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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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SIDOARJO.CO

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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