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Your Guide to Car Loan Interest Rates in Singapore

Looking for a comprehensive guide to Car Loan Interest Rates in Singapore? You’ve come to the right place! In this article, we’ll be bringing you through the offerings of all the top banks in Singapore.

Car Loan Interest Rates

Everybody knows how expensive cars are in Singapore. It’s almost impossible for the average joe to afford a car without some financial help. Here’s where the banks and financial institutions come in to help.

Car loans allow you to borrow up to 70% of your car’s Open Market Value (OMV), making it (slightly) easier for you to own your dream car. Every car loan offered in Singapore is pretty similar. You can choose your loan tenure, which varies from 5 to 7 years. And the terms and conditions are usually quite similar.

The biggest difference comes with the interest rates (although they’re not that far apart and quite competitively set). Interest rates for your car loan usually vary between 2.28% to 2.88% and vary for new and used cars.

Let’s take a look at the car loan interest rates offered by banks.

DBS

Considered by many to be one of the best banks to get your car loan from, DBS offers a 1 to 7 year loan at an interest rate of 2.28%. This interest rate applies to both Used and New cars, which is quite unique as many other institutions have different rates for the two types.

The minimum loan requirement is $10,000, which is similar to other banks. However, the bank doesn’t grant car loans for company cars.

UOB

If you decide to get your car loan from UOB, you’ll be paying about 0.5% to 0.7% more interest than if you had gotten your loan from DBS.

In the grand scheme of things, the figure might not seem like much, but trust us, it’ll still add up to a significant amount. UOB car loans begin from 2.78% for New cars and 2.98% for Used cars. Loan tenures are also from 1 to 7 years.

OCBC

Similarly, getting a car loan from OCBC bank will also incur an interest rate at 2.78% for new cars. The car loan interest rates for a used car are 0.2% more, at 2.98%.

Additionally, the minimum loan requirement is $5,000 more, at $15,000. But that doesn’t mean you can’t get a loan below $15,000.

However, please keep in mind that if you’re applying for a car loan below $15,000, you will be required to pay a $200 loading fee.

Hong Leong Finance

At an interest rate of 2.48% for New cars and 2.78% for Used cars, getting your car loan from Hong Leong Finance might be a good shout. The company offers loans of up to 7 years and a minimum loan amount of $10,000.

Standard Chartered Bank

Another good option for you to get your car loan from is Standard Chartered Bank. The bank offers interest rates at the lower spectrum, with 2.50% for New cars and 2.80% for Used cars. The loan tenure and the minimum loan amount are similar to other banks too!

Maybank

At 3.25%, the car loan interest rate from Maybank is one of the highest. Additionally, the bank only offers a maximum loan tenure of 5 years, which is quite a significant difference.

Another condition of getting your car loan from Maybank is that you won’t be granted a loan if your car is an Imported Used car or if your car is a Rental.

Best Car Loan

So what’s the best option for you? Well, that’s for you to decide. But we have an idea of what the best option should look like.

Affordable Car Loan Price

Competitive interest rates that are lower than the in-house loans and similar to those offered by banks. But without all the hassle that comes with getting a loan from the bank.

Quick & Automatic Service

Some in-house loan options come with a lot of conveniences but charge an exorbitant admin fee. But loans from the bank are no different. The process is too long and can get confusing with all the paperwork. If only there was an option that has the perfect blend…

Fast & Convenient

Time is money. But when it comes to car loans, it’s way more than that. Not getting your car loan done as soon as possible will mean that you get your car even later. And we’re sure you won’t be able to wait for too long.

Introducing to you… Genie Financial Services!

Genie Financial Services, a wholly-owned subsidiary of Carro, offers a dynamic approach to finance and insurance products. They offer incredibly accessible financial solutions tailor-made for each individual, pushing you one step closer to get behind the wheel of a car. Additionally, with a host of different insurance companies to select from, Genie also provides incredible insurance options for you.

Personal Car Loan

Genie Financial Services gives you more financial freedom. We offer you the best finance option that is tailored to take account of your individual circumstances and help you get behind the wheel of a new or used car. You can choose to get your car loan from Genie themselves or choose one of the major banks that they partner. It’s all up to you!

