Money Spending Tips: How to Smartly Buy Your First Car

House, insurance, or cars are all investments you could have in life. All of these will make your life more convenient and comfortable. However, achieving them is not an easy process. It’s not about saying you want a car. And then tomorrow, you’ll get one right away. It doesn’t work that way because you’ll need financial resources. And getting enough money takes hard work and perseverance.

But, have you heard the saying that you don’t have to work hard but work smart. Yes, you can amass resources by being clever in your life choices. If you want to have a car, there are many ways to gain one. You can get used car loans in Singapore to get a vehicle at an affordable price. You can also look for a COE renewal plan or Certificate of Entitlement that helps you get your first car.

Hence, allow this article to teach you how to get a car by working smart. And not by exhausting your energy, time, and money.

COE Renewal and Used Cars Loan: How to Smartly Get Your Car

Most people believe that getting a car requires a person to be rich or has a high-income salary. However, all you have to do is make an effective plan to get your first car. In Singapore, you can go for a COE renewal loan, used cars loan, or find an in house used car financing to get your first vehicle.

So, here are the ways to get your car without stressing yourself out!


1) Getting COE Renewal Loan is More Affordable

When buying a new car, you’ll have to pay for many things like sales tax, warranties, maintenance parts, or title and registration fees. With this alone, it could take most of your money! Fortunately, getting a COE renewal loan in Singapore will help you focus only on

Prevailing Quota Premium (PQP).

PQP is the moving average of COE prices for the last three months. Keep in mind that this may vary from time to time. On top of this, you have the option to renew your COE between five years or ten years. It depends on your lifestyle whether you’ll need to use a car for that long.

Better yet, look for a professional adviser that can help you weigh your options when getting a COE renewal loan for a better option.

2) You Can Receive Rebates

Getting your car is like playing with your money. So, play with it smartly! Think of it, when buying a car, there’s no return! You spend it, and that’s it. You’re lucky if the car you bought is worthy of your money. However, if it’s not, it’s a loss in your financial resources.

Luckily, with your COE renewal loan in Singapore, you can get rebates even if you deregister your car. Rebates are a partial refund that pays in a surplus amount for rent or utility. So, if you don’t need a vehicle anymore, you can get a rebate and use the money in other ways.

If finding it hard to determine your rebate, you can look for a professional financing solution to have access with a renew COE loan calculator. In doing so, you’ll get an accurate amount for your car solutions.

3) Look for In House Financing Solutions

If you want to spend your money within a budget, an in house used car financing might be the best solution for you. In house financing means flexibility in payment from the sellers to the buyers. Plus, you don’t have to pay the entire amount before getting your car. You can pay for it monthly. Hence, it is applicable for people who are on a tight financial budget. Here are more reasons why it might be for you:

  • You don’t have a good credit history
  • If you need a car immediately
  • The process is faster compared to other vehicle buying options
  • You can divide the amount of the payment
  • There is an option to negotiate with the seller about interest, payment terms, or maintenance fee

If you’re eligible for the reasons above, in house used car financing might help you get your first vehicle without wasting money, time, and effort.

4) You Can Buy Used Cars

Buying a car is not about showing how rich you are to your friends. It’s about making your life more enjoyable and convenient. For some who are ultra-rich, they can buy cars because they have the means to do so.  However, for some people on a middle-income salary, buying cars should not exceed more than the money you can afford.

So, look for used car loans in Singapore if you want to look for a second-hand car. Plus, there are many high-quality used cars. Additionally, there are also second-hand cars that are rare models, which means you can find Porsche, Land Rover, etc.

However, make sure to look for a reliable seller when looking for your used cars to look for high-quality vehicles.

Compare Before Making the Final Decision

With multiple options available, you may miss out on the best decision for your vehicle purchasing journey. Hence, it is essential to compare solutions like the COE renewal loan, in house used car financing, and used car loans in Singapore. If you find the perfect solution for you, then go for it! Nonetheless, you can expect to have your first car without wasting money or time.

Test The Car

Lastly, you should test the car before purchasing it. This way, you’ll know if it feels right that you’re driving the car. You’ll also know if the controls, mirrors, handles, or brakes are working. It is also for your safety and protection.


Why Everyone Can Buy a Car

Anyone can become a financial expert. And if you do, you can buy a car regardless of your status in life. Of course, it takes effort to learn about the ways of car financing. For beginners, it can become confusing because of terms, calculations, rates, and so on. Luckily, you can find a professional partner who can help you plan for your vehicle purchase.

With Swee Seng Credit, they can help you plan for a financing solution like their used car loans,in house used car financing, and COE renewal loan in Singapore. Visit their website for successful financial planning!