FAQ for Seller
The next step is to provide us with your preferred date, time and location to view the car and also the intended date of handing over the vehicle. You will need to apply for a Transaction Pin from the Land Transport Authority (LTA). The next step is to provide us with your preferred date, time and location to view the car and also the intended date of handing over the vehicle. You will need to apply for a Transaction Pin from the Land Transport Authority (LTA).
FAQ for Seller
The Balloon Scheme is a typical loan option that helps a potential car buyer reduce initial down payment & heavily reduced monthly repayments. The initial downpayment can be reduced to as low as 10% and its monthly installemnt can be reduced by a good 50%! However, it also means that by the last year, your PARF value will wiped out or with 10% balance, depending on individual finance company, which you may have to potentially pay in cash to redeem its PARF should you wana extend its COE or you could simply give the car back to the finance company without paying anything. Another thing to note will be that usually, under the Balloon Scheme, interest rates will be slightly higher. Tips: At the end of the day, you could have an dealer to offer you higher body value for the car and they will redeem its parf for you, so instead of returning the car and getting no cash back on body value, look for us! & we will redeem its PARF Value and at the same time, giving you a good cash back on your cars body value!
FAQ for Buyer
1) Log on to www.onemotoring.com.sg
2) Log in with your Singpass
3) After successfully logging in to e-Services@ONE.MOTORING, select 'Vehicle Hub' -> 'Enquire & print veh reg details' -> select the vehicle registration number of the required vehicle -> click Next and print the details accordingly.
FAQ for Seller
The exact dollar scrap value of your car depends on when do you intend to scrap/deregister your vehicle. If you intend to scrap your car before your COE expires, it is calculated based on the formula below:
Scrap Value = Total COE rebate + Total PARF rebate
Your COE rebate is pro-rated based on the remaining amount of your COE.
If you intend to drive your car till the very last day of your COE, here's the formula:
Scrap Value = Total PARF rebate
To find out the amount that you are able to get back as 'scrap value', you can check it on LTA's website via the link given below,
https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquireRebateBeforeDeReg
Take note, you will have to select the intended deregistration date and that the amount varies, depending on the date you select.
FAQ for Seller
1. Go to http://www.onemotoring.com.sg, on the top menu, click on "Log In", then click on "Singpass" or "Corpass"
2. Once you have login with your Singpass, on the top menu click on "Vehicle Hub", then "Enquire asset info"
3. Select "Vehicle" under Asset Type and input Vehicle No, then click "Details"
FAQ for Buyer
Step 1 : You will need to confirm with your financing bank/instituition that if you're allowed to use your vehicle for private hire usage as there are certain requirement imposed by the bank stating that "not for private hire usage". Should the bank/institiution confirms that your financing contract does not cover private hire usage, you will have to refinance your vehicle with another party or the current provider should they allow it. For cars that are not under financing and you're intending to use for private hire usage, skip to step 2 immediately.
Step 2 : You will need to purchase commercial insurance for your vehicle for private hire usage. Do note that commercial insurance is different from mainstream vehicle insurance in terms of both premium as well as the coverage offered to you.
Step 3 : You may choose to head down to LTA office for conversion of vehicle classification type from P10/P11 to Z10/Z11 OR do it online through onemotoring.com.sg. Do bring along a hard copy of valid commercial insurance or prepare the insurance certificate number should you do through onemotoring portal.
Step 4 : Head down to any inspection center of your convenience to have your private hire decals fixed. Do bring a hard copy of your vehicle log card that states Z10 in its specification and your commercial insurance as required supporting documents.
Finally! head back down to Uber or Grab office for activation of your account or simply submit your details as their required supporting documents which includes your pdvl license, vehicle log card, commercial insurance and they will update in their system and you're good to go in a few hours time! Additional orientation or training may be required before you become a qualified driver.
The above infomation is furnished as accurate as of November 2019. Please keep in mind that changes in law and requirements may take place at any point of time in the future.
FAQ for Seller
Early finance redemption for vehicle loans in Singapore is calculated based on the "Rule of 78", which is a method of allocating the interest charge on a loan across its payment periods. More interest charge is allocated to earlier payments compared to the later ones.
