If you’ve never applied for a COE renewal loan before, it’s natural to have questions. COEFINANCING.com.sg is a company that believes in transparent financing solutions that’s why we’ve created a helpful guide that answers some of your most pressing questions
Learn more about COE renewal loans in the guide below.
How Much Does It Cost To Renew My COE?
The cost for your COE is depending on the moving rate of the Prevailing Quota Premium or PQP, which varies year after year. The best way to determine the cost of a brand new COE is to go to the nearest LTA so that they can provide you with a more accurate computation.
When Should I Apply For A COE Renewal?
Our loan experts highly urge car owners to apply for a COE renewal six to eight weeks from the expiration of your current certificate.
How Does a Loan Work?
Banks do not directly provide car owners loans for COE renewal. Financing firms like COEFINANCING.com.sg will work as your representative and talk to banks on your behalf in order to secure financing.
What is The Interest Rate On the Loan?
The interest rate for a COE Renewal Loan in Singapore varies depending on the your car’s make and age. You can schedule a meeting with one of our loan specialists by calling (INSERT NUMBER HERE). They can provide you with a more accurate quotation based on the best type of loan for your needs.
What Requirements Do I Have To Accomplish?
You need to furnish us a copy of an accomplished application form along with documents such as your ID cards, NRIC, proof of income, and car documentation. In an event where you don’t qualify for a loan based on your initial documents, we will require you to present a guarantor and provide them with a separate list of requirements.
What Are Your Modes Of Payment?
We’ve set up convenient payment methods to make it easier for you to pay your monthly installment. Currently, we accept cash, cheque, and bank transfers. Please talk to one of our loan specialists about your preferred mode of payment, we will be more than happy to comply to your specific requests.
Should I Renew My COE Or Scrap My Car?
This ultimately depends on you. Before you renew your COE, you need to make sure your car is in the right condition to live through it. We advise you to assess the overall health and condition of your vehicle to determine whether a renewal is best for you.