Car Insurance

Genie Financial Services gives you freedom of choice. With a host of different insurance companies to select from, we could provide you with the best insurance option that precisely covers your individual requirement at an unbeatable price. It couldn’t be easier.

Learn more about all of Genie’s different offerings today.

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A Quick Guide to Car Battery Replacement

It’s highly unlikely for the average driver to know when it’s time for a car battery replacement. And that’s no fault of yours. The battery is often an unpredictable component in your car, but it’s also the most important.

Without a working battery, your car won’t start. It’s as simple as that. That’s how important the battery is to your car. This is also why you should take good care of it and do what you can to prolong its lifespan.

If you’re facing some electrical issues in your car, then that’s an excellent indicator that your car battery might be faulty. To be 100% certain that your car battery is the source of the issue, you should learn these 4 ways to check your car battery! Either way, it’s good practice for you to periodically check your car battery to see if it’s still working in tip-top condition.

While the easiest indicator that it’s time for a car battery replacement is through your car’s electrical components, there are other signs.

Signs of a Faulty Battery

Corrosion

A good indicator that it’s time to replace your car battery is corrosion. If you find that the area around the battery terminal is corroded, then it’s time for a car battery replacement. While the corrosion can be easily cleaned, the solution is temporary.

You should send your car to a workshop and get it replaced to avoid the unnecessary hassle of a dead car battery.

Warning Lights

It’s obvious, isn’t it?

A warning sign will appear on our dashboard when the battery is running low or if it’s faulty. It’s the best indication that lets you know it’s time for a car battery replacement.

Slow engine start

When you start your engine and it takes a little while to crank up, that’s a sign of a failing battery. This is usually caused by a weak spark from the battery which extends the ignition time.

If your engine doesn’t start, then you’ll need to replace your car battery. If you face this issue, you should call a tow truck or jumpstart your car before heading to a workshop.

Functions have reset

If you start your car and notice that some of the customizable applications or features have reset, there’s a good chance that the car battery is not functioning optimally. Some of the features and applications that might be affected are your radio, dashcam and even the clock.

Battery Life

Typically, a car battery has a lifespan of 3 years. When it gets closer to the 3-year mark, the likelihood of you facing a battery-related issue is higher. To be safe, it’s recommended for you to get a car battery replacement at least 3 to 6 months before you hit the 3-year mark.

Where to go for car battery replacement?

Almost any workshop in Singapore would be able to help you with your car battery replacement. It’s a common fix and you just need to find a workshop that carries the same type of battery that fits your car.

The battery itself typically costs anywhere between $90 to $300. It varies depending on the battery’s model, capacity, brand and most importantly, your car model. Battery replacements usually come with a warranty too!

Getting your battery replaced at a workshop also means you’d have to pay for the installation. This usually costs about $20 to $50.

In many cases, you’ll discover that there’s an issue with your battery when you send your car for servicing. During the servicing, your mechanic will definitely check the health of your car battery. If he discovers an issue, you can conveniently get it replaced there too.

It’s always good practice to ask the mechanic how healthy your battery is during this service. This ensures that you’re not driving a ticking timebomb that can breakdown at any moment. Plus, you’ll feel at ease knowing that your mechanic did not overlook checking your battery!

In the unlucky situation where your car battery dies in the middle of nowhere and jumpstarting your car is not an option, there are even mobile car battery replacement services available. But of course, you’ll be paying a premium for the convenience!

Need to send your car for servicing? Experience a transparent and convenient experience with our CARRO Care Workshop today. Our experienced, skilled and reliable team of mechanics are qualified to work on all makes and models. We guarantee a satisfying visit every time.!

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Compare the Best Car Insurance Plans in Singapore

Getting car insurance is an essential step in your car ownership journey. Without it, you won’t be able to drive your new car. But, finding the best car insurance plan is not as easy as it seems. There’s a lot for you think about. To name a few, there’s the annual premiums, type of coverage and different clauses in the different plans.

For any driver, experienced or not, this whole process of choosing the right insurance policy can be really draining and confusing. It’s not as straightforward and simple as finding the cheapest car insurance plan. There’s a lot more to it. Luckily, there are a lot of car insurance guides you can find online from trusted sources.

