4 Steps to Take Before Getting a Commercial Vehicle Loan in Singapore


Having a commercial vehicle is essential for any growing business. You can use one to transport goods or provide employees with a way to get to work. Your business may not have the money to buy a commercial vehicle for various reasons immediately, but that doesn’t mean it’s impossible. You can also consult a car financing company in Singapore about getting a car loan.

1. Set Your Budget

When trying to get a car loan, setting your budget first is essential so you don’t accidentally bite off more than you can chew. A great way to determine your budget is by looking for a car loan calculator online. You can experiment with different loan amounts, interest rates, and payment durations and determine which plan and budget work best for you. You can also consult finance companies in Singapore on which method would be the best for your situation.

2. Improve Your Credit

A good credit score can boost your chances of getting your loan approved and offer better rates. You may have to pay higher rates if you try to apply for a commercial vehicle loan in Singapore with a bad credit score. You can wait and try to improve your credit score before going through with your car loan, but you could also settle with the higher rates if you can afford it.

3. Gather the Necessary Documents

Gather all of your required documents first before you fill up your loan application. If you forget something during submission, you may risk prolonging the process or even having your application rejected altogether. The required documents may vary from lender to lender, but you’ll most likely need to get your personal IDs, proof of address, and proof of annual income. Some used car loans in Singapore also require you to provide the information on the vehicle you want, but only sometimes.

4. Look for Car Loans

Now that you’ve got everything ready, you can consider your options. There are many lenders, so pick the ones that offer good deals and compare them with each other. Even a loaner offering an interest rate one or two percentage points lower than the rest can save you money in the long run.

Are you looking for a car financing company in Singapore to help you get your dream vehicle? Apply for a loan to Swee Seng Credit, a finance company that offers reasonable rates for refinancing, COE renewal, and car and in-house loans. Visit Swee Seng Credit’s website for more information.