{"id":7023,"date":"2021-06-07T03:04:07","date_gmt":"2021-06-07T03:04:07","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/?p=7023"},"modified":"2025-08-06T07:17:25","modified_gmt":"2025-08-06T07:17:25","slug":"standard-chartered-car-loan","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/standard-chartered-car-loan\/","title":{"rendered":"Benefits Of Getting A Standard Chartered Car Loan"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7023\" class=\"elementor elementor-7023\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ea05bdb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ea05bdb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-395a802d\" data-id=\"395a802d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b50478 elementor-widget elementor-widget-heading\" data-id=\"4b50478\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><b>What benefits you'll get from Standard Chartered Car Loan?<\/b><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-255c33ca elementor-widget elementor-widget-text-editor\" data-id=\"255c33ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p class=\"wp-block-paragraph\">Still can\u2019t decide whether to buy a car by paying cash or through car financing? You need to consider some factors when choosing which option best suits you.\u00a0<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-22704\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-content\/uploads\/2023\/09\/Standard-Chartered-Car-Loan-300x200.webp\" alt=\"Standard Chartered Car Loan\" width=\"650\" height=\"434\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-content\/uploads\/2023\/09\/Standard-Chartered-Car-Loan-300x200.webp 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-content\/uploads\/2023\/09\/Standard-Chartered-Car-Loan-1024x683.webp 1024w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-content\/uploads\/2023\/09\/Standard-Chartered-Car-Loan-768x512.webp 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-content\/uploads\/2023\/09\/Standard-Chartered-Car-Loan.webp 1124w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of Buying A Car Through Finance<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">Buying a car is one big purchase that an individual can make. Of course, you can buy a car with cash or through financing. But paying in cash might be hard for some individuals. Thus, they prefer to apply for a car loan to pay in instalments.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Buying a car through a car loan allows you to build and enhance your credit history. You can use your available cash on hand or in the bank on other essential matters. Besides that, with a car loan, you can build equity.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Once you complete your payment, you\u2019re free to sell or trade it in on a new car. Moreover, you get a car with no mileage limit and a lower insurance rate. Plus, you are free to customise your vehicle.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">The only drawback about car loans is that you need a downpayment, either in trade or cash. Cars quickly depreciate once used. It would be worth little by the time you pay it off ultimately. And lastly, your vehicle might be at risk of being repossessed by the bank. That\u2019s if you fail to repay and get defaulted.<\/p>\n\n<p class=\"wp-block-paragraph\">With car loans, people can buy a car without worrying about their funds. In addition, there are many banks you can choose from.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">One of the recommendable banks you can visit is Singapore Standard Chartered Bank. The bank offers Auto Finance, which has several features that clients will enjoy.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Features of Standard Chartered Car Loan<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">Auto Finance can help you get your dream car. Here is what you\u2019re going to enjoy if you get an Auto Finance:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>First, you get a smooth application process.\u00a0<\/li>\n<li>Get options from its Flexible Repayment Plan.<\/li>\n<li>Enjoy attractive interest rates.<\/li>\n<li>Wide range of Distribution Networks.<\/li>\n<li>Accessible to Pay Bills.<\/li>\n<\/ul>\n\n<h3 class=\"wp-block-heading\"><strong>Experience The Smooth Application Process<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">Apply for a car loan through Standard Chartered Branch. Speak with your preferred car dealer, who will assist you throughout the application.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">But first, be sure you have decided what vehicle you want. Also, you should know whether you\u2019re eligible for the loan.<\/p>\n\n<p class=\"wp-block-paragraph\">Here are the Eligibility Requirements you need to meet:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>You must be a Singaporean or Permanent Resident.\u00a0<\/li>\n<\/ul>\n\n<ul>\n<li>Foreigners residing in the country can still get an auto loan from Standard Chartered Bank to submit all the required documents.\u00a0<\/li>\n<\/ul>\n\n<ul class=\"wp-block-list\">\n<li>Should be at least 21 years old.\u00a0<\/li>\n<li>Must meet an annual income of $20,000<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">Important Note: Whatever the result of your application, approved or declined, it\u2019ll reflect in your credit history. Thus, it could have a significant impact on your credit score. To make a clear\u00a0<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Offering Flexible repayment options.<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">You can choose what repayment plan you think you can afford to pay. For example, Standard Chartered Car Loan offers 12 to 84 months of loan tenure. But note that the longer you pay, the higher the interest rate will accumulate.