Car Refinancing
Car Refinancing at a Glance
*Terms & Conditions apply.
Save Money Through Car Refinancing
Whether you’re looking to get a lower monthly repayment and interest rate and/or a longer repayment period or perhaps do a cash-out to earn extra money to pay off expenses and credit card debts, Speed Credit will be able to offer you a car refinancing solution that is perfect for you and your needs.
Through our vast network of bank and financial partners, we can offer car refinancing deals for different car types. Depending on your circumstances or on some eligibility criteria, we can offer you a much favourable interest rate or a longer repayment period, making your repayments easier to manage.
Refinance To Get Cash & Enjoy a Cheaper Car Loan
- Free Finance Eligibility Assessment
- Lowest Car Refinancing Rates
- Tailored Finance Solutions for Standard Car Refinancing & Cash-Out Car Refinancing
- Best Refinancing Advices & Options
- Free Paperwork, LTA & Bank Assistance
How Does Car Refinancing Work?
Cash-Out Car Refinancing
Cash-out Car Refinancing allows you to use the equity in your vehicle (what the vehicle is currently worth and how much is still left on the loan), to receive a lump sum payment. It can help you borrow extra money by refinancing your car loan.
How it works is you pay off your current car loan, get a new car loan for more than what you owe, and cash out the difference – the amount of money you receive is based on how much equity you have in your car. You may then use the difference (what you’ve cashed out) for your expenses, bills, and other important financial commitments. There are also a few who find cash-out car refinancing a good option to pay off their accumulated credit card debts to avoid incurring compounding and/or higher credit card interest rate, penalty charges, bad credit score, and steer clear of the possibility of having a debt collecting agent knocking on their door.
Benefits of Cash-Out Car Refinancing
Access to much-needed cash
If you suddenly need cash for an emergency or perhaps to pay some time-sensitive bills or high-interest debts (most especially credit card debts), cash-out car refinancing can help you get what you need without resorting to other high-interest personal loans.
Lower interest rate
If your current interest rate is too high, you might be qualified to get a better interest rate. Depending on how much you’re taking out in cash and your total car loan amount, a lower rate could reduce the overall cost of the car loan.
Loan term extension
Depending on some eligibility criteria, you can potentially reduce your monthly payment as well by extending your loan beyond your current repayment term.
How Much Cash Can You Get From Car Refinancing?
The amount of cash that you can get depends on your car’s market value and other eligibility criteria.
For example, if your car is worth $30,000 and your remaining balance from your car loan is $18,000 – you may be able to refinance your car loan for up to $30,000 and take the $12,000 difference in cash.
Should you be eligible, you can also be entitled to a lower interest rate and stretch your loan tenure to reduce your monthly repayment.
Why Refinance Your Car Through Speed Credit?
Company Competence
Competitive Distinction
Free Assistance & Services
Awards & Accreditations
What Are the Usual Steps Involved for Car Refinancing?
- Eligibility check. We need to make sure that you meet the eligibility criteria and are aware of the fees and terms and conditions of your new car loan. To check your eligibility, please fill out our car refinancing form.
- Refinance loan option comparison. If you are eligible to refinance your car, we’ll compare refinancing loan options for you and send them to you for your review and consideration.
- Requirements and information submission. This will include information about you, your car, current lender and all other details about your car.
- New car loan application. Speed Credit will proceed to submit a new car loan application based on your chosen car refinance package.
- Loan approval and settlement of current car loan. Once the new car loan is approved, you will have to make a trip down to our office to sign the agreement for it. Speed Credit will then proceed to settle your current financing/car loan, if any, on your behalf.
- Getting started with your new loan. Your new car loan will take effect immediately or within 1 to 5 working days after settlement of your current loan by Speed Credit, if any.
Why Should You Refinance?
- Many aspiring car owners take out a high-cost car loan at the dealership when they buy their car, just because they want the car now – this is exactly when they forget to plan, explore better options (lower interest rate, flexible loan terms, etc.) or perhaps fully assess or sort out their finances before deciding to close their car purchase and car loan deals.
- Even if you think you’ve compared enough or have done enough shopping around and probably got a good value car loan a few years ago, the market constantly changes and your current car loan may no longer suit your current financial needs.
- If you are stuck with a high-interest car loan for some reason, you may be able to cut your repayments with a lower interest car loan refinance from a lender.
- You can cut the size of your regular repayments either by getting a lower interest rate or by extending the term of the loan.
What Are The Key Benefits of Car Refinancing?
Lower interest rate
A new lender can give you a much lower interest rate on the new car loan compared to your original car loan. A lower interest rate will reduce your regular monthly loan repayments and leave more money in your pocket.
