Restart Your Car Finance To Save More Show
Car Refinancing at a Glance*Terms & Conditions apply. Car loan interest rate offers at Speed Credit ranges from 1.68% – 6.68% and may vary based on vehicle type, loan type, loan amount, repayment period, past and present financial or credit status and other eligibility criteria. We cover various vehicle types such as normal cars, sports and exotic cars, commercial vehicles, Private Hire Vehicles (PHV), rental vehicles, COE cars, vans, lorries, trucks and buses — from light to heavy industry vehicles. Save Money Through Car RefinancingWhether you’re looking to get a lower monthly repayment and interest rate and/or a longer repayment period or perhaps do a cash-out to earn extra money to pay off expenses and credit card debts, Speed Credit will be able to offer you a car refinancing solution that is perfect for you and your needs. Through our vast network of bank and financial partners, we can offer car refinancing deals for different car types. Depending on your circumstances or on some eligibility criteria, we can offer you a much favourable interest rate or a longer repayment period, making your repayments easier to manage. Refinance To Get Cash & Enjoy a Cheaper Car LoanLet us work with you to get a better deal on your car loan. Our car refinance expert will compare refinancing loan options for you and help get you a more flexible loan term, a reduced repayment or a better interest rate for you.
How Does Car Refinancing Work?To refinance your car loan, you simply need to get approved for a new car loan that covers the amount you still owe on your existing car loan. You use the funds from the new loan to pay off your existing car loan, then make repayments on the new car loan. Speed Credit will get a loan with a lower interest rate or better terms, so you can save on interest or make your repayments more manageable. Cash-Out Car RefinancingCash-out Car Refinancing allows you to use the equity in your vehicle (what the vehicle is currently worth and how much is still left on the loan), to receive a lump sum payment. It can help you borrow extra money by refinancing your car loan. How it works is you pay off your current car loan, get a new car loan for more than what you owe, and cash out the difference – the amount of money you receive is based on how much equity you have in your car. You may then use the difference (what you’ve cashed out) for your expenses, bills, and other important financial commitments. There are also a few who find cash-out car refinancing a good option to pay off their accumulated credit card debts to avoid incurring compounding and/or higher credit card interest rate, penalty charges, bad credit score, and steer clear of the possibility of having a debt collecting agent knocking on their door. Benefits of Cash-Out Car RefinancingAccess to much-needed cashIf you suddenly need cash for an emergency or perhaps to pay some time-sensitive bills or high-interest debts (most especially credit card debts), cash-out car refinancing can help you get what you need without resorting to other high-interest personal loans. Lower interest rateIf your current interest rate is too high, you might be qualified to get a better interest rate. Depending on how much you’re taking out in cash and your total car loan amount, a lower rate could reduce the overall cost of the car loan. Loan term extensionDepending on some eligibility criteria, you can potentially reduce your monthly payment as well by extending your loan beyond your current repayment term. How Much Cash Can You Get From Car Refinancing?The amount of cash that you can get depends on your car’s market value and other eligibility criteria. For example, if your car is worth $30,000 and your remaining balance from your car loan is $18,000 – you may be able to refinance your car loan for up to $30,000 and take the $12,000 difference in cash. Should you be eligible, you can also be entitled to a lower interest rate and stretch your loan tenure to reduce your monthly repayment. Why Refinance Your Car Through Speed Credit?Company Competence$1.7 Billion in Car Loan Transactions 50+ Years of Combined Industry Experience Largest Network of Banks & Financial Institutions Most-Reviewed Financing Company (650+ 5-Star Reviews) Competitive DistinctionLowest & Exclusive Car Loan Interest Rates Direct, No Middleman & Mark-up Free Interest Rates Highest Loan Approval Rate in Singapore Fast, Transparent & Hassle-Free Serviced Free Assistance & ServicesFree Handling of LTA & Bank Transactions Free Financing Advice & Paperwork Assistance Free Full Settlement & Car Ownership Transfer Assistance 100% No Hidden/Additional Charges Awards & AccreditationsSpirit of Enterprise (SOE) Awardee Member of the Hire Purchase Association, Finance & Leasing Association of Singapore (HPFLAS) Member of the Automobile Importer & Exporter Association Singapore (AIEA) What Are the Usual Steps Involved for Car Refinancing?