\u00a0<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Offer Competitive Interest Rates in the Market<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">Standard Chartered Car Loan offers different interest rates: For new cars, they offer 2.48%, while for used vehicles, 2.78%.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Have access to the Wide Distribution Network<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">Buying a car with Standard Chartered Bank won\u2019t be that hard since the bank partnered with a vast network of car dealers across Singapore.\u00a0<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Easy to Pay Bills<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">Standard Chartered Bank Singapore offers several payment channels for car loans. You can pay through GIRO, AXS stations, Self-service, automated machines (S.A.M), or the bank&#8217;s online banking platform.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Or, if you\u2019re more comfortable paying it by cash, you can send it through cash deposit machines.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Standard Chartered Car Loan Requirements You Should Comply<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">There are things you need to comply with first in applying for a Standard Chartered Car Loan. First, you have to submit the completed application form. Then, you have to provide further requirements. It\u2019s for them to help assess your car loan application.<\/p>\n\n<p class=\"wp-block-paragraph\">Standard Chartered Bank requires borrowers to submit the following documents:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Identification Documents*<\/li>\n<li>Income Documents*<\/li>\n<li>Your Sale and Purchase Agreement<\/li>\n<li>Your Vehicle registration card or Log Card<\/li>\n<li>Form of Application for Hire Purchase<\/li>\n<li>A fully accomplished and signed application form<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\"><strong>Identification Documents to submit are the following:<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">Singaporean citizens and Permanent Residents need to submit a front and back photocopy of NRIC. Plus, a copy of the Passport.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">For Foreigners, all you need to submit are a copy of their Passport and a copy of their Employment Pass. Submit also any of the following documents:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Your latest utility bills, rates or tax bills<\/li>\n<li>Your latest Bank or Credit Card statements (with e-statement)<\/li>\n<li>A clear copy of your Rental Agreements containing your address<\/li>\n<li>Your latest Mobile phone statements or pay-TV statements<\/li>\n<li>A letter from your employer stating your current address<\/li>\n<li>Government-issued documents stating your address like IRAS, CPF, or ICA<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\"><strong>Income Documents to submit:<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li>Provide your latest copy of the Income Tax Notice of Assessment (Two years for Self-Employed) or<\/li>\n<li>Submit a copy of your latest one-month computerised payslip from your current employer or<\/li>\n<li>A copy of your latest 12-month CPF Contribution Statement<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\"><strong>Frequently Asked Questions in Standard Chartered Car Loan<\/strong><\/h2>\n\n<h4 class=\"wp-block-heading\"><strong>How much loan can I take?<\/strong><\/h4>\n\n<p class=\"wp-block-paragraph\">The amount of loan you can take depends on what type of car loan you avail of. Standard Chartered Bank offers New Car Loans and Used Car Loans.<\/p>\n\n<p class=\"wp-block-paragraph\">But before that, note that banks comply with the Monetary Authority Singapore (MAS) Regulations. Therefore, the vehicle\u2019s loan amount will depend on its Opening Market Value (OMV).\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>New Car Loans:<\/strong> Once the vehicle\u2019s OMV is less than S$20,000, the bank can finance the borrower up to 70% of the vehicle\u2019s price. But if the OMV is more than $20,000, Standard Chartered Bank will finance 60% of its cost.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Used Car Loan:<\/strong> Standard Chartered Bank doesn\u2019t specify the vehicle\u2019s maximum age for the used car loan. Generally, banks offer used car loans for cars less than ten years from their original registration date.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">The bank can finance you up to 70% in a used car loan with loan terms from one up to seven years. But note that the combination of the vehicle&#8217;s age and the car loan term must not exceed ten years.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Car Refinancing:<\/strong> You can avail of this one if you have an existing car loan from the other bank. Ask through SCBS\u2019 hotline or customer service about their refinancing interest rates. If you think their interest rate is more favourable than your existing loan, you can avail of this product.<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>How much monthly instalment will I pay for the car loan?\u00a0<\/strong><\/h4>\n\n<p class=\"wp-block-paragraph\">Your monthly loan payment will depend on the car price, length of the loan, and down payment. In addition, the interest rates incurred on car loans tend to be higher than those on new car loans.\u00a0<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>How to use the Standard Chartered Car Loan Calculator?