In Singapore once your car reaches the 10th year mark, you’ll have to decide between keeping your current car or buying a new car as a replacement for it. A stressful dilemma where you either lose your car or fork out a huge amount of money just to get a replacement for it. With this in mind, Speed Credit tailored a smart and practical way to solve this dilemma – the COE Renewal Loan.
What is Certificate of Entitlement (COE) & Prevailing Quota Premium (PQP)?
COE or “Certificate of Entitlement” represents the ownership rights to a vehicle and the use of it on the road for 10 years.
At the end of the 10-year COE period, car owners can either choose to scrap their vehicle or revalidate their COEs for another 5 or 10 years by paying a premium, also known as Prevailing Quota Premium (PQP).
The PQP moves with the average COE prices within a 3-month window. This applies to various car classification categories namely A, B, C, D & E. The premium varies from month to month, where the most current premium is published by LTA every end of a COE Bidding Exercise. Refer to latest figures here.
|COE Renewal Loan Period||Interest Rate||Repayment Period||Finance Amount||Downpayment||Approval Rate|
|10 Year COE Renewal||*1.88%||7 years||100%||$0||99%|
|5 Year COE Renewal||*1.88%||Up to 5 years||100%||$0||99%|
* Promotional COE Renewal Loan interest rate starts at 1.88%. Kindly wait for our car finance specialist to send you an official quote via email.
Speed Credit’s 3-Step Loan Application Process
"Speed Credit responded to me very quickly and she is very helpful. I have checked other financing company but all charging very high interest, Speed Credit offers good rate and their staff are nice, friendly and helpful. Will recommend to other friends too!"
"Used Speed Credit when I financed my 2nd hand Volkswagen and found them to be very efficient, helpful and offered very competitive rates. Didn't need to do much as Speed Credit handled my needs effortlessly. So when I needed financing for my COE renewal I sought them again and found that their rates are very competitive and the service personnel were all very helpful."