Published on November 3, 2022
4 Benefits Of Applying For An In-House COE Renewal Loan
Singapore is one of the busiest and most expensive countries in the world. This can be seen evidently in the rising costs of new imported cars, taxes and other contributing factors. Thanks to the price of the Certificate of Entitlement or COE going up, even replacing your old car requires careful budget consideration.
For car owners, fret not, because you always have the option to renew your car’s COE (only if your car is still in its optimal condition and can be driven safely). For any COE renewal loans in Singapore, do note that you will have to pay the Prevailing Quota Premiums (PQP), and a moving average of the COE prices in the last three months.
Now, when it comes to where and how you should finance your COE renewal, here are some benefits of doing it in-house!
1.Higher chances of securing a loan
If you are torn between choosing a bank loan and an in-house loan to renew your COE, the key factor that you should keep in mind is your credit score. If your credit score over the past few years is not up to par, banks would most likely reject your application whereas for in-house loan applications, credit scores would not affect your eligibility to get a loan..
2.Quicker approvals
Approval time is of the essence when you decide to renew your COE loan in Singapore as it gets close to its expiration date. Major banks in Singapore would take approximately three working days for their approval time which might be too long for some people who are in a rush. But when you do it in-house, you might receive your pre-approval within one working day and also get a quick rundown on your loan approval status
If you go through a bank for your COE renewal financing, be prepared to provide various documents that you will have to submit online without any guidance. This can lead to your loan getting rejected due to missing or wrong documents which will only result in you paying a penalty to LTA for not renewing your loan before it expires.
By renewing your COE loan in-house, paperwork hassles are eradicated as they do not need as much documentation. Some even go the extra mile with friendly
consultants who will gladly assist you through your complicated loan renewal process.
While it does not come as a surprise that a bank’s interest rates are usually lower than an in-house’s, there are exceptions when in-house agents offer promotional rates to attract more customers. You can also save hundreds of dollars on admin fees if you choose to renew your loan in-house.
With these benefits in mind, why not make your life and your loan renewal process simple by getting them done with us? Swee Seng Credit is a financial institution in Singapore that offers the best COE renewal loan plans with flexible loan options and competitive interest rates. Contact us today if you have any questions regarding your COE renewal or any other financial needs.