Any Auto Financing for COE Renewal?

[Mllcg]

the $17k is a rebate on the ARF isn't it? Rather than the COE?

 

COE first.

 

then arf.

 

so if COE 10k,

 

7k will go to ARF

[Ladykillerz]

sorry to dig up this old thread. But its good to know if there is any option to actually have finance loan from banks for COE renewal if one cannot afford to pay in full. Also another question, if one were to renewal COE for OPC, does it mean only pay 17K for renewal only?

 

my guess...

 

if a finance company willing to loan you, be prepared to have high interest rate.

a car after 10yrs will have no more paper value except for resale or scrap value. logical?

 

COE renewal for OPC should be, actual COE amount - 17k? right? wrong?

if only 17k, i reckon many OPC drivers will renew COE. logical?

 

my humble and honest suggestion for you.. for the time being, stick to public until COE price goes down or when you can afford one.

[W210k]

You are wrong. If no rebate for OPC, then might as well be black plate. Stupid right?

 

OPC rebate is minus $17k. Renewal for OPC car will be (60k - 17k = 43k). Let's take $60k as the current Prevailing Quota Premium COE (average 3 months COE price)

I think you are wrong here.

You pay full COE (PQP) to renew an OPC.

 

But, in addition, if you want to convert your COE OPC back to a black plate, you have to pay the $17K (owed) rebate back to LTA ... which you had enjoyed in it's first 10 years.

 

Thus total cost = COE (PQP) + $17K

 

Only then, will you get to drive a black plate.

[Pelican]

isnt it weird that you can get loan to buy 2nd hand coe car but cannot loan to renew coe of own fully paid car.

 

i dont think you need to return the 17k rebate after 10 years of opc when you renew coe at full cost and convert to black plate.

opc car can only renew coe at normal coe cost. whether to stay opc is your choice. but who want to continue as opc if going to pay full coe cost.

that's why you almost wont see red plate coe car.

[QQDreamer]

isnt it weird that you can get loan to buy 2nd hand coe car but cannot loan to renew coe of own fully paid car.

 

i dont think you need to return the 17k rebate after 10 years of opc when you renew coe at full cost and convert to black plate.

opc car can only renew coe at normal coe cost. whether to stay opc is your choice. but who want to continue as opc if going to pay full coe cost.

that's why you almost wont see red plate coe car.

 

is this info true? Means after OPC car COE expires and want to renew COE and yet no rebate at all? any source on this? I still think there is rebate pardon me if i think like this. Otherwise might as well stay as a black plate after renewal. Sounds stupid to me.

[1fast1]

I think you are wrong here.

You pay full COE (PQP) to renew an OPC.

 

But, in addition, if you want to convert your COE OPC back to a black plate, you have to pay the $17K (owed) rebate back to LTA ... which you had enjoyed in it's first 10 years.

 

Thus total cost = COE (PQP) + $17K

 

Only then, will you get to drive a black plate.

 

Makes little sense to me, bro. I thought that if one wants to convert their OPC into a black plate within the first ten years, then one only has to pay a prorated portion of the 17k rebate back? In which case, how does it make sense for them to charge the full 17k rebate after that 10 year COE period is up?

[Kar_lover]

www.lta.gov.sg/content/lta/en/motoring/vehicle_ownership/vehicle_policiesschemes/off-peak_car_revisedoff-peakcarschemes/how_do_i_renew_thecoeofmyopc.html

 

I don't need to say anything else because I am wrong

 

I guess u're right but its a really dumb policy!!! I guess only the really desperate who can't afford to change car will renew the weekend COE for full price.

[Kar_lover]

isnt it weird that you can get loan to buy 2nd hand coe car but cannot loan to renew coe of own fully paid car.

 

I think the point is that it is a CAR loan. So when you buy a car (be it new or used), you are buying the CAR (which is bundled with the COE). So you cannot take a CAR loan to renew ONLY the COE cos the COE is not the CAR then there is no CAR and this is a CAR loan. So you have to wait for banks to come out with COE loan for ppl to loan money to pay for COE only. However, this might be tough as the COE cannot be separated from the car (in the event the loan is defaulted). So the collateral for the COE loan will be the whole car plus the COE?

