Buying your own car is one of the most economical purchases that you will make in your life. Your car will take you place, literally speaking. Having your own car implies that you longer have to travel as per someone else’s schedule or timings, you can choose when you want to leave the comforts of your home and when you want to return to it at the end of an exhausting day. Having said this, however economical the need to have own car is, this need is most definitely not cheap. There are two kinds of people when it comes to making a decision as to what kind of car they would like to own. The first kind is comprises of those who would want to purchase a car that will simply satisfy their need of having their own transport, they will look at this purchase as a mere need. Now, the second kind comprises of those who will not only look at this purchase as a need but also a want. These individuals when thinking about having their own car, will evaluate the purchase as not merely satisfying this need but also their want to own “the” car that they have always desired because they anyway need to buy a car, so why not buy one that they really want? It is like hitting two birds with one stone.
No matter which category you fit into, you still have a hefty purchase to make. You not only have to make the decision of which car you want to buy but also how you are going to fund it. The answer is staring right at you – car loan. Paying for your brand new car does not have to be strenuous on your finances and a compromise on your lifestyle because this new year, the leading banks in Singapore are offering some of the best car loan interest rates. Take for example DBS bank – they offering their car loan at a minimal interest rate of 2.28%. They also financing of up to 60% of your car’s purchase price. Furthermore, you can stretch your repayment with a tenure of up to 5 years which reduce your monthly installments to a meager SGD 371.
Standard Chartered bank also falls within the same range where the bank is offering their Auto Financing Loan at an interest rate of 2.68% with a 5 year tenure that brings your monthly installment to SGD 378 for a minimum loan amount of SGD 10, 000. UOB bank is also offering the same deal with their car loan with an interest rate of 2.68% and a 5 year tenure and monthly installment of SGD 378. However, this loan is not applicable on OPC and China Made Cars.
Maybank and OCBC banks are offering car loans at an interest rate of 2.985 for a 5 year tenure and a monthly installment of SGD 383. With Maybank, this loan offer is not applicable to used and rental cars. OCBC on the other hand charges a Loading fee of SGD 200 if your loan amount is lesser than SGD 15, 000.
With the car loans offered at such competitive rates, owning a car has never been this simple and stress free. This year, your resolution can be to not depend on anyone else and be as independent as you can with your own mode of transport b having your dream car and banks that make this dream come true by offering some of the best interest rates for car loans.