Singapore – 38i.biz | Agen Slot Gacor

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

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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