Purchasing a used car can be stressful, particularly when you don’t know what to look for. This article will help you know the aspects that will make your buy car Singapore online experience enjoyable.
Learn about the common problems that affect different cars and models. You’ll be able to spot them if they do appear during personal car evaluations and car reviews. Furthermore, it is a good idea to do some research.
Know Your Needs and Start Your Investigation
When purchasing a used car, there are a few things to consider. To start with, decide what you need in an automobile. It will assist you in narrowing down your search. Some things to think about are:
- How many people may use the car?
- The purpose of buying a car
- Preferred car brand and model
- Budget
- Affordable monthly payments
- Do you want a car with a warranty or without a warranty?
After considering these factors, it is time to start your research. When buying a used car, you must consider extra expenses such as vehicle registration fees, road tax, and COE. You also need to consider your budget to prevent overpaying.
Factors That Determine How Much of a Used Car Loan You Will Receive
The open market value (OMV) of the car is a main factor in determining your maximum auto loan amount limit. If the OMV is $20,000 or less in Singapore, you may be qualified for a loan for up to 70% of the cost of the vehicle. If the OMV is over $20,000, you can only obtain a loan for up to 60% of the car’s price.
The amount you can borrow may also depend on your available income, other debts like credit card debt or balances, and other loans like a mortgage, personal loan, or car loan.
What is the Maximum Loan Term Available for a Used Car?
You can choose between loan terms of 1 to 7 years, with a maximum of 7 years. The maximum loan time for used automobiles depends on the car registration date. For instance, DBS auto loans are offered for vehicles less than ten years old, measured from the date of first registration.
How Can I Get My Car Loan at the Lowest Interest Rate Possible?
While the majority of auto dealers provide in-house financing options, going directly to a bank will result in a lower car loan interest rate. For instance, you can benefit from a rate of interest starting at 1.99% p.a. when you apply for a loan straight online with DBS. This is a sizeable savings!
DBS Bank Links Used Car Buyers and Sellers in Singapore
DBS Marketplace, which links buyers and sellers, helps you purchase used vehicles. They provide:
- A larger selection from dealers and direct automobile owners,
- The most extensive direct automobile owner listings
- Attractive deals: Cards, Equipment, and a Car Loan
Three Easy Steps to List Your Car with the Best Sellers
- Take a picture and describe your car to the bank. Fill out the seller form and add pictures of your car.
- List on Carro or SGCarmart, and when the listing is published, you will be informed.
- Once your listing is submitted, the partners will send you an email with a confirmation to let you know that it is successfully published.
Furthermore, buying cars in Singapore options will help the sellers to sell their car easily and the buyers to find the car they are looking for more efficiently. Further, listing your car on reputable platforms like Carro or SGCarmart increases its visibility and chances of attracting potential buyers.