We help thousands of motorists with 5 or 10 years COE renewals each year and are aware that many are confused by the complicated Certificate of Entitlement (COE) bidding systems in Singapore and how to secure a lower Prevailing Quota Premiums (PQP) rate. Over the years, we see an increasing number of motorists are choosing to sign up a COE renewal loan with Speed Credit to avoid hefty down payment required to purchase a new car.
Keep reading if you are looking to renew COE for 5 or 10 years.
Timing is everything:
First and foremost, let us help you identify which are the dates Prevailing Quota Premiums (PQP) results are released each month in 2017.
These are the actual dates for 2nd COE bidding in 2017 and are also the dates that prices of PQP are released.
for 2nd COE bidding
It is important to know that Prevailing Quota Premiums (PQP) is moving average of COE prices (QP) in the last three months. Tip: Lower Quota Premiums (QP) in previous months is a good indication that PQP will follow suit.
Know the choices available:
There are few choices available. If your COE renewal is due in April 2017, you may choose to renew with PQP from March or earlier (e.g. February or January). In other words, you are not allowed to renew with the PQP result released on 19 April because this is meant for COE renewals done in May.
Renewing your COE earlier could potentially save you hundreds if not thousands of dollars. In some cases, we helped motorists to renew 3 months in advance when PQP was raising drastically.
Here is the solution:
In this particular case, we will monitor PQP and hold your submitted COE renewal loan application until 22 March which is the date that March PQP result is released. This is because we have the choice to renew with February PQP if March PQP price is much higher, hence a better chance for you to renew your COE with a lower premium.
Avoid last minute submission:
If your application is submitted early, we can help to monitor PQP and assist to renew immediately with a lower price. Not only do we take care of the complicated and tedious paperwork for you, we also help you save hundreds of dollars by securing a lower PQP rate for you.
Speed Credit offers very competitive interest rate and fast approval for all COE renewals. After your documents are submitted, it only takes 1 working day to get your COE renewal loan approved. Don’t wait any longer, renew your COE due in 2017 with Speed Credit today.