 

Or put it another way, we can't apply for a housing loan to buy a car right? So likewise we can't apply for a car loan to pay for COE.

Edited July 4, 2012 by Kar_lover

[Princey_anne]

Just email Lta and ask them, not sure if off peak car is any different?

[Princey_anne]

I think the point is that it is a CAR loan. So when you buy a car (be it new or used), you are buying the CAR (which is bundled with the COE). So you cannot take a CAR loan to renew ONLY the COE cos the COE is not the CAR then there is no CAR and this is a CAR loan. So you have to wait for banks to come out with COE loan for ppl to loan money to pay for COE only. However, this might be tough as the COE cannot be separated from the car (in the event the loan is defaulted). So the collateral for the COE loan will be the whole car plus the COE?

 

Or put it another way, we can't apply for a housing loan to buy a car right? So likewise we can't apply for a car loan to pay for COE.

I know in the past when Coe is high there are loans for Coe renewal. Maybe there wil be later due to demand

Edited July 4, 2012 by Princey_anne

[Kar_lover]

I know in the past when Coe is high there are loans for Coe renewal. Maybe there wil be later due to demand

 

Yep, when there is sufficient demand and can make a business out of it, who wouldn't want right?

[Mllcg]

Makes little sense to me, bro. I thought that if one wants to convert their OPC into a black plate within the first ten years, then one only has to pay a prorated portion of the 17k rebate back? In which case, how does it make sense for them to charge the full 17k rebate after that 10 year COE period is up?

 

i also dont understand.

 

coz if i were to convert a normal plate to red plate on a COE car, i wont get the 6 monthly rebates

[QQDreamer]

it sounds stupid from what i see. Now the understanding is, you need to renew the full COE and whether u want to choose and stay as a OPC or a normal plate car thereafter right? Obviously people will want it to be normal plate. But what if the usage is low and the car condition is very good and can retain the car for many years ahead? Than does that mean i renew the COE in full assuming that i make it a normal plate. Than another question is, if i want to conver to OPC after the renewal is it ok? I think all this area quite gray and not explained properly also. If i renew my COE say 10 years? and i am able to convert it to revised OPC scheme than any rebate like remaining as a OPC for 6 months can get the normal rebate like what a Parf car does now?

[Mllcg]

it sounds stupid from what i see. Now the understanding is, you need to renew the full COE and whether u want to choose and stay as a OPC or a normal plate car thereafter right? Obviously people will want it to be normal plate. But what if the usage is low and the car condition is very good and can retain the car for many years ahead? Than does that mean i renew the COE in full assuming that i make it a normal plate. Than another question is, if i want to conver to OPC after the renewal is it ok? I think all this area quite gray and not explained properly also. If i renew my COE say 10 years? and i am able to convert it to revised OPC scheme than any rebate like remaining as a OPC for 6 months can get the normal rebate like what a Parf car does now?

 

u can can convert a COE car to OPC...

 

BUT no 6 monthly rebates

[Sktan10]

I know in the past when Coe is high there are loans for Coe renewal. Maybe there wil be later due to demand

 

 

 

 

There is coe loan in the past.

Loan once for $40k for 10yrs coe.

Repayment period 5yrs or $700+/mth.

[QQDreamer]

There is coe loan in the past.

Loan once for $40k for 10yrs coe.

Repayment period 5yrs or $700+/mth.

 

 

Do you know which finance company loan? Still have such loan?

[Expertz]

I think you are wrong here.

You pay full COE (PQP) to renew an OPC.

 

But, in addition, if you want to convert your COE OPC back to a black plate, you have to pay the $17K (owed) rebate back to LTA ... which you had enjoyed in it's first 10 years.

 

Thus total cost = COE (PQP) + $17K

 

Only then, will you get to drive a black plate.

 

actually you can convert back to black plate 1 day b4 COE renewal

so for example if your current COE expires on sunday, you have your new COE ready, on saturday you convert to black plate and pay the remaining 1 day

the cost is pro-rated 17k/10years - 1 day so it'll come up to only a few dollars

 

then register your new COE to your car as a black plate

[Sktan10]

Do you know which finance company loan? Still have such loan?

 

 

check with ntuc.I did mine many years back.