How long does COE renewal loan application take?
20 minutes to sign the forms and photocopy your documents is all we need to get you registered.
From then on we start monitoring the PQP for you and will update you monthly, so you know when is best for renewal!
However, when you come in for the application, it is also an opportune time for you to ask any questions you may have. With more queries, you may find that you spend a longer time with us.
Do I need to go for vehicle inspection?
That is not necessary for cars renewing at 10 years old. For vans and lorries, yes, inspection is required.
Do I need to bid for the COE?
COE bidding is for new cars. For a car going for COE renewal, the payment that needs to be made is the PQP (Prevailing Quota Payble) which is calculated for the average of three previous months’ bids.
What’s next after applying?
We wait for the PQP if it is still not firm for the month, and update you on the prices as they come out. The following month’s PQP can be calculated from this month’s COE bids; after both bids have been completed for the month.
We are also waiting for the loan application to be approved by the bank or in house financial institution. Once approved we will inform you of the outcome.
We are proud to have a 99% success rate for loans processed through us.
What documents will I receive as proof?
This is an important question as we believe you should always receive a document or receipt for every transaction and every payment you make. In fact, no documentation often means work not properly done.
For the COE renewal, along the way, you will be paying for many different items and all will be updated to you as we go along, from insurance, to road taxes to the PQP paid to LTA via cashiers order.
Documents such as these below COE Renewal Letter and the PQP payment receipt from LTA and will show you what has been done and that we are on the right track.
Other documents you can expect to see are:
- Receipt(s) for admin fee, first installement, any other incurred cost
- Approval from finance institution granting the loan
- A statement of account (for over-loan cases)
- Insurance certificate and receipt
- New log card showing updated COE expiry date with 5 or 10 years more
Receipts for payments you will receive on the spot when payment is made.
Do I need to stop driving my car during the process?
You can drive as usual during the COE renewal process.
There is only one situation which you need to stop driving, that is, for late renewals, where the COE has already lapsed, you will need to stop driving till the COE is renewed and the road tax and insurance are done.
The whole process will be done by SG Cash N Cars?
Yes, you do not need to visit the bank or go to LTA. We handle the entire process for you.
I have a question you did not answer above!
We tried to answer the most common questions we get asked, but should you have another question not listed above, do feel free to press the call button (for those using mobile phones to view this page) or use the contact form on the right and we will get back to you soon!