As a car owner in Singapore, paying for your certificate of entitlement (COE) renewal can be a daunting financial burden that you might not be able to sustain on your own. But that is where personal loans come to your aid. By taking out a personal loan from a reputable lender like Tradition Credit, you can finance your COE renewal and enjoy your car without any worries. In this blog post, we will delve deeper into COE renewal, what personal loans are, and how you can finance your COE with a personal loan.
COE renewal is an inevitable event for car owners in Singapore. The certificate of entitlement is a legal document that gives you the right to own and use your car for a period of ten years. Renewing your COE allows you to continue using your car beyond the initial ten-year period. However, the cost of renewing your COE is high, and it depends on the prevailing market price of COEs at the time of renewal. For someone who is not financially stable, paying for the renewal can be challenging.
This is where personal loans come into the picture. A personal loan allows you to borrow money from a lender to finance your COE renewal and pay back the amount in installments over a period of time. Personal loans have a lower interest rate compared to credit cards, which makes them a better financing option. At Tradition Credit, we offer personal loans of up to 6 times your monthly income, depending on your credit score. The interest rates for our personal loans start from as low as 3.99% p.a., which is significantly lower than the interest rate for credit cards.
Applying for a personal loan at Tradition Credit is easy and hassle-free. You can apply online, and the application process only takes a few minutes. Once you have submitted your application, our team will review it and notify you of the decision within 24 hours. If your application is approved, you can expect the money to be disbursed to your account within the same business day.
Personal loans are a great option for those who need to renew their COE but are not financially stable enough to pay for it outright. By taking a personal loan, you can continue using your car without any financial strain. Moreover, renewing your COE also increases the resale value of your car, which can be beneficial if you decide to sell your car in the future.
Renewing your COE is a necessary event for car owners in Singapore, and it can be financially overwhelming for some people. However, taking a personal loan can help finance your COE renewal and ease your financial burden. At Tradition Credit, we offer personal loans that are tailored to your needs and budget. With our low-interest rates, easy application process, and fast disbursement, we are committed to providing you with a stress-free experience. Contact us today to find out more about our personal loan options and how we can help you renew your COE.