{"id":9472,"date":"2020-10-15T17:31:47","date_gmt":"2020-10-15T09:31:47","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/?p=9472"},"modified":"2024-12-23T14:46:21","modified_gmt":"2024-12-23T06:46:21","slug":"coe-renewal-loan","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/","title":{"rendered":"COE Renewal: Bank Loan or In-House Loan?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6aae2448e3da4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6aae2448e3da4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#Should_You_Renew_Your_COE_License\" >Should You Renew Your COE License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#How_to_Renew_Your_License\" >How to Renew Your License<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#How_Much_Do_You_Need\" >How Much Do You Need?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#Bank_COE_Car_Renewal_Loans\" >Bank COE Car Renewal Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#In-House_COE_Renewal_Car_Loans\" >In-House COE Renewal Car Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#Other_Options\" >Other Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/coe-renewal-loan\/#Its_Never_Difficult_to_Make_The_Right_Decision\" >It&#8217;s Never Difficult to Make The Right Decision<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">It&#8217;s a significant puzzle that every Singaporean dreaming to own a car must answer: should I go for a COE renewal loan from a bank or the in-house government-sponsored financing readily available?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Certificate of Entitlement is a hard-won right for Singaporeans to own a vehicle in the country for any purpose. While transportation and traffic is barely a problem in public commutes, a particular joy exists when you drive and own a vehicle. In a nutshell, this certificate is necessary to curb vehicle sales, causing potentially time-consuming traffic on the small country&#8217;s roads.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To make sure you always have a well-maintained vehicle, the government runs a particular bidding program. Unfortunately, once you de-register your vehicle, you give your license to the government, which they&#8217;ll revoke or renew depending on your decision.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_You_Renew_Your_COE_License\"><\/span><strong>Should You Renew Your COE License?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s essential to renew your license if you want to keep your car and its benefits forever. On the other hand, if your vehicle needs were temporary, you can trade it back for a fortune and give another Singaporean the chance to drive vehicles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Later, we&#8217;ll explain that you can only renew your license for certain vehicles only one time after five years. Meanwhile, you can renew certain vehicles every five years until the government deems the vehicle unfit for roads and requires de-registration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Renew_Your_License\"><\/span><strong>How to Renew Your License<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s easy to renew your license. Head to the COE&#8217;s website then login with your credentials. Next, choose the renew option, leading you to a page you&#8217;ll need to fill out. Once done, submit it and wait for an approval notification to renew or license revocation plus vehicle de-registration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you decide to renew your license, you must renew it a month before it expires. Additionally, you will need to renew your vehicle every five or ten years, depending on your vehicle&#8217;s category. Here is a table to know your vehicle&#8217;s classification.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Vehicle Type<\/strong><\/td><\/tr><tr><td>A<\/td><td>Below or up to 1,600cc &amp; 97kW (130BHP)<\/td><\/tr><tr><td>B<\/td><td>Above 1,600cc or 97KW (130BHP)<\/td><\/tr><tr><td>C<\/td><td>Supplies and Goods Transportation and Buses<\/td><\/tr><tr><td>D<\/td><td>Motorcycles<\/td><\/tr><tr><td>E<\/td><td>Other vehicles except motorcycles<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Vehicles in categories A, B, and D can only renew their license once. After their renewal, COE license owners will have to de-register their vehicle and surrender their COE.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, vehicles in category C can renew their licenses every five years. However, once its lifespan falls beyond the government-indicated statutory lifespan, you&#8217;ll need to de-register the vehicle immediately.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, this does not mean you cannot get a new license once again. If you&#8217;re willing to go through the Land Transportation Authority&#8217;s COE Bidding System and win through the highest bid, you can own a vehicle once again.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">COE-registered vehicles renewable once or unlimited times after five years requires license holders to pay 50% of their COE&#8217;s Prevailing Quota Premium (PQP) upon receiving qualification to renew their license. All vehicles renewable after 10 years must pay the full PQP value upon receiving license renew approval.