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+65 6694 7363            |          +65 8181 0842

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10 Kaki Bukit Road 2,

First East Centre, #01-01

Singapore 417868

We are located 3 mins drive away from CDC (ComfortDelGro Driving Centre).

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Frequently Asked Questions (FAQ)

Automotive Financing

Bank Financing

  • What is the financing amount that I can get?

    • Customer can loan up to 70% of the vehicle purchase price or valuation price. If the Open Market Value (OMV) is $20,000 or higher, the maximum loan amount is 60%. 

  • What is the maximum loan period?

    • For new car, the maximum loan period is 7 years. For used car, the maximum loan period is calculated based on the vehicle life span. 

  • What is the documents required to submit for bank loan?

    • Documents required are as follows:
      1. NRIC Front & Back
      2. Sales Agreement
      3. Latest Income Record
      4. Past 6 Months CPF Contribution History
      5. Latest Income Tax

  • Can I sell my vehicle while serving the existing loan?

    • No. You will need to fully redeem your vehicle from the bank before selling it away. 

  • How can I check my outstanding loan amount for redemption? 

    • ​You will have to write up a request to the following bank to obtain the exact full settlement amount.

  • How do I redeem my vehicle?

    • ​After obtaining a full settlement figure, customers are able to redeem their car loan:

      • By Cash /Cashier’s Order/Debiting into Bank Account at any of their Branches with the Confirmation Form on Redemption of Vehicle Loan faxed to customer when they request for full redemption amount. Form B will be released only after 2pm on the next business day.

      • By Cheque – make payable to following bank and A/C XXXX where XXXX refers to the vehicle Loan Account Number. The vehicle loan account should also be written on the reverse of the cheque. Please note: Form B will be released only after 2pm on the 3rd business day (subject to cheque being cleared).

In-House Financing

  • What is the financing amount that I can get?

    • ​Customer can loan up to 90% of the vehicle purchase price or valuation price.

  • What is the interest rate? 

    • ​Interest rate for in house financing is case to case basis.

  • Is there any hidden cost? 

    • ​There is an admin fee for used car and COE renewal financing. Admin fee is charged on a case to case basis. 

  • What is the loan tenure? 

    • ​In house financing offers flexible loan tenure. It will depend on the vehicle life span. 

  • Can I apply for loan if I am not a Singaporean? 

    • ​Yes, you can. You will need a guarantor.

  • Can I apply for the loan if I’m using it for private hire? 

    • ​Yes. 

  • What is the documents required to submit for In-House loan? 

    • ​Documents required are as follows:
      1. NRIC Front & Back
      2. Sales Agreement
      3. Latest Income Record
      4. Past 6 Months CPF Contribution History
      5. Latest Income Tax

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If there is any more queries, please feel free to contact us. We would be pleased to serve you.

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