<\/strong><\/h4>\n\n<p class=\"wp-block-paragraph\">Using the bank\u2019s calculator, you\u2019d be able to see how much monthly instalments you need to repay over time. Just indicate what car type you desire to take and how much loan amount you need.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Afterwards, you choose your preferred loan term. Then, click the \u201cCalculate\u201d button to get the result.<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>How to get instant approval?<\/strong><\/h4>\n\n<p class=\"wp-block-paragraph\">Standard Chartered Bank can grant you instant loan approval, given that you have a good credit history. Also, the bank will check your income profile to see whether you can repay the loan based on your chosen loan term.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Included in their evaluation is the age of the car. Ensure that the vehicle is ten years old from its original date of purchase. Otherwise, it will not be eligible for financing.\u00a0<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>What are the fees and other charges in Standard Chartered Car Loan?<\/strong><\/h4>\n\n<p class=\"wp-block-paragraph\">You should be aware of the following fees when you apply for Standard Chartered Car Loan:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>Late Payment Fee:<\/strong> $60<\/li>\n<\/ul>\n\n<ul class=\"wp-block-list\">\n<li>L<strong>ate Payment Interest: <\/strong>12% per annum based on the overdue amount of your monthly instalment<\/li>\n<\/ul>\n\n<ul class=\"wp-block-list\">\n<li><strong>Early Completion Fee:<\/strong> 20% of your loan\u2019s outstanding interest plus 1.5% of your balance payable. That is, if within 12 months from the commencement date.\u00a0<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">But if it\u2019s beyond 12 months, it would be 20% of outstanding interest plus 1% of the balance payable.<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Photocopy of Hire Purchase Agreement or Log Card: $53.50, including GST.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\"><strong>Important Note:\u00a0<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">If you want to settle your loan earlier, the bank will ask you to submit an Early Settlement Form. There are two forms you must accomplish. One is for the customer, and one is for the car dealer.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">The bank will ask you to submit all necessary forms at any SCBS local branches. First, be sure that you fully understand the terms and conditions applied. Then, sign the papers before you present them.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">You can request early full settlement quotes during bank working days. That is from Monday to Friday, 9 a.m. to 5 p.m. It takes two business days before you get your requested quotations.<\/p>\n\n<p class=\"wp-block-paragraph\">You can quickly transfer funds if you wish to settle the loan immediately. You can transfer the funds directly to your repayment account. Repayment channels could be through Cashier\u2019s Order, Cheque, or Cash to any local branch of SCBS.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Be aware that the process will take three business days. Instructions will be processed once the bank receives your complete settlement forms and funds.\u00a0<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Are you financially fit to buy a Car?<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">Vehicles are one essential property in Singapore. You can buy one if you have saved enough money for it or through car loans. But note that you should first check your financial capacity either of the two.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\">Do not push yourself to acquire a vehicle if you\u2019re not financially ready. Moreover, considering car loans, it\u2019s better to seek the financial help of professionals. Remember, car loans are different from short-term personal loans.\u00a0<\/p>\n<p>Personal loans can either be secured or unsecured, which you can use in any way. Should you need any short-term <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/best-instant-cash-loan-singapore\/\">instant cash loans<\/a>, you can try getting one from <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/our-brand\/\">reputable moneylenders<\/a> like <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/\">Cash Mart Singapore<\/a>.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What benefits you&#8217;ll get from Standard Chartered Car Loan? Still can\u2019t decide whether to buy a car by paying cash or through car financing? You need to consider some factors when choosing which option best suits you.&nbsp; Benefits of Buying A Car Through Finance Buying a car is one big purchase that an individual can [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[2,8],"tags":[],"class_list":["post-7023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-borrow","category-car"],"acf":[],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/posts\/7023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/comments?post=7023"}],"version-history":[{"count":22,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/posts\/7023\/revisions"}],"predecessor-version":[{"id":29570,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/posts\/7023\/revisions\/29570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/media\/29569"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/media?parent=7023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/categories?post=7023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/cashmart.com.sg\/wp-json\/wp\/v2\/tags?post=7023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}