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you consider the PQP value going as high as S $40,000-60,000 regularly, it&#8217;s no surprise that using a loan to pay for the half or full amount is a practical and time-efficient solution. A loan to renew COE is beneficial because the COE renew process has an expiration date. With loans, you can pay for your PQP and renew your license and worry later repaying it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You have two options to renew COE conveniently: using a bank or the in-house PQP financing services. Each one has their respective pros and cons.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\t\t<div data-elementor-type=\"section\" data-elementor-id=\"13847\" class=\"elementor elementor-13847\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-304cfffb rc-apply-page-row  blog-form-apply-section elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"304cfffb\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\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-inner-column elementor-element elementor-element-3f78b62c rc-apply-page-col bs-apply-page-col-two blog-form-apply-column\" data-id=\"3f78b62c\" 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-252ba9b4 blog-form-apply-logo elementor-widget elementor-widget-image\" data-id=\"252ba9b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"400\" height=\"324\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-content\/uploads\/2021\/12\/raffles-logo-400x324-1.png\" class=\"attachment-full size-full wp-image-13851\" alt=\"Raffles Credit Logo\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-content\/uploads\/2021\/12\/raffles-logo-400x324-1.png 400w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-content\/uploads\/2021\/12\/raffles-logo-400x324-1-300x243.png 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c72ec80 rc-apply-page-title  blog-form-apply-title elementor-widget elementor-widget-heading\" data-id=\"2c72ec80\" 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<h2 class=\"elementor-heading-title elementor-size-xl\"><span class=\"ez-toc-section\" id=\"How_Much_Do_You_Need\"><\/span>How Much Do You Need?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-191052db rc-apply-page-title blog-form-apply-title elementor-widget elementor-widget-heading\" data-id=\"191052db\" 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<h5 class=\"elementor-heading-title elementor-size-default\">Fill out this form and our friendly officers will get back with your FREE loan quote within 1 hour<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e18008c rc-apply-page-form elementor-widget elementor-widget-shortcode\" data-id=\"2e18008c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><script>\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 3.1.\"),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener(\"gform_main_scripts_loaded\",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener(\"gform\/theme\/scripts_loaded\",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener(\"DOMContentLoaded\",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook(\"action\",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook(\"filter\",o,r,e,t)},doAction:function(o){gform.doHook(\"action\",o,arguments)},applyFilters:function(o){return gform.doHook(\"filter\",o,arguments)},removeAction:function(o,r){gform.removeHook(\"action\",o,r)},removeFilter:function(o,r,e){gform.removeHook(\"filter\",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+\"_\"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){\"function\"!=typeof(t=o.callable)&&(t=window[t]),\"action\"==r?t.apply(null,e):e[0]=t.apply(null,e)})),\"filter\"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}});\n<\/script>\n\n                <div class='gf_browser_gecko gform_wrapper gform_legacy_markup_wrapper gform-theme--no-framework' data-form-theme='legacy' data-form-index='0' id='gform_wrapper_6' ><div id='gf_6' class='gform_anchor' tabindex='-1'><\/div><form method='post' enctype='multipart\/form-data' target='gform_ajax_frame_6' id='gform_6'  action='\/wp-json\/wp\/v2\/posts\/9472#gf_6' data-formid='6' novalidate>\n                        <div class='gform-body gform_body'><ul id='gform_fields_6' class='gform_fields top_label form_sublabel_below description_below validation_below'><li id=\"field_6_5\" class=\"gfield gfield--type-name gfield_contains_required field_sublabel_hidden_label gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label gfield_label_before_complex' ><span class='gform-field-label__text'>Name<\/span><span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name no_last_name no_suffix gf_name_has_1 ginput_container_name gform-grid-row' id='input_6_5'>\n                            \n                            <span id='input_6_5_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_5.3' id='input_6_5_3' value=''   aria-required='true'   placeholder='Name'  \/>\n                                                    <label for='input_6_5_3' class='gform-field-label gform-field-label--type-sub hidden_sub_label screen-reader-text'>First<\/label>\n                                                <\/span>\n                            \n                            \n                            \n                        <\/div><\/li><li id=\"field_6_3\" class=\"gfield gfield--type-number gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label screen-reader-text' for='input_6_3'><span class='gform-field-label__text'>Loan Amount<\/span><span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_number'><input name='input_3' id='input_6_3' type='text' step='any'   value='' class='large'    placeholder='Loan Amount' aria-required=\"true\" aria-invalid=\"false\"  \/><\/div><\/li><li id=\"field_6_8\" class=\"gfield gfield--type-phone gfield--phone-format-sg gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_6_8'><span class='gform-field-label__text'>Phone<\/span><span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_8' id='input_6_8' type='tel' value='' class='large'  placeholder='HP No' aria-required=\"true\" aria-invalid=\"false\"   data-mask=\"9999-9999\" \/><\/div><\/li><li id=\"field_6_6\" class=\"gfield gfield--type-number gfield_contains_required field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_6_6'><span class='gform-field-label__text'>Monthly Income<\/span><span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_number'><input name='input_6' id='input_6_6' type='text' step='any'   value='' class='large'    placeholder='Monthly Income' aria-required=\"true\" aria-invalid=\"false\"  \/><\/div><\/li><li id=\"field_6_9\" class=\"gfield gfield--type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_9' id='input_6_9' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='France' \/><\/div><\/li><\/ul><\/div>\n        <div class='gform-footer gform_footer top_label'> <button type='submit' id='gform_submit_button_6' class='gform_button button' onclick='gform.submission.handleButtonClick(this);' data-submission-type='submit' >Get your FREE loan quote now<\/button> <input type='hidden' name='gform_ajax' value='form_id=6&amp;title=&amp;description=&amp;tabindex=0&amp;theme=legacy&amp;styles=[]&amp;hash=7d7ba8a0f8a9d98531d78503a510205d' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submission_method' data-js='gform_submission_method_6' value='iframe' \/>\n            <input type='hidden' class='gform_hidden' name='gform_theme' data-js='gform_theme_6' id='gform_theme_6' value='legacy' \/>\n            <input type='hidden' class='gform_hidden' name='gform_style_settings' data-js='gform_style_settings_6' id='gform_style_settings_6' value='[]' \/>\n            <input type='hidden' class='gform_hidden' name='is_submit_6' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='6' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_currency' data-currency='SGD' value='1kLihRPaO7FtkjwftQmWGazQ43kYrn81i7a5wvGPq6pLkAhbEvRY\/r2KJyTY3beVGvr0yXlOr5xKYSjdAC1BqcEhWOXY3w4OfUO434uFUME+RGs=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_6' value='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' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_target_page_number_6' id='gform_target_page_number_6' value='0' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_source_page_number_6' id='gform_source_page_number_6' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <\/form>\n                        <\/div>\n\t\t                <iframe style='display:none;width:0px;height:0px;' src='about:blank' name='gform_ajax_frame_6' id='gform_ajax_frame_6' title='This iframe contains the logic required to handle Ajax powered Gravity Forms.'><\/iframe>\n\t\t                <script>\ngform.initializeOnLoaded( function() {jQuery('#gform_ajax_frame_6').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_6');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_6').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_6').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_6').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_6').removeClass('gform_validation_error');}setTimeout( function() { \/* delay the scroll by 50 milliseconds to fix a bug in chrome *\/ jQuery(document).scrollTop(jQuery('#gform_wrapper_6').offset().top - mt); }, 50 );var current_page = jQuery('#gform_source_page_number_6').val();jQuery(document).trigger('gform_page_loaded', [6, current_page]);window['gf_submitting_6'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}jQuery('#gform_wrapper_6').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_6').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [6]);window['gf_submitting_6'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_6').text());}else{jQuery('#gform_6').