Why Should You Refinance?The cost of car loans in Singapore can vary wildly, which means that getting the right car loan can be just as important as getting the best deal on the car itself.
So should you refinance? Well, you should if it would mean getting more savings on your part. What Are The Key Benefits of Car Refinancing?Lower interest rate Longer loan tenure Add or remove a co-signer Get a new lender Example on How Much You Can Save Through Car RefinancingSample Scenario (Interest Rate Displayed Is for Illustration Purposes Only): Your current car loan amount is $60,000 with an interest rate of 3.50%. You have already paid off 2 years of your loan, leaving you with $39,200 left to pay. You choose to refinance your loan with us offering an interest rate of 1.68%. You apply for a $39,200 loan with the new lender and use the funds to pay off the remaining amount on your original loan. You then continue to make repayments on the new loan but are now paying 1.68% interest, instead of 3.50%, saving ~ $300/month while stretching your loan over a longer period. CurrentCar LoanNew Car Loan(Once Refinanced)Disclaimer: The displayed values in the projection above are only estimated. The actual interest rate may differ based on certain criteria like credit evaluation, loan amount, vehicle type, etc. This projection can only be used as a guide to help estimate potential monthly repayment savings once the car has been refinanced. Speed Credit Pte Ltd explicitly disclaims liability for any possible errors or omissions. Procedure & Online Application for Car RefinancingGet a Car Refinancing Loan in 4 Easy Steps!Step 1Kindly contact your current bank or finance company first to get your outstanding balance amount. If they ask for the full settlement date, it should be one day before your instalment is due. Step 2Once you already have the full settlement amount, fill out our online application form or contact us at (+65) 6444 4400 or (+65) 9851 8281. Instructions and other requirements will be sent to you via email by our car finance expert. Please check your inbox or spam mail. Step 3Submit all the requirements and/or signed documents needed via email at . You will also be advised on the next steps and/or other necessary instructions related to your application. Step 4You will be notified by our car finance expert via email and/or call regarding the status of your application. Eligibility Criteria for Car Refinancing
Requirements for Car RefinancingIndividual (Local)Buyer
Seller
Guarantor
Individual (Foreigner)Buyer
Seller
Guarantor (Must be a Singaporean)
CompanyBuyer
Seller
Guarantor (Director of Company)
Car Refinancing Interest Rate*Terms & Conditions apply. Car loan interest rate offers at Speed Credit ranges from 1.68% – 6.68% and may vary based on vehicle type, loan type, loan amount, repayment period, past and present financial or credit status and other eligibility criteria. We cover various vehicle types such as normal cars, sports and exotic cars, commercial vehicles, Private Hire Vehicles (PHV), rental vehicles, COE cars, vans, lorries, trucks and buses — from light to heavy industry vehicles. Car Refinancing Calculator (Monthly Repayment)Use our Car Refinancing Calculator to calculate or get an estimate of your monthly instalment repayments for your car. Loan Amount ($) Interest Rate (%) Tenure (Months) Disclaimer: Interest rates are estimated and may differ based on credit evaluation and loan amount from banks and financial institutions. This Car Loan Calculator can only be used as a guide to help you to get a better sense of your potential monthly repayment commitments. It does not warrant the accuracy, adequacy or completeness of the figures presented. Speed Credit Pte Ltd explicitly disclaims liability for any possible errors or omissions. Car Refinancing FAQChoose Your Next StepApply Online 1Contact Details 2Vehicle Details 3Financing Details 4Message / Remarks Full Name * Mobile Number * Email Address * How can I remove a cosigner from a car loan?You have three main options to remove a co-signer from a car loan.. Co-Signer Release. One option is to ask the lender for a co-signer release. ... . Refinance the Loan. ... . Sell the Car.. Does refinancing release cosigner?When you refinance student loans into a new loan, your cosigner will be released when your old loans are paid off. Tip: Keep in mind that you might still need a cosigner to qualify for refinancing.
Can you eventually remove a cosigner?Removing a cosigner or co-borrower from a mortgage almost always requires paying off the loan in full or refinancing by getting a new loan in your own name. Under rare circumstances, though, the lender may allow you to take over an existing mortgage from your other signer.
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