. Loans are differentiated based on the interest rate offered; which can either be variable or fixed. Loans vary based on the bank you choose, the amount, and the length of time. It is important to take note that the dealer may penalize you if you do not take the loan they offer you.
Top Banks in Singapore Offering Car Loans
Here is a list of the top banks offering car loans in Singapore:
- – Citibank
- – Maybank
- – DBS Bank
- – UOB Bank
- – OCBC Bank
- – Standard Charter Bank
Apply for A Car Loan in Singapore
It is easy to apply for a car loan in Singapore. You will have to select a bank or financial institution to apply for a car loan and most of them will allow you to apply online. Within a few days, you will know if your application is approved and then you can look forward to driving your new vehicle.