Published on November 3, 2022

Everything You Need To Know About A Used Car Loan

Used car loan

Getting a swanky new ride is certainly exhilarating but the reality is that the sky-high prices of owning a car in Singapore might make this an unattainable dream for many. 

However, if getting a car would greatly benefit you and is something you can afford with the right financial help, consider applying for a used car loan in Singapore instead. 

Here is everything you need to know about used car loans – read on to find out more.

What is a used car loan?

Just like its name suggests, a used car loan is catered to people who wish to own a secondhand vehicle (that is still within 10 years of age) which can be purchased from a car dealer or company. It is a more affordable alternative compared to buying a new car and is something to contemplate if you have a tight budget.

What are the benefits of getting a used car loan?

1. Simple application process

If you have had your car loan application rejected by a bank before, your next best bet is to try applying with other financial institutions in Singapore such as a car dealer. Like most new car loans, applying for a used car loan is a fairly simple process and can be done quickly, especially when loaning from private car dealers due to less strict requirements.

2.Lower monthly repayments

Naturally, the monthly repayments will also be set at a lower rate due to the smaller amount of money borrowed when you apply for a used car loan. This will be extra helpful if you have further commitments as the money saved can then be used to finance other needs in life, such as household necessities and housing loans.

Lower monthly repayments used car loans in Singapore

3.For many purposes

Applying for a used car loan does not just allow you to purchase a pre-owned vehicle for personal use, but can also double up for commercial and private hire use. This gives you more options to make the most out of your loan so that making monthly repayments will not be an issue.

4. Wide variety of cars

Owning a secondhand car does not sound as enticing as buying the latest car but you will be glad to know that many pre-owned cars have been maintained in tip-top condition and some look as good as new ones. When you decide to apply for a used car loan with a car dealer, the staff will usually recommend vehicles as well as the most suitable loan amount according to your needs.

Apply for a used car loan in Singapore with Swee Seng Credit

If you are ready to apply for a used car loan in Singapore but are unsure which to go for, consider Swee Seng Credit. 

Our used car loan is designed with processes that are seamless and hassle-free to help you save time, money and effort. There are 100% no hidden fees or middlemen that will result in markups as we believe in only offering fair and reasonable prices to our customers. 

The team here at Swee Seng Credit pays attention to details and will help you to handle all LTA and bank transactions, car ownership transfers and paperwork so all you have to do is sit back and relax. 

With over 30 years of experience, we are confident that our loans and service will go beyond your expectations. Utilise our used car loan calculator today to find out if this is the right solution for you.

Contact us to find out more!