When it comes to arranging for financing of just about any kind, many residents of Singapore are used to heading to a local bank. Traditional banking institutions help with everything from the purchase of homes or apartments to acquiring a vehicle needed for work or the financing of an education, making them valuable sources of assistance to many. In some cases, though, these generally reliable allies tend to be a little less helpful. As far as used car loans go, for example, many Singaporeans find that their regular bankers can be somewhat less forthcoming.
They can be disappointing to discover, but it does not have to mean that buying a used car will not make sense. To those who know mortgage loans when a used vehicle purchase otherwise seems like the best option, the process can be every bit as rewarding and easy as if the usual banker was involved.
The most generous providers of car loans in Singapore for vehicles that have passed through the hands of other owners, it turns out, tend to be those who facilitate the sales. Whether this means heading to a dealer who buys cars from their owners and seeks out buyers for them or to a broker who simply intermediates, these secondary market specialists are often the most generous of all with financing.
When it comes to such car loans financing standards can, naturally enough, be a little higher than with the kinds of borrowing many Singaporeans will already have experience with. Because these relationships tend to be of a one-off kind, for example, the lender in question will not typically be looking into how a particular borrower has lived up to their obligations in the past.
This means that the question will often revolve more closely around the numbers at hand, but this generally turns out to matter relatively little. With either a dealer or an experienced broker, the lending provider should be able to do a good job of valuing the vehicle in question, and that can result in enough reliable information to get the process off to a good start.
Beyond that, borrowers will want to be aware of what they might pay for a similar loan from another source. Even if interest rates on secondary market car purchases will tend to be a little bit higher, this is no reason to accept excessive borrowing costs. The fact is that the competitiveness of the market means that lenders will typically do everything possible to close a deal, including keeping rates as low as possible.
They can be disappointing to discover, but it does not have to mean that buying a used car will not make sense. To those who know mortgage loans when a used vehicle purchase otherwise seems like the best option, the process can be every bit as rewarding and easy as if the usual banker was involved.
The most generous providers of car loans in Singapore for vehicles that have passed through the hands of other owners, it turns out, tend to be those who facilitate the sales. Whether this means heading to a dealer who buys cars from their owners and seeks out buyers for them or to a broker who simply intermediates, these secondary market specialists are often the most generous of all with financing.
When it comes to such car loans financing standards can, naturally enough, be a little higher than with the kinds of borrowing many Singaporeans will already have experience with. Because these relationships tend to be of a one-off kind, for example, the lender in question will not typically be looking into how a particular borrower has lived up to their obligations in the past.
This means that the question will often revolve more closely around the numbers at hand, but this generally turns out to matter relatively little. With either a dealer or an experienced broker, the lending provider should be able to do a good job of valuing the vehicle in question, and that can result in enough reliable information to get the process off to a good start.
Beyond that, borrowers will want to be aware of what they might pay for a similar loan from another source. Even if interest rates on secondary market car purchases will tend to be a little bit higher, this is no reason to accept excessive borrowing costs. The fact is that the competitiveness of the market means that lenders will typically do everything possible to close a deal, including keeping rates as low as possible.
Twitter
Linkedin