FAQ About COE Renewal Process

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 normal plate private cars renewing at 10 years old. Private hire vehicles renewing also do not need road worthiness inspection at this time.

For vans and lorries, yes, inspection is required.

For Off Peak Cars, the license plate seal inspection needs to be carried out unless at this point in time, unless you also do a car conversion to normal private vehicle. SG Cash N Cars can do this conversion for you at LTA as part of our admin for you if you choose to convert your car to a normal car. Thereafter, your car is also required to change number plates to the normal plate colours (black, white or yellow) and cut off the plate seal – we can help to arrange this for you if you so wish.

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.

Can I choose how much loan to take for the renewal?

Most commonly, customers choose to loan the COE PQP amount. At the point of loan application, you may let us know the amount you wish to apply for, which may be less or more than the PQP amount. Do note that too low an amount sometimes results in the implementation of additional charges by the bank or finance institution granting the loan or rejection of loan altogether as they find the loan not feasible to go ahead with – ratio of paperwork versus the low absolute interest charge they earn is not favorable for them.

Opting for higher loans (or indeed any loan amount) is subject to approval as usual.

Can I choose the loan repayment period length?

Yes, the repayment period is usually selected in years.

Most customers opt for 5 years repayment for a 5 year loan and 7 years repayment for a 10 year loan, but you can choose a shorter repayment period if you wish.

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 also provide a PQP prediction for the coming month about the middle of each month, so you have a rough idea of what the next month’s PQP is going to be.

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.

COE Renewed Letter From LTA

A letter from LTA to say the COE has been renewed. The actual letter will show your name and vehicle number. (Click picture to view full size)

COE Payment Receipt from LTA

A receipt from LTA to say the PQP amount has been received and the mode of payment. The actual letter will show your name and vehicle number. (Click picture to view full size)

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!