If you’re still confused after doing your own research, don’t worry! We’ve come up with a comprehensive list of car insurance policies to help you compare the best car insurance plans in Singapore!

The Best Car Insurance Plan

Personally, we don’t think there’s such a thing as “the best car insurance plan” because everyone has different needs. Additionally, just like a personal insurance policy, your profile affects the policy premiums. This means that everyone will have different requirements to meet and prices to pay.

For this article, we’ll be comparing car insurance policies from five key players.

NTUC Income Drivo Premium

Great for new cars and drivers who aren’t heavy road users

If you decide on NTUC Income for your car insurance, the Orange Force will be at your disposal if you get into an accident. We’re sure you’ve seen them around, a first-aid trained rider who will provide assistance and ensure your safety. It’s certainly a really unique benefit that many other companies do not offer. For this alone, we feel that it’s an excellent choice for your car insurance as it guarantees you total peace of mind during accidents.

Apart from the Orange Force, the Drivo Premium plan allows you to visit any workshop whenever the need arises. There’s an option for you to purchase extra coverage to waive the standard $600 excess too! NTUC also offers additional schemes like FlexiMileage and NTUC Drive Master program. These schemes allow you to offset your annual premiums if you meet their requirements.

However, we feel that this car insurance plan is certainly more beneficial for new cars that are still under warranty and drivers who aren’t heavy road users. These will allow you to maximise your policy.

Etiqa Comprehensive Insurance

Perfect for seasoned drivers or the budget-conscious

With only one plan in their arsenal, Etiqa offers a comprehensive no-nonsense plan for drivers. While many other companies cap their limits for young and inexperienced driver excess, Etiqa offers one of the youngest limits at just 24 years old. But of course, the caveat is that the excess charge is really high at $4,000. Another unique option that will surely appeal to owners of cars with a sun or moon roof. Etiqa offers an option for you to cover and claim for this part of your car for repairs. And the best part is, it won’t affect your NCD!

With personal accident coverage at $50,000, Etiqa offers a comprehensive plan with relatively high coverage. Additionally, if you happen to get into an accident, the company will even provide transport allowance, which is an awesome perk to have! If you decide to take up a car insurance policy from Etiqa, make sure you look out for their promotions (which happens almost every week).

FWD Classic Insurance

Probably the best car insurance plan for families

Ask anyone about FWD insurance, and it’s likely that they’ll tell you the same thing; car insurance plans from FWD are perfect for families.

Why? It’s simple, really. FWD’s plans emphasize heavily on personal accident coverage, so you know that you won’t be hit too hard financially.

Additionally, FWD offers a one-time payment for children if both parents are permanently disabled or in case of their demise due to a car accident. These will assure you and give you peace of mind, knowing that you won’t have to burden your family if anything happens.

Furthermore, there are a lot of benefits when you sign up with FWD. For instance, all their plans come with transport allowance and they’ll even provide you with a replacement car.

While one of FWD’s requirements is that you can only visit their authorised workshops, it’s actually not that bad of a thing. When you visit one of their authorised workshops, you will receive an extended workmanship guarantee until your car turns 10. It’s a really good value-added service to have in your car insurance plan.

The best part of FWD’s car insurance plan? Their Classic plan is usually 30 – 40% cheaper than the average, which provides good value for money.

Aviva Lite Insurance

Good for drivers aged between 25 and 30

Remember the Aviva insurance plan you signed up for while serving your National Service?

If you happen to still be a policyholder, we’ve got some good news for you! You’ll be able to enjoy preferential rates if you choose to sign up for Aviva car insurance. Yay to discounts!

Also, you’ll be able to save even more money if you opt for a dual year plan. Opting for this will save you an additional 5% on your premium!

Aviva also offers one of the youngest limits for young and inexperienced driver excess at 24 years old. So, if you’re a driver that fits the bill (younger than 24 years old or less than 2 years of driving experience), you should seriously consider getting your car insurance from Aviva.

Especially their Aviva Lite plan which is cost-efficient, making it perfect for younger drivers.