Because the banks/instituition need to cover their administrative costs and commission already paid out, car owners who early redeem their loans are further penalised with a charge of 20 percent of the unpaid interest; the bank will only rebate the borrower 80 percent of the unpaid interest instead of the full sum.
Banks usually further charge an Early Settlement Penalty, but in our below example, we will ignore this portion.
When doing an early redemption on a car loan, the amount to pay is:
Initial loan amount + total interest - instalments already paid - 80 percent of unpaid interest
FAQ for Seller
Good news, yes. You can buy a car even if you do not hold a valid license in Singapore. But here's the catch, driver of the vehicle will have to be named in the car insurance document which is known as the 'insured not driving policy' while you have to provide a named driver.
It is basically a declaration that you will not be driving the vehicle, and that only the named driver in the policy is the actual person driving the vehicle instead of you. So technically you're paying off the car and someone else will be driving it.
FAQ for Seller
Yes you can authorise a family member or a friend to sell your vehicle on behalf, however there is a few of things to take note of.
1. Ensure that you have obtained the Transaction-Pin from LTA before you leave the country and hand to the person authorised to assist in the sale. If not you can also request for the Transaction-Pin from www.onemotoring.com.sg and it will be delivered to your residential address.
2. Duly Completed/Signed "Application Form For Transfer Of Vehicle (M01)". You can locate the form in the following link: http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/forms_download0.MainPar.15985.collapsePar.67710.File.tmp/M01.pdf
3. Lastly you are required to get a "Power of Attorney" Letter to authorise the person to act on your behalf. Sample letter can be found in the following link:
www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/transaction_pin/documents_for_transaction/annex_a_and_b.MainPar.50139.collapsePar.20903.File.tmp/Sample_POA.pdf
FAQ for Seller
Yes, you would be required to convert it back to P10 / P11 prior transfering to the next owner or deregistering it. The process is the same as converting it to Z10 in the first place. Simply go back to onemotoring with your login details and amend the vehicle specifications
FAQ for Seller
If your vehicle is a Category A, B or D vehicle, you can renew your COE for 5 years only once. When the 5-year renewal period is over, you cannot renew the COE again and you will have to deregister the vehicle
FAQ for Seller
If your vehicle is a Category A, B or D vehicle, you can renew your COE for another 10 years. Car's that have been renewed with 10 years COE can further renew their COE only with 10 years period
FAQ for Seller
You can renew the COE of your vehicle before the expiry month of the 10-year COE. The new COE will start from the first of the month following the renewal month and the balance unused period of the current COE will be forfeited.
FAQ for Seller
You can still renew your COE online after it has expired but only within the 1-month grace period from the COE expiry date and with payment of the late renewal fee. After the 1-month grace period has passed, you cannot renew your COE anymore. For example, if your COE expires on 15 May 2018, you have until 15 June 2018 to renew your COE online. After 15 June 2018, you cannot renew your COE online or through any other channel anymore.
FAQ for Seller
The Asset Owner can login to his/her Dashboard using SingPass 2FA or CorpPass 2FA to enquire the COE expiry date and the PQP rate applicable for his/her vehicle. To do so,
Please visit www.onemotoring.com.sg > Digital Services > Enquire COE Expiry Dates and PQP Rates (Requires login). Log in using SingPass 2FA or CorpPass 2FA to check your COE expiry date and PQP rate applicable for your vehicle.
FAQ for Seller
For PARF-eligible vehicles
Only you can deregister your vehicle online by logging in to www.onemotoring.com.sg using your SingPass or CorpPass 2FA. Thereafter, you will need to dispose of your deregistered vehicle at an LTA-authorised scrapyard, store it at an LTA-authorised Export Processing Zone, or export it out of Singapore and upload the export documents online to LTA within 1 month from the deregistration date.
