If it’s your first time to buy a car, then this article will serve as your quick guide in obtaining a car loan.
Before you jump the gun in buying your dream car, you must first ask yourself if you can afford a car loan. Think twice and evaluate your job stability, current savings, monthly income and expenses.
Once you’re done with the evaluation, you must be able to somehow make an estimate on how much monthly car payment you can afford. If you think that you have more than enough and are able to make regular monthly payments, then choose the car that perfectly matches your budget.
Banks in Singapore can loan you 90-100% of the purchase price. But if you are able to make a down payment of at least 10%, then this will reduce the amount og your monthly car installment. Another good thing about getting a lower loan amount is you get a high approval chance from your chosen bank since the risk is lesser.
But if you cannot afford to make a down payment, then try to search for the company in Singapore that offers the cheapest car loan rate. In Singapore, banks and other financial institutions are dime a dozen, so really, it’s not too hard to look for the one who can give you the best rates and terms.
Should a financial institution offer you the cheapest car loan rate available in the market, make sure that you review the terms first. How is the repayment option? Is there any other charges? Is the rate fixed for throughout the loan period?
If you are somehow skeptic about the offer, then try to compare loan quotes. This would normally take a lot of time. But then, car finance companies like Speed Credit can simply send you up to 5 car loan quotations. So take your time in comparing quotes and choose best car loan deal.
Getting a car loan is sometimes too stressful but then once you evaluated your financial commitments and found the right financial institution that can offer you the best car loan program, all else will be easy.
