Car loans are becoming a very common trend in Singapore. With cars set at extremely high prices, it’s only natural for most Singaporeans to turn to more affordable credit options in order to purchase brand new, as well as used vehicles. Getting a car loan and being able to pay it off, however, is much easier said than done. One of the best ways to get out of car loan debt is simply surrendering one’s car, but even that can be incredibly devastating. So, that leaves us with the question, “How do I pay off my car loan debt without losing my car?” Know the secrets on how to pay off your car loan debt in this article.
At this point, you would want to consider refinancing. It involves restructuring your car loan agreement to get you out of a sticky credit situation. You would have to discuss with your lender and come to a new credit agreement. If you don’t want to lose your car by way of default, this may be the best option for you. It doesn’t make the problem go away, but it does make your credit much easier to pay off.
Below are the steps on how to pay off your car loan debt through refinancing.
- Strive for a good credit score. We all know that a good credit score is a key on how to pay off your car loan debt effectively. Improving your credit score involves living a simpler life, paying off debts promptly and of course, saving money. Refinancing will bring down your credit score a bit, but it will eventually go away in a matter of months.
- Research interest rates. Car loan refinancing basically means getting a new car loan to pay for your current car loan debt. Not only will you have to pay for the original lump of sum plus the added loan; bear in mind that you will also have to pay for interest rates. Before charging into a new credit option, you might want to get a background intel on what you’re getting yourself into.You may need to do a little investigation on your end.
- Scout for refinancing deals. When you’ve finally decided on car loan refinancing as a means of how to pay off your car loan debt without losing your car, you may now proceed with deal hunting. There are so many banks and lenders in Singapore that you can avail of car loan refinancing deals if you prefer this credit option.
- Pay off your old car loan debt with the granted loan. To reduce further complications, it is very important that you do this step as soon as you receive your loan.
Singapore is a dynamic and highly-developed country, which makes owning properties a lot tougher for its citizens. But it’s still a comfort to know that both the car and credit industries are working hand-in-hand to resolve some lifestyle concerns among Singaporeans.
1st LG credit Pte Ltd is best licensed moneylender
1st LG Credit Pte Ltd formerly known as Lekshmi Moneylender. 1st LG credit Pte Ltd is an authorized moneylender in Singapore. The Ministry of Law has given us our permit from 1991. This implies we have been a licensed moneylender since 1991!
Do you as of now have a great deal of debt to pay off? By doing loan consolidate of every one of your bills and debt, you will then have the capacity to concentrate on simply paying one gathering. This will enable you to monitor your funds. What’s more, you can likewise be sure that you have made the important installments consistently. In addition, you didn’t pass up a great opportunity for anything.
To find out whether you are qualified for a loan, may drop by our office 304 Orchard Road #02-29 Lucky Plaza, Singapore, 238863. On the off chance that you prefer to ask us any questions before visit us, you can call us at +65 6299 6654. Our professional loan advisor will answer any question that you may have.