Longer loan tenure
You can cut your regular car loan repayments by extending your loan tenure. Each monthly instalment repayment will be lower because the repayment of the loan principal is divided by more months.
Add or remove a co-signer
You may want to remove a co-signer from the loan or to add a new one, which can get you a better interest rate if in any case you have bad credit.
Get a new lender
Is your current lender difficult to deal with? You can probably improve this situation with a new lender.
Example on How Much You Can Save Through Car Refinancing
Sample Scenario (Interest Rate Displayed Is for Illustration Purposes Only):
Your current car loan amount is $60,000 with an interest rate of 3.50%. You have already paid off 2 years of your loan, leaving you with $39,200 left to pay.
You choose to refinance your loan with us offering an interest rate of 1.68%. You apply for a $39,200 loan with the new lender and use the funds to pay off the remaining amount on your original loan.
You then continue to make repayments on the new loan but are now paying 1.68% interest, instead of 3.50%, saving ~ $300/month while stretching your loan over a longer period.
Current
Car Loan
New Car Loan
(Once Refinanced)
Disclaimer: The displayed values in the projection above are only estimated. The actual interest rate may differ based on certain criteria like credit evaluation, loan amount, vehicle type, etc. This projection can only be used as a guide to help estimate potential monthly repayment savings once the car has been refinanced. Speed Credit Pte Ltd explicitly disclaims liability for any possible errors or omissions.
Procedure & Online Application for Car Refinancing
Get a Car Refinancing Loan in 4 Easy Steps!
Step 1
Kindly contact your current bank or finance company first to get your outstanding balance amount. If they ask for the full settlement date, it should be one day before your instalment is due.
Step 2
Once you already have the full settlement amount, fill out our online application form or contact us at (+65) 6444 4400 or (+65) 9851 8281. Instructions and other requirements will be sent to you via email by our car finance expert. Please check your inbox or spam mail.
Step 3
Submit all the requirements and/or signed documents needed via email at loan@speedcredit.com.sg. You will also be advised on the next steps and/or other necessary instructions related to your application.
Step 4
You will be notified by our car finance expert via email and/or call regarding the status of your application.
Eligibility Criteria for Car Refinancing
- Applicants should be between 21 – 65 years of age
- Your current loan interest rate must be at least 3%
- Loan period + age of vehicle not exceeding 84 months
Requirements for Car Refinancing
Individual (Local)
Buyer
- Page 1 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of NRIC (Front & Back)
- Income Documents (Any of the Following):
- Latest 12 Months CPF Contribution Assessment
- Last 2 Years Notice of Assessment (NOA)
- Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
- Sales & Purchase Agreement of Purchased Vehicle
- Copy of Enquire PARF / COE Rebate for Registered Vehicle
Seller
- Vehicle Log Card / Acknowledgement
- Clear Copy of NRIC (Front & Back)
- Authorization Form To Check Full Settlement (if Vehicle Is Still Under Financing)
Guarantor
- Page 2 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of NRIC (Front & Back)
- Income Documents (Any of the Following):
- Latest 12 Months CPF Contribution Assessment
- Last 2 Years Notice of Assessment (NOA)
- Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
Individual (Foreigner)
Buyer
- Page 1 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of Passport
- Clear Copy of Employment Pass
- Income Documents (Any of the Following):
- Latest 12 Months CPF Contribution Assessment
- Last 2 Years Notice of Assessment (NOA)
- Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
- Sales & Purchase Agreement of Purchased Vehicle
- Copy of Enquire PARF / COE Rebate for Registered Vehicle
Seller
- Vehicle Log Card / Acknowledgement
- Clear Copy of NRIC (Front & Back)
- Authorization Form To Check Full Settlement (if Vehicle Is Still Under Financing)
Guarantor (Must be a Singaporean)
- Page 2 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of NRIC (Front & Back)
- Income Documents (Any of the Following):
- Latest 12 Months CPF Contribution Assessment
- Last 2 Years Notice of Assessment (NOA)
- Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
Company
Buyer
- Page 1 of Loan Application Form (1 Copy With Company Chop – Signed, Filled & Completed)
- Clear Copy of ACRA Document (Within 3 Months)
- Latest 3 Months Bank Statement
- Sales & Purchase Agreement of Purchased Vehicle
Seller
- Vehicle Log Card / Acknowledgement
- Clear Copy of NRIC (Front & Back)
- Authorisation Form To Check Full Settlement (if Vehicle Is Still Under Financing)
Guarantor (Director of Company)
- Page 2 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of NRIC (Front & Back)
- Income Documents (Any of the Following):
- Latest 12 Months CPF Contribution Assessment
- Last 2 Years Notice of Assessment (NOA)
- Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
Car Refinancing Interest Rate
Speed Credit
Companies
*Terms & Conditions apply.