#best car finance
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How do I get a car loan?
Applying for a car loan at a bank/financial institution is the usual route that most buyers would take,even if you are buying a second hand car. You can also apply for an in house loan with cardealerships, and these have varying conditions so it is best to check with the dealership on thosedetails.
How much can I loan from a bank?
This quantum is very much dependent on the OMV (Open Market Value) of the car you arepurchasing. The regulation applied is that if your cars OMV is $20,000 and below, you can qualifyfor a loan of up to 60% of the purchase price (including the COE and related taxes). If your OMV is above $20,000, them the loan amount will be 50% of your purchase price (includingthe COE and related taxes). The rest of the purchase price has to be raised in cash.
Do I have to search for my own car insurance?
In some cases, the dealership you are purchasing the car from will include services that assist youin applying for car insurance. They will usually recommend the products that work with the most orhave commercial agreements with. Comparing various quotes independently will give you a betterpicture of what is available in the market, and help you make an informed and cost effectivedecision.
Is there a difference between Parallel Importers andAuthorized Dealers?
You may find that prices of cars from Parallel Importers may be cheaper than Authorized Dealers,however services provided and also warranty related conditions may not be as attractive. You mayalso be able to receive your purchase faster at an Authorized Dealer due to them having morestock and availability options.
What is the difference between a PARF car and a COE car?
Here’s the main reason why PARF and COE car prices differ:
- A PARF car hasn’t been de-registered before its 10-year depreciation period has ended.This makes it eligible for both the COE and PARF Rebate, which ranges from 50% – 75%of the Additional Registration Fee (ARF) paid on the vehicle.
- A COE car is not eligible for the PARF Rebate because the owner chose to pay the Prevail for 5 or 10 more years more instead of de-registering theing Quota Premium (PQP)vehicle. This means that upon de-registration, you’ll only receive the COE Rebate.