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Car Refinancing

What you should know…

What is refinancing?

It’s simply transferring of your existing car loan to another bank at a lower interest rate. It works just like credit card balance transfer & home loan refinancing. No admin fees, no processing fees, no transfer of ownership and no legal fees in such refinance scheme.

Why refinance?

If you are still paying your car loan at 2.75% - 3.5%, it’s time to reduce your monthly installment and save cash thru refinancing. You can enjoy interest rates as low as 2.5% for 3 – 9 years if you refinance now.
Save up to 25% (or an average of $3700) on interest charges from your existing car loan balance with our

Car Refinancing Scheme. See how much you can save:

Loan Balance

Total interest over a period of 9 years at various rates

2.50%

2.75%

3.00%

3.25%

3.50%

3.75%

$ 40,000.00

$ 9,000

$ 9,900

$ 10,800

$ 11,700

$ 12,600

$ 13,500

$ 50,000.00

$ 11,250

$ 12,375

$ 13,500

$ 14,625

$ 15,750

$ 16,875

$ 60,000.00

$ 13,500

$ 14,850

$ 16,200

$ 17,550

$ 18,900

$ 20,250

$ 70,000.00

$ 15,750

$ 17,325

$ 18,900

$ 20,475

$ 22,050

$ 23,625

$ 80,000.00

$ 18,000

$ 19,800

$ 21,600

$ 23,400

$ 25,200

$ 27,000

Example: You have a loan balance of $60,000 @3.25% with 9 years to go. Total interest is $17550, whereas the total interest is only $13500 if you refinance at 2.5%. Saving of $17550 - $13500 = $4050

Other than pure saving, we can remake the car refinance plan that you are comfortable with:

Example: Mr Tan brought a brand new Toyota Altis in 5/2005 and he took a loan of $60,000 for 7 years.


Make / Model : Toyota Altis
Registration Month & Year : 5 / 2005
Starting Month & Year of Existing Finance : 5 / 2005
Loan Quantum : $60000
Total period of loan : 84 months
Interest Rate (Fixed Rate) : 2.75 %
Monthly Installment : $852

If he decides to refinance his existing car loan balance of $52824* @ 2.5% in 4/2006,

Remaining period before vehicle COE expires : 108 months (from 4/2006 – 5/20015)
Number of months of Loan paid to date : 12 months
Number of remaining months to pay : 72 months
Existing Monthly Installment = : $852
Existing Total Payment = Existing Monthly Installment ($852) x Remaining Months (72) = $61344

We can design the refinance plan - you can choose your own payment period to suit your cash-flow:

No. of Months

Refinance Monthly Installment

New

Total Payment

Saving

= $61,334 - New Total Payment

Different Plans

66

$911

60 x $911 =

 

$60126

$1218

Plan A

Higher Monthly Installment of $911

But You Enjoy:

  1. Shorter Repayment Period of 66 months
  2. Saving In Interest $1218

72

$844

72 x

$844 =

 

$60768

$576

Plan B

Same Payment Period 72 mths

But You Enjoy:

  1. Lower Monthly Installment of $844
  2. Saving In Interest $576

84

$739

84 x $739 =

 

$62076

-$742

Plan C

Longer Repayment Period of 84 months

But You Enjoy:

  1. Release of your cash flow by $113

(Monthly reduced from $852 to $739)

2. Just a small increase in Interest $742

108

$599

108 x

$599 =

 

$64692

-$3358

Plan D

Longer Repayment Period of 108 months

But You Enjoy:

1. Release of your cash flow by $253

(Monthly reduced from $852 to $599)

 

In short, you get immediate answers to 4 critical questions about your current vehicle loan

 

*Estimated Full settlement amount = $52824

 

Who can refinance?

  1. Private passenger cars
  2. Number of ownership max 2 (01 transfer)
  3. Cars between 6 months – 6 yrs old
  4. Min loan of $30,000
  5. Loan period of 3 years (min) to 9.5 years (max)

 

Who should refinance?

  1. Currently paying at interest rates from 2.75% - 3.5%
  2. Cars registered after 6/2004 (can’t scrap or sell as the value is much lower than the full settlement)
  3. Used car owners or new car owner for at least 6 months
  4. Existing loan period is shorter than the total COE life span

 

Online Application

For Greater Interest Savings and Hassle-Free Application, log on to www.amqs.com.sg. Get a free refinance report and apply it online / via fax.

 

The Process

Process

Remarks

Time Needed

Step 1

Get a free refinance report from our website

5 minutes

Step 2

Call us / fax us the necessary documents if you are interested to refinance

1 day

Step 3

We will submit your refinance application to the bank. They will check on the full settlement amount & work out the refinance monthly installment.

3 – 7 days

Step 4

Update you on the outcome of your application. If you are comfortable with the refinance plan, sign a new refinance hire purchase agreement and issue the 1st month installment cheque to the new bank.

1 – 2 days