Looking for a Quick & Affordable Hire Purchase Car Loan in Singapore?
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- Easy Application with Minimal Paperwork
- Quick Response within 30 Minutes
- Fast Approval within One Business Day
- Affordable Interest Rates and Processing Fees
- Minimum Requirements (for Businesses & Individuals)
Hire Purchase Car Loan
Auto Financing Options for SMEs & Individuals
Auto Financing Application
Own the vehicle (or fleet of vehicles) of your choice with Capitall Auto Financing Solutions.
Is your business in need of vehicles for transportation? Or are you an individual looking to own a car in Singapore? Whether you are looking for a fleet of vehicles for your catering, delivery, or cleaning business, or just an individual looking for a car, getting an auto loan or in-house car loan in Singapore can be a great help to fund your purchase.
To put it simply, auto financing is a category of loans provided by banks or private financial institutions to help borrowers fund their car or other vehicle purchase.
In Singapore, it is not uncommon for most car buyers to take up car loans since the cost of driving is so high. The COE alone makes up the majority of the cost of owning a car. Auto financing allows one to break up the costs of the purchased vehicle into smaller and more manageable monthly instalments. This certainly helps make vehicle ownership a more attainable goal to many.
And, if you are a business owner, getting a hire purchase loan to finance the purchase of your company’s vehicles makes good sense. It saves you from having to come up with a large sum of money which may otherwise be used to capitalise on other business opportunities. However, securing such loans from banks is not always a walk in the park, more so if you are an SME or young start-up. Lengthy application and stringent criteria aside, you also run the risks of your applications being rejected. Well, there are always alternatives to banks.
In Capitall, we are committed to help you in every step of the way in your auto financing journey. Our competitive and highly affordable loan rates designed with your needs in mind, coupled with a simple and hassle-free loan application process as well as an efficient approval rate is set to allow you to drive away your vehicle(s) of choice in no time.
Thinking of getting an auto loan a car loan? Start by submitting our loan enquiry form.
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Why Capitall Auto Financing?
FAQs on Hire Purchase Car Loan
Private financial institutions and car dealers offer loan options for customers who are looking to finance their vehicle purchases. You can easily sign up for this scheme with the lender or car dealer when making purchases.
Usually, the process is quicker and easier compared to borrowing from traditional lenders such as banks. For instance, banks may take up to 2 – 3 weeks to approve a car loan whereas an in-house car financing loan with a private financial institution can be processed and approved within hours.
For business owners who are purchasing the vehicle(s) for business use, you need to prepare:
- A copy of your company ACRA
- Copies of the company’s Director or Sole Proprietor NRIC (front and back)
- Proof of Income – the latest 2 years of Income Tax Notice of Assessment or the past 3 months of Company Bank Statement
- Completed application form
For Individual application, you need to prepare:
- Completed Application form
- Proof of income ( Latest years of Income Tax Notice of Assessment or CPF contribution statement)
In applying for an auto loan, it is important to consider the following:
- Financial Condition – Based on your current financial profile, is there a need for a new (or used) car? Is it the right time to acquire one now?
- Interest Rates – As interest rates vary amongst various financial institutions, it is critical that you compare interest rates between different lenders and financial institutions.
- Other terms – Interest rates are not the only thing you will need to consider. You should also compare different terms and conditions such as penalties, monthly instalments, and other repayment terms.
- Repayment Flexibility – Having an idea of your repayment period and whether that is reasonable for your financial means is also crucial. Sometimes, sudden expenses may arise and so it is essential to check how flexible your financing company is or go for a plan that allows you to adjust your monthly repayments when the needs arise
- Loan features – Different car financing plans may have varying loan features. It is essential that you checked through their features to ensure that you are clear and agreeable to all.