Sell your car through a car dealer Most car owners in Singapore prefer to sell their cars through car dealers. Secondly, you can also check with the bank to confirm that the loan has been paid on your behalf to keep a tap on your dealer. To do this, simply log in to OneMotoring and enter your details as well as your buyers identification number (NRIC for Citizens and Permanent Residents, and FIN number for foreigners). The Consumer Association of Singapore (CASE) and the Singapore Vehicle Traders Association (SVTA) jointly certify dealers who meet certain pre-determined criteria. Based on this information, your interest rebate would be: Interest rebate = (35[35+1]) / (60[60+1]) $6,250 = $2,151.64. In this blog post, well share with you everything you need to know about selling your car in Singapore so that you can make the most of your sale. Once youve completed this portion, the buyer will be prompted via SMS to confirm the transfer. You financed a new car a few years ago with a five-year loan. Before you sell your car, you must first pay the outstanding loan amount that is due to the bank. But be prepared to show your car to each of them. Yes, there are a few ways to sell a car with an existing loan. Theres a few different ways to do this, and the easiest, most direct way, would probably be to pay it off on your own. This will help you to monitor the progress and ensure that the process for the transfer of vehicle registration is being correctly carried out. . Which dealer should you select? And, youre done its really as simple as that. If you've found a buyer, taking the dealers help to complete the paperwork is usually the best course to follow. Under normal circumstances, transferring your ownership comes as part of selling your car, so that is the context within which we will discuss the procedure. Open Market Value (OMV): Basically the price paid when your car was imported into Singapore. Every consignment agent has their own working process. This allows us to be able to partner with some of the largest banks and insurers to get exclusive and better rates for our users. The new owner can sell the car, if there is no intention to retain ownership of the car. Before the pandemic, a private sale usually fetched the best price for a used vehicle. Planning to sell your car? Valid till 30 June 2023.Allianz Car Insurance Promo: Use the promo code MOTOR10% to get a 10% discount on your Allianz Car Insurance premiums. Do note that the final amount payable might vary if you received a rebate for your loan, so check with your bank on the exact loan redemption amount you have to pay. A consignment agent is a professional who helps you sell your car at your preferred price. Get a deposit and sign the Sales and Purchase Agreement form 5. Log into the digital services page with your Singpass details, navigate to Vehicle Hub, and then Enquire and print vehicle registration details: So youve listed your car for sale and received enquiries from a bunch of interested car buyers. Valid till 30 June 2023. Ltd. (which administers all other financial products on the SingSaver Website) is not regulated by MAS. Finally, there is a 1% charge on your total financed amount. Or you might opt to extend your repayment term to get a smaller monthly payment. This compensation comes from two main sources. Read these next:How Much Does It Truly Cost to Maintain a Car in Singapore?Best Car Loans in Singapore 2020This Is How Much You Can Borrow From Different Loans In SingaporeDetermine Your Car Insurance PremiumBest Personal Loan Promotions In Singapore 2020, Tags In both these cases, Method 2 applies. How do I transfer car ownership in Singapore? Date of vehicle registration in Singapore. Step 1: Determine Your Payoff Amount Step 2: Pay Off the Car Loan Step 3: Provide a Clear Title Selling to a Dealer Selling To a Private Buyer Photo: The Balance Selling a car can be complicated, and it's even more intimidating if you financed the car and still owe money on the vehicle. Also, if you have any car loan amount outstanding, you will have to pay it yourself. Most car owners in Singapore prefer to sell their cars through car dealers. What is Peer-to-Peer (P2P)/Crowdfunding Lending? A verbal agreement isnt legally binding, so if the buyer is ready to call dibs, collect a deposit (theres no stipulated amount however much both you and the buyer are comfortable with!) Well get you the best price for your car. There are additional conditions for a Category E COE. Put up your car for a sale Nowadays, you have more channels to sell your car online. Guidelines for Selecting Professional Movers and Packers in Singapore, What to look out for when buying used cars in Singapore. Get up to 4 loan offers in minutes at myAutoloan.com. theyre a foreigner), both you and the buyer will have to go to the LTA Customer Service Centre to complete the application in person. Heres a handy little video that illustrates how Method 1 works. Understanding car depreciation: When is the best time to sell my car? Selling a used car in Singapore: The complete guide for direct owners. To get the SCOMV for your excise duties and GST payment, complete a valuation form and send it to: Obtain Cargo Clearance Permit (Inward Non-Payment Permit) from Singapore Customs, Obtain a Certificate of Entitlement (COE), Customs Inward Declaration Permit with the SCOMV shown and receipt(s) for excise duty (and GST, where applicable) paid, Approval letter from Ministry of Foreign Affairs (MFA) for seller to sell the diplomatic vehicle, Approval letter from MFA for buyer to buy the diplomatic vehicle, if buyer is a diplomat. Your outstanding loan will then be deducted from the final selling price of your car. Prepare to get a deposit. The first step in transferring your car ownership is to find a buyer for your car. When the vehicle is successfully transferred, LTA will send a letter and SMS to both the previous and the new owner. Lets dive in a little deeper. you will need a no objection certificate (noc) from the bank. We'd love to hear from you, please enter your comments. Ltd. All Rights Reserved. Get SingSavers top tips and deals, plus an exclusive free guide to investing, sent straight to your inbox. Ltd. is a licensed and authorised broker regulated by the Monetary Authority of Singapore (MAS). However, if