How much do you pay?
Renewing your vehicle for another 10 years will require the full Prevailing Quota Premium (PQP). However, if you wish to go for a 5-year renewal term, you will need to pay only 50% of the PQP. Thus, you should renew your COE before the expiry date, or vehicle will be scrapped immediately.
The Land Transport Authority (LTA) permits a 30-day grace period from the expiry date of the COE and subject to a late payment fee. But during this grace period, it is an offence to drive the car without insurance & road tax. Your vehicle will be scrapped immediately if your COE is not renewed by the 30-day grace period.
As such, if you have any inquiries regarding your COE renewal before making a decision, feel free to contact us here.
ELIGIBILITY CRITERIA FOR CAR REFINANCING LOAN
- Maximum loan amount is 100% of Prevailing Quota Premium (PQP).
- Applicant should be 21 years old and above.
- Minimum income should be at least S$20,000 p.a. or 3x higher than its monthly loan installment.
- Maximum loan is only 4 years for vehicles that are renewed for 5 years
- Maximum loan is only 7 years for vehicles that are renewed for 10 years
LOAN RATES FOR COE RENEWAL LOAN
Lastly, Interest Rate for our COE Renewal Car Loan depends on the type and age of the vehicle. To know more about our COE Renewal Loan Rates, please contact our main office at +65 6469 0870. Alternatively, you may contact our other branches here if you are unable to reach our main hotline.