Budget Direct Comprehensive Car Insurance

For the cheapest possible car insurance

If you’re looking for a basic and cheap car insurance plan, Budget Direct’s Comprehensive plan is what you should get. Depending on the driver and his record, their plans can go up to 40% below market average. Which helps you save a whole lot more on your annual premiums.

Even though you’ll have to pay extra for medical, personal accident and roadside support coverage, Budget Direct’s plan is quite good. It’s highly customizable, allowing you to pick and choose different options that best suits you.

No One Size Fits All Plan

To us, there’s no such thing as a one size fits all insurance policy that can be crowned as the “best”. Cheap doesn’t necessarily mean good and expensive plans don’t mean that it will fit your needs.

There are too many variables, considerations and requirements for you to think about. Which is exactly why finding car insurance can be quite a chore!

So how do you make it easier for yourself?

With CARRO’s sister company, Genie Financial Services, this troublesome task will become a whole lot easier! Through a hassle-free digital experience, you can select a car insurance policy from a list of trusted insurers, all from the comfort of your home.

Through a fast and easy process, you can sit back and relax while Genie takes over your application. You don’t even need to handle the paperwork (urgh) yourself!

You’re guaranteed to enjoy only the best deals for your plan! Getting your car insurance is now hassle-free!

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General Car Maintenance Tips Every Car Owner Should Know

Your car is your lifeline to modern living. After all, whether it’s getting to work, going shopping or a family trip, this is the one vehicle you depend on. But sadly, like everything, your car too has a lifespan. However, you can enhance the longevity of your vehicle through good general car maintenance.

General Car Maintenance is Important

It’s extremely important to ensure your car is in tip-top condition. Not practising good general maintenance or prolonging the maintenance might have detrimental effects on your car. It affects the longevity and more importantly, its safety standards.

To help you ensure your car is well-maintained and continues to serve your for a long time to come, here are 6 general car maintenance tips that can help you improve the long term performance of your car.

1. Inspect Regularly

The one thing we often neglect to do is inspect our car regularly. Don’t leave off that walk around your vehicle for the holidays. You need your car every day, right? So that means your car needs you to look after it too! After a day’s use, make sure to inspect the body of your car for any dents or damage.

However, for best results, you should consider taking your car for a routine maintenance checkup at a trusted workshop. Often, professional eyes provide the best results, and this is why you need to consider regular checkups.

2. Look At the Lights

The car lights are one of the most neglected parts of a car, and most owners fail to pay special attention to this aspect. Don’t let that be you. Your car lights are very important for the safety of your vehicle, and yourself, while you are driving.

So at least once a week, make it a point to check out the lights of your car, and make sure they are all working properly. This will not only guarantee that you avoid major accidents, but will also prevent you from getting on the wrong side of traffic rules.

3. Change Oils with Diligence

Your engine is the heart of your car, and engine oil is what keeps your engine going smoothly. Therefore, one of the best ways to maintain your car is to make sure it gets routine engine oil changes.

The oil is essential for ensuring that the components of your engine are well lubricated. If the oil starts to accumulate grime, it can lead to long term engine damage and cost you a bomb to fix.

So, it’s essential that you get your engine oil changed at regular intervals. For knowing the optimal oil change intervals you can refer to your car manufacturer’s manual.

Usually, the number of miles you drive your car is a good determiner of when you need to change your engine oil. Also to be kept in mind are the conditions under which your vehicle is being driven.

4. Maintain Air Filters

If the engine is the heart of your vehicle, then the air filters are the lungs. Therefore it’s very important to take care of them to ensure the continued health and safety of your vehicle. Cars can begin to work up in case the filters are loose-fitting or get clogged. It’s the air filters that are responsible for stopping dust, particulates and related air contaminants from damaging your engine.

Also, dirty air filters can reduce airflow to the engine, which results in the car losing power. This can lead to reduced performance and wastage of fuel. So, if you begin to notice your air filters working up, take immediate steps to replace them.

5. Beware The Battery

The battery is perhaps the most neglected part of your vehicle, and also one of the most important. While it’s a given that your battery will fail eventually, regular maintenance can help to extend its life.

For making sure that your car battery runs without a hitch, pay special attention to the connections and battery fluid.

