6x of your salary
21 years old
If you think that buying a car is the most expensive thing you have to pay for, you are half right. There are still other expenses a car entails.
The purchase price is about $100,000 for a sedan and a small SUV, but you might pay twice as much if you want a luxury car. As we all know, the cost of the Certificate of Entitlement (COE) is extremely pricey.
For instance, a Category A car’s COE costs about $25,000, a sum that is well above most people’s pay grades.
Thinking of keeping the cost of your car to a minimum? You might wish to purchase a car with low-carbon emissions. The advantage if you buy a car with low-carbon emissions is that the government will give you a rebate or a VES (Vehicle Emission Scheme) surcharge to decrease the final cost of your car. This surcharge can rise to $20,000 for certain models, but not everyone is lucky enough to get such a substantial cost decrease.
On the other hand, the advantage of motorcycles is that they are much more available than cars. Also, their retail cost has decreased considerably in the last two years. This is since their COE dropped to almost half since 2017. The motorcycle’s COE is about $3,500. Popular motorcycle models in Singapore like Honda CBR150R or Vespa PX150 cost between $14,000 and $20,000.
Even if motorcycles cost five to ten times as less as cars, we at Loan Street Singapore understand that some people don’t have that money saved up. Or, they might prefer the comfort and convenience of a car compared to a motorcycle.
At Loan Street Singapore, we have specially tailored a Car / Motorcycle Purchase Personal Loan to help you defray the cost of owning your own vehicle.
A few months ago, Mr Winston Low came to us looking for financial assistance. With a child on the way, he and his wife decided that they needed a larger vehicle. Thus, they decided to sell their motorcycle and buy a small SUV so they could take turns driving.
That said, the returns from the sale of their motorcycle were not sufficient. They still required an additional sum of money for a new SUV they liked. Together with all the taxes associated with buying their new car. Luckily, Loan Street Singapore could help them cover the remaining costs, and now they can comfortably travel together as a family of three.
Loan Street Singapore has devised a personalized Car/ Motorcycle Purchase Personal Loan that can help you purchase the car or motorcycle of your dreams. We can help you cover the expenses for:
- Monthly instalments
- Registration fees and taxes
- Additional registration fee
- Excise Duty tax
- Warranties and insurance premiums
- Maintenance fee
- Road taxes
- Misc (petrol, parking, ERP taxes)
Launched in July 2019, Loan Street aims to provide even more financial assistance to Singaporeans and Permanent Residents (PRs). We also aim to help educate the borrowers on the differences between licensed and unlicensed money lenders (loan sharks) so that they do not fall into the debt trap. To provide more assistance, Loan Street has launched and built the Learn-and-Succeed community that helps individuals upgrade their knowledge, hard skills and soft skills so as to secure better salaries and a higher standard of living. Our objective of the community is for everyone to upgrade and live even better than before.
Loan Street researches on all 158 licensed money lenders in Singapore and narrows down the best financial institutions. With Loan Street’s help, you will be able to secure a Car / Motorcycle Purchase Personal Loan at an inexpensive and reasonable amount of interest rate. There will also be regular monthly settlements that are affordable so that your wallets will not be strained further. At the same time, our community will be able to help you upgrade your skills and life.