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger(\"gform_pre_post_render\", [{ formId: \"6\", currentPage: \"current_page\", abort: function() { this.preventDefault(); } }]);        if (event && event.defaultPrevented) {                return;        }        const gformWrapperDiv = document.getElementById( \"gform_wrapper_6\" );        if ( gformWrapperDiv ) {            const visibilitySpan = document.createElement( \"span\" );            visibilitySpan.id = \"gform_visibility_test_6\";            gformWrapperDiv.insertAdjacentElement( \"afterend\", visibilitySpan );        }        const visibilityTestDiv = document.getElementById( \"gform_visibility_test_6\" );        let postRenderFired = false;        function triggerPostRender() {            if ( postRenderFired ) {                return;            }            postRenderFired = true;            gform.core.triggerPostRenderEvents( 6, current_page );            if ( visibilityTestDiv ) {                visibilityTestDiv.parentNode.removeChild( visibilityTestDiv );            }        }        function debounce( func, wait, immediate ) {            var timeout;            return function() {                var context = this, args = arguments;                var later = function() {                    timeout = null;                    if ( !immediate ) func.apply( context, args );                };                var callNow = immediate && !timeout;                clearTimeout( timeout );                timeout = setTimeout( later, wait );                if ( callNow ) func.apply( context, args );            };        }        const debouncedTriggerPostRender = debounce( function() {            triggerPostRender();        }, 200 );        if ( visibilityTestDiv && visibilityTestDiv.offsetParent === null ) {            const observer = new MutationObserver( ( mutations ) => {                mutations.forEach( ( mutation ) => {                    if ( mutation.type === 'attributes' && visibilityTestDiv.offsetParent !== null ) {                        debouncedTriggerPostRender();                        observer.disconnect();                    }                });            });            observer.observe( document.body, {                attributes: true,                childList: false,                subtree: true,                attributeFilter: [ 'style', 'class' ],            });        } else {            triggerPostRender();        }    } );} );\n<\/script>\n<\/div>\n\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<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bank_COE_Car_Renewal_Loans\"><\/span><strong>Bank COE Car Renewal Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Advantages<\/em><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In most cases, banks offer a car loan in Singapore, but most Singaporeans forget that banks provide a COE loan to help with prevailing quota premium expenses and renew your license. COE license holders can expect banks to provide better interest rates than in-house prevailing quota loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can find banks that offer an interest rate of 2-3% for the amount you&#8217;ll pay for the prevailing quota premium. This interest rate is much better than the staggering 3-4% interest rate you&#8217;ll get for in-house COE renewal financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, that&#8217;s just the minimum interest &#8212; it can increase depending on the loan amount and tenor your choose.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Disadvantages<\/em><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">However, banks rely heavily on borrower data and credit performance. If your credit history shows evidence of poor financial management, indicating a problematic trend, you might face rejection and referral to in-house loans to renew licensure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bottom line is, if you have poor credit scores, bank prevailing quota premium loans to renew your license will take some time to become your best option. You&#8217;ll need to raise your <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/credit-score-singapore\/\" data-type=\"link\" data-id=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/credit-score-singapore\/\">credit scores<\/a> if you want to enjoy lower interest rates with bank prevailing quota premium financing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In-House_COE_Renewal_Car_Loans\"><\/span><strong>In-House COE Renewal Car Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Advantages<\/em><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike banks, in-house loans for licensing isn&#8217;t as complex as a bank car loan or prevailing quota premium loan. The government-backed financing service will walk you through the entire process. While they might have higher interest rates than banks at 3-4%, you might get lucky if you find promotional rates as 1.88%, which beats bank rates by a huge mile.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, in-house loans receive quicker approval than bank loans due to the absence of credit checks. If you&#8217;ve received clearance to renew your license, it&#8217;s enough for the in-house service to help you with their prevailing quota premium services.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Disadvantages<\/em><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, you&#8217;ll always be stuck with the 3-4% interest common for most 5 years, 7 years, and 10 years PQP for in-house financing. Truthfully, lucky promos that go from 1.88-2% interest will often have higher administrative fees, slightly offsetting the deducted promotional value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While it&#8217;s convenient to have many middlemen to process your license renewing and file your in-house PQP plan, these individuals leverage their reputation, allowing them to set an out-of-bounds loan amount and interest rate. If you plan to use middlemen, make sure to check their qualifications and read their terms and conditions before signing anything.