When you are in Singapore, being the owner of a car will be more challenging that most of the other countries. Therefore, you have to guarantee that you are aware of the rules and the regulations that you have to abide in order to keep using your car without any hassle.
When you own a car in Singapore, you will not only have to deal with a tax but there are other complications that comes with as well. If you are buying a new car, you need to have a COE to be able to register it and to keep using it. The COE lasts for 10 years. After the expiring of the COE, you can either extend it to keep using it for 10 or 5 more years or you can upgrade to a new car by sending your old car to scraps. Renewing the COE is known to be much financially beneficially than buying a new car. However, there are also payments that you have to pay. If your COE is close to expiring, you should certainly look into getting a coe loan so that you can keep using it. These are the reasons why you should certainly consider getting a loan to extend the COE.
To get the 10 years extension
If you have no idea of upgrading to a new car and if you want to use your car for the maximum amount of time possible, you shod certainly be considerate of getting the renewal. When you are renewing the COE, you have two options: a 5 year COE or a 10 year COE. If you are getting the 5 year COE, you only have to pay half of the PQP but on the other hand, you will have to discard your car and upgrade to a new one after 5 years. If you want to make the full use of the car, it is best that you gain the 10 year COE renewal. For this, you will have to pay the full price. To help you manage your finances much more effectively, you can get a loan so that you can keep using your car without having any financial struggles.
To help with your finances
If you are having a hard time with your finances, having to renew the COE will flood you with more burdens. Therefore, you have to guarantee that you look for the best solutions that are available. There is no better way to handle your finances and also keep using your car than to gain a loan for the COE.