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In Singapore, buying a car is a luxury, and maintaining a vehicle is very costly. There are a few cost areas to look at in terms of car-related expenses, and each of them varies as it depends on the type of car you are buying, your profile, and your usage. Having a vehicle maintenance loan in singapore is essential because,

Cost of car, for instance, if you are buying a Toyota Altis, it will set you back at least $100,000. This includes the cost of COE. Interest Cost is the interest charge that you will incur when you borrow to finance your car; the more you borrow, the longer your loan duration is, and the higher your interest cost.

Road Tax is mandatory in Singapore; it’s payable in either 6 or 12 months and ranges from an estimated $700 to a couple of thousand, depending on the type of vehicle. Likewise, Car Insurance is also mandatory. Typically, an average car insurance per year costs about $1000 to $1500 per year; again, it’s dependable on the car you own, the type of coverage you want, your current age, and your driving history.

Driving history also means if a person is involved in a car accident and is at fault, this will also incur higher car insurance premiums the following year due to the history.

Servicing cost varies from a minimum of $500 to $5000 if you need to change out any primary parts replacement and repair. A younger car will cost less to maintain; likewise, when a car becomes older, the probability of a significant servicing required with parts being replaced increases substantially.

On top of all those mentioned, there are parking and season parking, petrol, ERP, and the occasional rare fines that no one wants to get.

Should you require any quick loan to assist with the above, even if it’s only for a short period of time to tide you through, contact Golden Credit for further information to see how we can assist you. Drop us a text using the contact form. Call us at +65 6224 1300 to find out more, or visit us at our office in People’s Park Centre, 101 Upper Cross St, #01-05F, Singapore 058357 (in front of Ya Kun Kaya Toast)


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