Apart from low interest rates, the bank offers other lenders very similar terms under the MAS regulations on auto loans. For example, DbS and others offer loan amounts of up to 60% or 70% of the price of the car, depending on the value of the car, and a maximum repayment period of 7 years. Please note that DBS does not offer car loans for used cars over 10 years of age and charges 2.78% for loans for used cars over 9 years old. As a result, DBS loans for used cars are by far the most favourable for most applicants. DBS calculates the lowest interest rates for used vehicle auto loans (1.99%), making it the most advantageous option for Singaporeans who want to finance their purchase of a used vehicle. This rate is much cheaper than other auto loans in Singapore and can save borrowers hundreds of dollars during a loan compared to other financing opportunities. In order to make its used car loans even more competitive, DBS is currently offering a promotion that gives borrowers a 6-month interest fee discount. This assistance can save most borrowers by saying that the bank`s new credit rates are less competitive, at 2.78% per year. Within two weeks of signing the purchase and sale agreement, you must pay the Stamp Duty (Additional Buyers Stamp Duty, ABSD). Remember, you still have your old home, so you can technically buy a second home. This costs 12% of the house price for Singaporeans. Enter the amount you want to pay your supplier.
In “Supplier Communication,” you must enter your rental contract number, credit reference number or reference details that you have indicated. Another term is leasing, using the car under this agreement, while the lender retains ownership. During the lifetime, you can exchange the car for a later model or buy the car at the end of the life. Those interested in DBS auto loans must apply online to be eligible. Applicants must provide documentation of their employment and income, as well as documents detailing their other financial obligations. Finally, if necessary, applicants must submit their vehicle sales contract. At least 20 percent of the house price in cash or CPF OA funds – this amount may be higher if the bank decides to lend you less. In any case, prepare about 3000 SGD in cash or make sure you have it in your CPF.
This is mainly to cover legal fees, but there may be other small fees such as fees from the authority of the Singapore Land Authority (SLA).