1. How old should I be in order to apply?

Applicants should generally be 21 years of age and above and not more than 55 years old in order to sign legal documents.

2. What is the success rate in getting a loan approved?

It is usually not a problem to get a loan application approved with some adjustments to the amount of collateral or guarantor you are providing, depending on your own credit history based on litigation, banks or credit payment records and lastly loan records.

3. What is the maximum or minimum loan quantum that I can apply?

You can loan up to a maximum of 95% of the seller’s invoice sale price subject to your credit rating by the applicant’s bank or financial institution approval. The minimum loan quantum is not less than S$10000.

4. Can I apply direct to the banks?

Yes, you apply direct to the backs, BUT, Credit.com.sg provides a one-stop service where banks usually do not dwell in. Applying through credit.com.sg it will save you time from having to call each and every bank individually to check for the best rates, advice on documentation and transfer proceedings for your particular loan application.

5. What kind of privacy am I assured by applying on-line?

We do not sell information and we follow strict financial industry guidelines and personal information is kept very confidential. Our 15 years of trust by our principle Bankers/Financial Institutions and more than 25000 clienteles can attest to it.

6. How long does it take for an application to be approved?

Usually not more than 24 hours, if not sooner, depending on the applicant's documents and financial status.

7. Are there any processing fees?

There are no processing fees when you apply through credit.com.sg. The service throughout the application is free.

8. What kind of vehicle qualifies for a loan application?

Any private passenger or commercial vehicle that are less than ten years old is applicable. There are a few financial institutions that accept vehicle that are more than ten years old.

9. What happen if I cannot fulfil my monthly instalments?

Car loans granted are based on the Hire Purchase (HP) Act. Under this Hire Purchase act the financial institution is the owner of the vehicle and you are the hirer. If you fail to pay the monthly instalments, the finance institution has the right to repossess the vehicle. After the financial institution has sold the vehicle,you will be responsible for any shortfall which may arise as a result of the sale, including all costs relating to the repossession.

10. Can I bundle the auto insurance with the loan?

Yes, it can be done. If the insurance and the loan is bundled as a package, a special rate can be arranged. You can call 396 0111 for this arrangement.

11. How do you explain the interest rebate calculation?

Interest rebate calculation varies from individual agreement with the financial institution offer rates and its early termination charges. A simple Interest Rebate Calculation is as follows:

The interest rebate calculation is based on the formula below:
Interest Rebate (R) = n(n+1) X TC / t(t+1)
where R = Term Charges Rebate, n = unexpired term ( in months ), t = total repayment period, TC = Term Charges

For example:
Amount Finance = S$100,000, Interest rate = 2.7% p.a. flat rate, Loan (number of yrs) = 7 yrs (84 mths), Hirer full settles after 5 yrs, unexpired hiring period is 2 yrs or 24 mths

Thus, interest rebate is computed as follows:
Interest Rebate (R) = 24(24+1) X (S$100,000 X 2.70% X 7) / 84(84+1) = S$1,588.26

12. What is "flat rate"?

Flat rate is the fixed rate charged on the full amount financed for the entire hire purchase term.

13. What is "effective interest rate"?

Effective interest rate is the actual interest rate you pay as a hirer on your loan over a specific time period.

14. What documents are required?

• Latest income proof (IR8A) for Used Cars or income declaration for New Cars.
• Insurance can be arranged.