The optimal decision for you will depend on your individual circumstances and preferences. If your budget won't accommodate a large layout of cash in a down payment before your COE expires, renewing your COE might be a good idea especially if you'll need a working car before you can purchase a new car. Similarly, if you're already paying monthly installments to pay off a home loan or student loan , you may prefer not to add the burden of monthly car loan repayments.
Buying a used car may strike a nice balance between these two options while saving you money, though you should take care to ascertain its condition before you buy. If you're looking to spend as little as possible to stay on the road, opting to renew your COE for only 5 years on your old car will also afford you an opportunity to save.
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Check Rates. Sometimes older cars tend to vibrate more at traffic lights and in traffic jams when it is stationary. Changing the engine mounts could help to reduce this problem.
Have your car inspected by a workshop to find out what needs to be replaced. To ensure that you do not unnecessarily change working parts, get a second or third opinion. Preferably, this should be done prior to deciding whether you would like to renew your COE.
The following are some of the parts that usually require replacement after 10 years:. You will also be more informed in your decision as to when and how you should renew your COE. So now that COE is at an all-time low, what are you waiting for? Do you need a COE renewal loan?
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Search Editorial. Read All. Self-financing This method is only possible if you have that upfront amount in your bank account. Bank loans Like purchasing a new or used car, there are various loan arrangements available to help finance your COE renewal.
Additional tip: Rule of 78 If you were to settle the loan earlier than what was previously agreed, most banks would offer an interest rebate that would seem to cover the penalty of returning the amount earlier. What everyone thinks: The cost of financing would be spread evenly across the period of installment How it actually works: Banks usually apportion majority of the chargeable interest to the start of the loan.
Oneshift provides a one-stop COE renewal loan for your convenience 5. Consider the cost of maintaining of your vehicle to keep it in tip-top shape for another 5 or 10 years If you want your car to last for another 5 to 10 years, you may need to consider the following and these costs need to be considered: a.
Engine Overhaul If your mileage exceeds , km or it has started to consume more engine oil, or worse if it has excessive smoke emitting from the exhaust, you will need to consider overhauling your engine.
Change the engine mounts Sometimes older cars tend to vibrate more at traffic lights and in traffic jams when it is stationary.
Gearbox Overhaul Give this a good check and it may need an overhaul after 10 years of being on the road. Replacement of parts Have your car inspected by a workshop to find out what needs to be replaced. Looking to renew your COE to extend the ownership of your car? Get the best loan arrangement for your needs today. Quick response time with friendly and knowledgeable customer support.
Start Now! Pleasantly surprised how smooth the process took. Alex is a joy to work with. I got my COE loan renewed within a week. Tan Eu Gin. The Oneshift team is knowledgeable and was able to advise on the renewal procedure in a simple way that I can understand!
Thumbs up Evelyn Lim. Thanks for Charlie for advising me on the monthly loan breakdown amount and repayment periods. The low interest rate helps! Will recommend to friends. Public transport fares head upwards. Wearnes introduces 7-day exchange policy.
The 4 Series Gran Coupe isn't pointless. Toyota reveals its bZ4X electric crossover. Pagani to get new dealership in Singapore. Vote now for sgCarMart's Car of the Year! COE prices rise across the board. No, we provide free dispatch service and will assist to process all documentation for you. What is the interest rate? Repayment period? Maximum 7 years repayment period. Is there any admin fee?
There is a one-time admin fee and it varies from the range of loan packages we offer. Why is Transfer of Ownership compulsory? As the vehicle is currently under your name , you are not allowed to secure another loan under the same name. Therefore , a double transfer where SC buys your vehicle transfer in and then sell it back to you transfer out with a renewed COE is required.
What is the maximum financing amount for COE renewal loan? What are the minimum requirements in order to get a loan? Having said that, we can still consider and approve on a case by case basis. Is there any guarantor required? What will my monthly instalment likely to be? What are the required documents for loan application?
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