For non-PARF eligible vehicles
If you are scrapping your vehicle at an LTA-authorised scrapyard or storing your vehicle at an LTA-authorised Export Processing Zone (EPZ) pending export, log in to www.onemotoring.com.sg using your SingPass or CorpPass 2FA to appoint your car dealer as the authorised person to deregister your vehicle at the scrapyard/EPZ.
If you are exporting your vehicle, you will need to upload the export documents online to deregister your vehicle, by logging in to www.onemotoring.com.sg using your SingPass or CorpPass 2FA.
FAQ for Seller
You should receive an SMS notification upon completion of a successful deregistration. You can view the status of your transaction at www.onemotoring.com.sg > Digital Services > Retrieve Deregistered Vehicle Details. You will also receive a letter from LTA after completion of a successful deregistration. Alternatively, you may also log in to www.onemotoring.com.sg using your SingPass/CorpPass 2FA to view your eletter, status of your transaction or to enquire on the registration status of your vehicles.
FAQ for Seller
You are required to make a Police Report with the Singapore Police upon discovery of the theft. The police will decide on the classification of the case. If the police classifies the case as theft, please submit the police report to LTA after 3 months from police report date for deregistration of your vehicle.
FAQ for Seller
Before deregistering your vehicle, you can apply to retain the registration number of your vehicle at any of the following channels:
www.onemotoring.com.sg > Digital Services > Retain Registered Vehicle Number
ESA providing registration of new vehicle services
At LTA Counters (Before or when deregistering your vehicle)
FAQ for Buyer
You may convert your Off-Peak Car to normal car or vice versa using LTA’s digital service. Vehicle owner has to login to www.onemotoring.com.sg using his/her SingPass/CorpPass 2FA to apply for the conversion. Vehicle owner can pay for the conversion fee, top-up rebates (if applicable) and road tax using his/her credit/debit card (VISA/Mastercard) or Internet Banking account (Citibank, DBS/POSB, OCBC/Plus!, Standard Chartered Bank or UOB).
For vehicle owners who are not eligible for SingPass/CorpPass (i.e. Foreigners), You can apply for the conversion at LTA Customer Service Centre, 10 Sin Ming Drive Singapore 575701 with the following documents:
Upon successful conversion, vehicle owners are required to change the vehicle registration number plates to reflect the car’s new scheme within 3 calendar days from the date of conversion.
FAQ for Buyer
The OPC scheme was implemented on 1 October 1994 to replace the Weekend Car (WEC) scheme. The OPC scheme offers new and existing car owners the option to save on car registration and road taxes in return for reduced usage of the cars.
From 25 January 2010, the revised OPC scheme replaces the OPC scheme. Cars converted to or new cars registered under the revised OPC scheme will enjoy unrestricted usage on Saturdays and eves of New Year, Lunar New Year, Hari Raya Puasa, Deepavali and Christmas in exchange for reduced road tax discounts
FAQ for Buyer
Off-Peak Car (OPC)/Revised OPC (ROPC) are not allowed to be used as Private hire Car (PHCs)/rental cars as they belong to different vehicle schemes.
FAQ for Seller
Transfer of Private Hire Car (PHC)/rental car can be done online at www.onemotoring.com.sg. Vehicle owners can initiate the transfer of vehicle ownership using their SingPass/ CorpPass 2FA. The buyer or the next vehicle owner can similarly use their SingPass/CorpPass 2FA to accept the transfer of the vehicle ownership and pay the transfer fee using their credit/ debit card (VISA/Mastercard) or Internet Banking account (Citibank, DBS/POSB, OCBC/Plus!, Standard Chartered Bank or UOB). See more information at www.onemotoring.com.sg on the transfer requirements and procedures.
FAQ for Seller
1. Ensure that you have obtained the Transaction-Pin from LTA before you leave the country and hand to the person authorised to assist in the sale. If not you can also request for the Transaction-Pin from www.onemotoring.com.sg and it will be delivered to your residential address.
