5 Questions To Ask A Car Financing Company

Small and medium-sized enterprises (SMEs), especially startups, find buying a car expensive. Instead of pushing their luck to buy a new vehicle, they often opt for a used car and apply for loans in Singapore to help them repay the total cost.

Such scenarios are not that surprising, considering that SMEs and startups have not established themselves as well as big brands like Apple. If you also plan to do the same thing by applying for a commercial vehicle loan in Singapore, here are the questions you should ask a car financing company. 

1. What Is The Actual Interest Rate?

Since everything comes with a price, you should expect you cannot get away with paying the interest rate when applying for a loan. In that case, you should know the actual interest rate so you can determine how much you will need to pay throughout your loan. 

2. How Much Money Can You Lend When I Apply For A Commercial Vehicle Loan?

Whether buying a new vehicle or a used car, loans in Singapore come in different amounts. Knowing the total amount that they will lend you when you apply for a commercial vehicle loan can give you ideas on what kind of car you should get for your business.

3. How Much Down Payment Should I Make?

Like other loans, there are down payments involved. That means you have to pay a certain amount upfront and settle the remaining amount via instalments. The bigger the down payment, the lower the monthly payment you need to pay. 

4. Can You Give Me All The Information About The Auto Loan?

Once you have found a car financing company in Singapore and determined what kind of loan you will get for your business, you should discuss the auto loan details furthermore. Doing so should give you time to assess and know if they are hidden terms and conditions. 

5. Should I Get Pre-Approved For A Car Financing Before Shopping?

In most cases, you can only buy a vehicle using a loan once you have received approval from a car financing company. Otherwise, you might have to pay for it with your savings.

Are You Still Looking Which One Among The Auto Finance Companies In Singapore Should You Seek For A Car Loan?

If so, consider contacting Sweet Seng Credit! They have been in the car financing business in Singapore for over 20 years, so you can rest assured that you are in good hands when you apply for their commercial vehicle loan for your business.