VEHICLE MAINTENANCE LOAN
In Singapore, buying a car is luxury and maintaining a car is very costly. There are few cost areas to look at in terms of car related expenses, each of them varies as it depend on the type of car you are buying, your profile and usage.
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, the higher is your interest cost.
Road Tax is mandatory in Singapore, its payable in either 6 or 12 months, ranges from 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 its dependable on the car you own, the type of coverage you want, your current age, and driving history.
Driving history also means if a person is involved in a car accident and is at fault, this will also incur in higher car insurance premiums the following year due to the history.
Servicing cost varies from minimum of $500 to $5000 if you need to change out any major parts replacement and repair. A younger car will cost less to maintain, likewise when a car becomes older, the probability of a major servicing required with parts being replaced increase 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 message 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)