2. Completed/Signed "Application Form For Transfer Of Vehicle (M01)". You can locate the form in the following link: http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/forms_download0.MainPar.15985.collapsePar.67710.File.tmp/M01.pdf
3. Lastly you are required to get a "Power of Attorney" Letter to authorise the person to act on your behalf. Sample letter can be found in the following link:
www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/transaction_pin/documents_for_transaction/annex_a_and_b.MainPar.50139.collapsePar.20903.File.tmp/Sample_POA.pdf
Do note that the above is not applicable to a Company's Car. Different documentations will be required.
FAQ for Seller
Upon the death of a person, called a deceased, the Personal Representatives of the deceased will need to apply for a Grant of Probate (if there is a Will) or Grant of Letters of Administration (in Intestacy) that will authorize them to deal with and distribute the deceased's assets.
With the authorization letter, the representative can then proceed to LTA to de-register the vehicle or sell it over to the dealers.
FAQ for Seller
1. Furnish us with the details in the form given at https://carquotations.com.sg/sell-car#sell-car-your-now and submit
2. Once we have received your details, our administrations will go through & prepare the submission of your details for bidding
(dealers & our corporate clients will then bid for the car)
3. Our sales executive will contact you on the next day to quote you with the highest price we've received for your car.
4. if agreeable, the sales executive will arrange the entire transaction; which is hassle-free (you can also choose your preferred location).
5. The full amount will be issued during the handover, and all legal paperwork will be handled for you.
FAQ for Seller
For vehicles of any age under category A, B, C, and E, our Sell-By Bidding service is completely free of charge regardless if a transaction has taken place. All handling charges, administration, and commission payable will be borne by the buyer of your vehicle.
FAQ for Seller
Should you choose to advertise by yourself on SgCarmart, you would have to consider these factors,
You would be answering all the incoming calls from the public to your phone, arranging your own viewings with your prospective buyers
Issues: You would have a hard time differentiating which client has the highest potential, and when we mean highest potential, we meant highest chance of selling to them on the post and they have a higher chance of getting a loan approval. A genuine buyer even if buying at your full listed price, is a bad client if he couldn’t get the loan he requires.
and settling all the required paperwork on your own with the buyer. Not forgetting paying for the advertisement cost.
With CarQuotations, our seasoned professional consignment agents are here to assist from answering public queries from the listing, being the middleman in arranging the appointments, and taking care of both buyers and seller's paperwork.
FAQ for Seller
Should the dealer backs out after giving a deposit, you may forfeit the deposit given to you. However, this should be based on the sales agreement which includes such clauses.
FAQ for Buyer
Yes, CarQuotations will be able to apply on your behalf and on top of that, we are an in-house finance company as well, thus giving you an extra reason to choose us. .
FAQ for Seller
Yes! CarQuotations will source out the best value for the car and also throw in a hassle-free towing service free of charge as well.
FAQ for Seller
Yes, you should because you'll want the best price for your car, on top of that, you'll never have to deal with unethical dealers as we are the ones communicating with them. Car valuation is free! So you should get a valuation first before selling away your vehicle!
FAQ for Seller
Nope, you are not required to leave your vehicle in our showroom. CarQuotations will bring out our consignment team to meet with you for a short discussion on your terms and professional photo taking. Hence you are still able to use the car in the meantime. Once a potential buyer has been sourced, viewing will then be arranged at your location.
FAQ for Seller
The first step will be getting a car valuation first before selling your car as it helps car owners find out how much your car is worth, which in turn will help in filtering off unethical dealers and below valuation offers. Furthermore, most car valuation services are done online, which means you wouldn't have to haggle and negotiate for prices with car dealers. It also saves you precious time and avoids the trouble of having to drive your vehicle down to dealerships and getting them to quote a price for your car.
FAQ for Seller
Yes, the registered company owner is still able to apply for the transfer of vehicle registration even though the current company is no longer in service (terminated) as he/she is still able to print out the Accounting & Corporate Regulatory Authority (ACRA)
FAQ for Seller
The required documents to sell a company vehicle are:
The sales agreement, M01, ACRA for latest 3 months, a signed authorization form (if there is outstanding finance) and the IC or employment pass of the owners (or directors or partners) whose names are registered under ACRA or the IC of the manager with an authorization letter from his partners or directors.
