Certificate of entitlement (COE) refers to a type of certificate that every vehicle owner in Singapore needs in order to have their vehicles legally roaming the streets of Singapore. Its already known to most people, even people not residing in Singapore that having a vehicle in Singapore really feels like a privilege and not a right. For starters, Singapore has higher rates for their vehicles compared to other countries and you have to go through a grueling process just to get it running on the streets.
Prevailing quota premiums (PQP) refers to a premium that vehicle owners pay in order to extend or renew their vehicles. With how vehicles cost these days in Singapore, it makes sense to some people that they would just rather renew their vehicles than get a new one. If you’re nearing the end of life for your vehicle and you plan to get a PQP for it versus getting a new one, there are things that you should remember.
Not all costs are the same: You have to understand that not all PQP rates will be the same. It varies in terms of years, months, the type of vehicle you have and the type of engine that you have. So your neighbor’s car and your car won’t have the same rates when you get your pqp. The more premium your car is the more costly it is.
You can always get a PQP COE loan: Sometimes when the end of life comes you happen to be in a bit of a financial pinch. With how costly it is to get a PQP, it comes as no surprise that not all people are willing to shell out the whole PQP amount and the sad thing is that you can’t pay it in installments. It has to be paid in full. Glad to know that there are various lending institutions that one can turn to to help them pay their PQP renewal.
Its actually easy to apply for a PQP loan: You should know that it’s actually easy to apply for a PQP loan. It’s fast and easy as long as you got it from a lending company that knows what you need. If renewing your PQP is a hassle, securing a loan for it shouldn’t be. One of those companies is Moneymax leasing. This company knows what you need and will make you realize that securing a PQP loan shouldn’t be that complicated.
Due to practicality, it comes as no surprise that many people in Singapore prefer PQP COE over buying a new vehicle and securing another COE for it. But just as the vehicles themselves getting a PQP is costly and there are people that are not prepared to shell out a big amount just to get their PQP. But it’s not the end because there are lending companies that are out there that will be able to help secure a loan with friendlier terms. Through them, it becomes possible to secure your PQP.