Don’t Fall For These 4 Car Financing Traps
Car prices in Singapore are the highest in the world. A recent survey by the Economist Intelligence Unit (EIU) found that the cost of a family car in Singapore was USD153,000. The comparable price in Paris was USD37,800 and only USD22,000 in New York. Why are cars in tise country so expensive? Mainly, government duties and taxes are to blame since the Additional Registration Fee can raise the price of a car by 100% to 180%. Every car owner also needs a government-issued Certificate of Entitlement which can drive prices up by S$40,000 to S$50,000 or even more. As a result of these high car prices, an increasing number of Singaporeans are opting for car loansstudy by the Credit Bureau Singapore found that in 2016, 76,942 new motor vehicle loans were made by the bureau’s member financial institutions. This number reflected a growth of 25.6% over the previous year, and represents 88% of all cars sold in Singapore for that year. However, car financing can be a complex subject and borrowers could benefit by keeping some of the following points in mind when they are shopping for a car loan. 1. What percentage of finance should you take? Monetary Authority [...]
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