You will also need to log in to One Motorist via SingPass/CorpPass 2FA to confirm and complete the transactions.
FAQ for Seller
Your first consideration would be, if you're intending to get a cheap and good ride that’ll last for a few years until you upgrade to something better, get a COE Car. If you want something less older that’ll let you collect your COE and PARF rebates after de-registration, get a PARF car.
The main reason why PARF and COE car prices differ:
A PARF car hasn’t been de-registered before its 10-year depreciation period has ended. This makes it eligible for both the COE and PARF Rebate, which ranges from 50% – 75% of the Additional Registration Fee (ARF) paid on the vehicle.
A COE car is not eligible for the PARF Rebate because the owner chose to pay the Prevailing Quota Premium (PQP) for 5 or 10 more years more instead of de-registering the vehicle. This means that upon de-registration, you’ll only receive the COE Rebate.
There are many other differences between PARF and COE cars that contribute to both their upfront and long-term cost, such as:
The Down Payment
The down payment makes up the biggest chunk of your upfront cost when buying a used car. And with the latest MAS car loan restrictions, the amount you can borrow is reduced – meaning you’ll have to pay a larger down payment.
So your down payment will depend on the following:
If the Open Market Value (OMV) of your vehicle is $20,000 or less, your maximum Loan-to-Value is 60% – meaning you’ll have to make a 40% down payment. Almost all COE cars will fit into this category.
If the Open Market Value (OMV) of your vehicle is more than $20,000, your maximum Loan-to-Value is 50% – meaning you’ll have to make a 50% down payment. Most PARF cars will fit into this category.
The Rebates
The rebates associated with both PARF and COE cars is where used cars get much of their value from. COE cars are the cheapest used cars you can buy because you’ll only get the COE rebate. PARF cars on the other hand are much more expensive because upon de-registration, you get both the PARF and COE discounts.
FAQ for Buyer
A “VAC Ready Stock” vehicle by definition, means that the car has gone through all the needed paperwork and checks by LTA. All that is left is a piece of COE and the registration of your vehicle which can be registered online and your car can be on-the-road immediately.
It is highly recommended to ask for a VAC certificate before placing a deposit for your new car as it's an assurance the vehicle is LTA compliant and approved for immediate road usage.
FAQ for Buyer
When you apply for a loan to finance your vehicle, regardless of new or used, financial institutions including CarQuotations Finance usually have a set of minimum requirements to assess your eligibility. The common minimum requirements are:
- $2,000 and above of monthly income
- No trace of bankruptcy
- Age not exceeding 65 years old
Once you fulfill the above minimum requirements, normally, you wouldn't need a guarantor to secure a loan. Do note that different financial institutions have different requirements, so its case by case subject to individual profile.
FAQ for Buyer
Yes, you will be charged GST if you are buying a vehicle from a GST-registered business entity. But although commonly, GST has been included in the asking price.
FAQ for Seller
There are no restrictions imposed on the number of vehicles a person can register under his/her name, as long as the person is successful in bidding or securing a Certificate of Entitlement (COE) to register a vehicle. However, please note that individual bidders are limited to only one bid submission per bidding exercise (i.e., a person cannot bid for more than 1 COE for each bidding exercise.)
FAQ for Buyer
Buying: More money upfront, pay off the auto loan (which eliminates a month cost), Freedom to sell or trade whenever, usually cost less than leasing over time, full ownership under your name, car's value depreciates as soon as you drive off.
Leasing: Cost less upfront payment, if you always lease you'll make a car payment for life, lease contract is difficult and expensive to break, get tax break if you use the car for business purpose, able to upgrade to newest model every couple of years, owe fees for exceeding annual mileage limits or any damage to car.
FAQ for Seller
Generally, NCD is non-transferrable to another person. Your NCD can be transferred from one insurer to another and from one car to another. However, in some cases, insurers may allow NCD to be transferred only to the policyholder's spouse (a one-time transfer that is non-reversible). The above stated is at the discretion of each individual insurer. For details, please check with the relevant insurer, agent or broker.