People, who are financially constrained, can still buy a car thanks to vehicle finance solutions. Vehicle finance solutions, banks, and money lenders offer car loans to lift the burden of the upfront cost of a brand new vehicle. These loans have a flexible and affordable payment arrangement. However, not all people are qualified for an in house car loan in Singapore.
Here are some tips to become qualified for car loans and get the best COE renewal loan approved faster:
- Improve your credit score.
Every loan people get from financial institutions is recorded. Financial institutions, such as vehicle finance solutions, get these records as a reference before qualifying you for a loan. The higher the credit score is, the higher the chance your loan gets approved.
Paying your loans on time and few or no existing loans can improve your credit scores.
- Increase your income.
The amount of loan you can get depends on your annual income. If you have a higher income, you have more capacity to pay larger car loans, qualifying you for COE renewal financing.
Additionally, stable income matters to vehicle finance solutions. As much as possible, you have to be at least two years in your job before you apply for a loan.
- Complete all the documents needed
Your vehicle solutions may require you to submit documents that would prove your identity, residency, and income. These documents include valid IDs, utility bills, and tax returns.
Make sure the details in the documents are accurate. Any discrepancies may affect your candidacy for the best COE renewal loan.
- Secure the down payment
Down payment not only protects the vehicle finance solutions but is also a statement that you have money on hand and can pay for the loan.
Furthermore, financial institutions prioritise people who have covered downpayment.
- Avoid another debt
As much as possible, finish paying off your existing debts before getting an in house car loan in Singapore. Existing debts affect your capacity to pay car loans.
These tips will increase your chance of getting approved for a car loan!
Swee Seng Credit provides affordable and flexible COE renewal financing. Visit Swee Seng Credit today.