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Be wary that some loan sharks or criminal organizations can pose as financing middlemen. Check company registration numbers and licenses, online forums, and the COE itself regarding the existence of your prospect middlemen.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_Options\"><\/span><strong>Other Options<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Truthfully, you have numerous alternatives to both bank and in-house financing. One of them is working with a <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/\" data-type=\"page\" data-id=\"29\">licensed moneylender<\/a>, who provides quick cash with the same maximum interest ceiling as in-house financing. Additionally, you won&#8217;t need to provide a high credit score.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Truthfully, moneylenders monitor your credit rating, but it has little bearing on their decision to provide loan services. Alternatively, licensed moneylenders may require you to pay the entire financing in less than a year, a common loan tenor for personal loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s compare all the financing available for COE PQP requirements in this table:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Type of Loan<\/strong><\/td><td><strong>Convenience<\/strong><\/td><td><strong>Interest Rate<\/strong><\/td><td><strong>Repayment Terms<\/strong><\/td><\/tr><tr><td>Bank<\/td><td>Bank Offer Variety<\/td><td>2-3%<\/td><td>1-2 Years<\/td><\/tr><tr><td>COE In-House<\/td><td>Helpful Staff<\/td><td>3-4%<\/td><td>1 Year<\/td><\/tr><tr><td>Personal<\/td><td>Easy Licensed Moneylender Terms<\/td><td>3-4%<\/td><td>1 Year<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Its_Never_Difficult_to_Make_The_Right_Decision\"><\/span><strong>It&#8217;s Never Difficult to Make The Right Decision<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re looking for a winner of the best financing to use for your PQP financing, the results are truthfully a draw on all three sides. Bank loans can offer you great rates, but with bad credit,<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">you&#8217;ll face a high probability of rejection. Additionally, many borrowers know banks to take so much time to approve, process and release loan amounts to customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In-house financing is useful and convenient. With helpful staff, you can apply for financing with complete requirements. Additionally, they&#8217;ll remind you if you forgot to submit some forms, giving you more time to resubmit them when necessary. Additionally, you won&#8217;t need to wait too long for approval as long as you are eligible and comply with all their requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If either of these two financing options appeals to you, <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/personal-loan\/\" data-type=\"page\" data-id=\"123\">licensed moneylenders<\/a> <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/personal-loan\/\" data-type=\"page\" data-id=\"123\">personal loan<\/a>, such as top-ranked services by <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/\">Raffles Credit<\/a>, is the best alternatively. Like in-house financing, you can get your loan application approved in a single day, and you&#8217;ll submit relatively lighter requirements &#8212; including little to no impact of your bad credit score with your application.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s a significant puzzle that every Singaporean dreaming to own a car [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9476,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"COE Renewal Loan: Bank Loan or In-house Loan Which Is Better","_seopress_titles_desc":"To renew your COE, you'll need to pay for your prevailing quota premium (PQP), which can be expensive. Learn if either bank or in-house loans are useful!","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"none","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"both","_seopress_redirections_param":"","_seopress_redirections_type":301,"_seopress_analysis_target_kw":"coe renewal loan","_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[14],"tags":[43,17],"class_list":["post-9472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-category","tag-car-loan","tag-personal-loan"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/posts\/9472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/comments?post=9472"}],"version-history":[{"count":0,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/posts\/9472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/media\/9476"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/media?parent=9472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/categories?post=9472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.rafflescredit.com.sg\/wp-json\/wp\/v2\/tags?post=9472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}