this isnt in the cards for you, you can choose a different way to pay off your outstanding loan. Step 1: What is your outstanding instalment amount? This includes any remaining road tax and PARF/COE rebates, although the seller may ask you to compensate for them. Valid till 30 June 2023. You can check the average OMVs of common car models on, Any additional car modifications/ accessories. Transferring car ownership in Singapore is a relatively simple affair, with only a few criteria to fulfill. As a direct seller, youll be responsible for the entire sale process of your car and that includes advertising your car online. Next, youll need to figure out the value of the car. The most popular used car in Singapore, and why? Compare and purchase your car insurance through SingSaver to get the best deals and discounts for your preferred coverage! Before deciding on a targeted price for your used car, you can read our guide on car value depreciation to understand how a car's price declines with time in Singapore. * Code is only valid for the first booking. In any case, youre looking to transfer ownership of your vehicle to another driver who will love it just as you do. Jack Ferry started his career as a daily newspaper reporter before moving to Detroit and working in the auto industry for 25+ years in several corporate media relations roles. .gov.sg, Government agencies communicate via For example, if a car has lower mileage, the seller may ask for a higher price. First, do a quick search on platforms like Carousell to check out how other direct sellers are pricing their cars. To do this, simply log in to. Below are some of the ideas of where a Singaporean can sell their car: 1. The only exceptions are if youre trying to transfer ownership of a diplomatic car, or a vehicle that is registered to a deceased owner. So while its possible to sell your car with a loan, you should be checking the cost and benefits of this transaction, because you may end up losing money in the transaction. Keep in mind that if the sales price is less than your loan balance, you will have to pay the remaining balance on the loan.. As soon as the sales contract is signed, collect a deposit from your buyer and issue them a payment receipt. After completing an assignment for a consumer finance trade association in Washington, D.C., he switched to freelance journalism. Before the buyer test drives the car, its good practice to request for them to sign a test drive indemnity form, which indemnifies you against any liabilities caused during the test drive. Steps To Sell Your Car 1. The final payment might end up varying, depending on if you received a rebate on your loan, so the best way to determine any extra fees on your loan would be to check with your lender. Two, the easier method, simply. If the vehicle is registered with a Category A or B COE and is 4 to 6 months from its registration, you may have to pay a levy. If the vehicle is a light goods vehicle and it is being transferred to yourself and not to a business entity, you must have a valid hawker licence or farm licence issued by Singapore authorities. If your payoff amount is more than the trade-in vehicles value, the dealer will add the difference into your new vehicle loan. You can easily find out the present value of your car by visiting a vehicle valuation site like Edmunds, Kelley Blue Book or Cars.com. Simply download GetGo to rent a car from just $3/hour and use code G50BLOGto enjoy 50% off* (capped at $8) your first drive. Whichever the case may be, youll still get to retain legal ownership over your car until the very moment the deal is closed. Images or videos of the identity card/pass/Digital IC will not be accepted. Often, dealers are incentivized to make a sale happen as soon as possible so that they can receive a commission and move onto the next deal. Be sure to include the following details as well so that your prospective buyers can be fully informed. SMS will also be sent to the next owner to login and confirm the transfer. When you buy or sell a second-hand vehicle, or when a vehicle changes hands, the ownership of the vehicle must be transferred to the new owner. So heres a 5 step guide on selling a car with and outstanding loan. Youll need to know the year, make, model, your zip code and overall condition of the vehicle. You have entered an incorrect email address! The formula to calculate interest rebate is: (n[n+1] N[N+1]) Total Terms Changes Where, n refers to unexpired loan period in months; N refers to original loan tenure in months; Total Term Charges refer to the total interest payable, Based on the scenario above, interest rebate based on remaining 35 months* = (35[35+1]) / (60[60+1]) $7,500 = $2,581.97 20% bank fee = $2,581.97 20% = $516.39. However, youll have to deal with a few extra steps (and costs) in order to sell your car. However, it is almost a given that dealers will take a sales commission to cover their services. This way, youll get to save on agent fees (more savings to buy your new car? Gone are the days when car owners had to go through the agonising process of posting their car on the Classified section of newspapers and waiting anxiously to hear back from someone. The Transaction pin can also be collected from the Land Transport Authority at Sin Ming Drive. Theres a few different ways to do this, and the easiest, most direct way, would probably be to pay it off on your own. Take note that there may be an additional fee for early loan repayment. You should then arrange to deliver the car keys to the next owner. Read the description in each listing to see how the sellers justify their asking price. websites. Interest rate is 2.50% per annum (per year). When arranging car viewings with prospective buyers, be sure to allow ample time for each of them to give the car a thorough check-through and test drive. Renting in Singapore: What should your budget be? His work has been featured on major international media such as CNBC, Bloomberg, CNN, the Straits Times, Today and more. ), and youll still get to continue driving your car while waiting for an interested buyer (as compared to leaving it with a dealership). Not only that, if you have an existing bank loan on the car, you need to ensure that it is paid before the application for change in registration is made.