Dirt in the battery can prevent your car from getting the requisite power. So make sure to clean your battery with a cleaning agent periodically. Also, you should keep a watch on your battery for signs of physical damage. If you happen to spot any, it’s a sign to get a new one.

6. Take Care Of The Tires

Your car tires are probably the one part of your vehicle that faces constant wear and tear. That’s why you need to pay special attention to it.

Make sure you keep tabs on your car tire pressure regularly. Also, if you notice that your tires are too worn out, you should replace them as soon as possible. Safe tires make for safe driving and also save on fuel. So don’t neglect this important part of your car.

By keeping the above tips in mind, you can make sure that your car continues to serve you for long periods. And that you have a safe and comfortable drive all around.

This article was written by Swift Tyre Specialist

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CARRO & NTUC Income’s Usage-Based Insurance For Car Subscription: All You Need to Know

In partnership with NTUC Income, CARRO has launched Singapore’s First True Usage-Based Insurance (UBI) program bundled exclusively into their car subscription service. The new initiative, which is backed by tech and data analytics, aims to lower the costs of driving in Singapore through its pay-as-you-drive model. This means that the less you drive, the less you’ll pay, allowing drivers to save more for the better things in life.

With the program being the first of its kind in Singapore, here’s what you’ll need to know about the UBI model, the technology behind it, as well as the benefits for consumers.

How is Usage-Based Insurance Different?

Traditional auto insurance charges an annual premium based on the type of coverage you choose.

The annual fees are also determined by the profile of the driver, as well as personal details like driving experience and claim history. Additionally, insurance companies take into consideration the type of car you drive, its engine capacity and age.

To reward those who have not made any claims over the past year, drivers will receive a no-claim discount (NCD) of 10% off their annual premiums. Your NCD bonus multiplies year-on-year, as long as you don’t make a claim, and is capped at a 50% bonus.

While traditional auto insurance uses a discount model based on a driver’s profile and history, UBI is a true usage-based offering – your monthly premiums are charged based on the exact distance driven. So, the lesser you drive, the lesser you pay.

In this way, rather than offering you a discount that will only take effect during renewal, UBI offers more value to drivers as it allows them to maximise savings every month.

The Technology behind UBI

The key behind UBI is Vehicular Telematics. This technology tracks your mileage and sends that data to a backend server to calculate your insurance premium for the month.

While the use of telematics is nothing new to auto insurance, the joint offering from CARRO and NTUC Income is designed with the intention of maximising technology and data analytics to give back to consumers through higher savings.

Currently, insurers are using telematics to reward safe drivers by assessing a driver’s risks through tracking driving behaviours like speeding and sudden braking. Discounts are only given after drivers have proven that they are safe drivers through the data tracked via telematics devices.

On a secondary level, telematics has also been used to track how far a driver has driven. However, the huge difference is that these existing telematics products tie their discounts to tiers or distance brackets – below 5,000km, between 5,000km – 9,000km or above 9,000km – while UBI does not.

With UBI, you’ll find the first-in-the-market policy to charge you based on the exact distance travelled, calculated right down to the kilometre.

The Benefits

The biggest benefits that UBI offers are cost-efficiency and flexibility.

As the policy charges you based on how far you’ve driven, this will be ideal for drivers with unpredictable schedules or those who only drive short distances each time. For example, a parent who only drives when she needs to drop off or pick up her kids from school.

Traditionally, how much you use (or don’t use) your car won’t affect your insurance premiums. But with UBI, you will most certainly benefit from your unpredictable schedule. You’ll simply pay for how much you use your car and will save more each month.

Enhanced Flexibility

As of now, the offering is exclusive to our Car Subscription plans, where you’ll get to enjoy even more flexibility, cut even more costs and enjoy amazing rebates when you drive less!

The monthly subscription fee covers the UBI premium and comes with a monthly cap of 1,500 kilometres. If the distance you’ve covered for the month falls under this cap, you will receive rebates to offset your monthly fee. The rebates will be automatically deducted in your next billing. This gives you a truly convenient and flexible car ownership experience.

Whatsmore, these rebates can amount to over $800 a year, further driving down your expenditure and maximising your savings! The enhanced flexibility you’ll enjoy is just another reason for you to switch from owning a car to subscribing to one.

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