Certificate of Entitlement renewals can be a complicated process. As a matter of fact, the whole COE system itself is fairly difficult to wrap your head around and navigate. Fret not, we aim to help you make sense of it all with our guide.
As we all know, to register, own and drive a car in Singapore, you will need a Certificate of Entitlement (COE), which enables you to use your car for 10 years. When your car’s COE expires, you will have the option to deregister and dispose of your vehicle, or you could renew the vehicle’s COE if it is still roadworthy.
To calculate the COE needed for you to renew your car, you will have to pay the Prevailing Quota Premium (PQP), which is dictated by the moving average of the COE prices for the previous 3 months from the point of purchase. These prices fluctuate every fortnight, so do be sure to check the LTA website here to keep up to date with the prices.
Now there are two routes to go when it comes to renewing your COE: A 5-year renewal, or a 10-year COE. The amount to be paid for a 5-year COE will only be half that of the PQP, but cars that are renewed for 5 years will have to be scrapped once the CEO expires. For a new 10-year COE, you will have the option to renew the COE again when it expires or scrap the car if it is time to do so.
It is recommended that you look into renewing your COE before your current COE expires, lest you incur a late renewal fee. The late fees for the various COE categories are as follows:
- Private Motor Car (1,000cc and below) – $50
- Private Motor Car (1,001cc to 1,600cc) – $100
- Private Motor Car (1,601cc to 2,000cc) – $150
- Private Motor Car (2,001cc to 3,000cc) – $200
- Private Motor Car (More than 3,000cc) – $250
- Business Service Passenger Vehicle (Company Car) – $250
- Goods Vehicle and Public Service Vehicle – $250
- Others – $250
For most financially savvy drivers here in Singapore, renewing your car’s COE is a good financial decision, especially if your car is still roadworthy and well looked after. With the advancement in technology, cars are more robust and reliable and can easily last more than 10 years given proper care.
This is where MoneyMax comes in. With MoneyMax Leasing’s COE Renewal Loans, you have a fuss-free solution to continue driving your car even when your 10-year COE expires. MoneyMax Leasing offers attractive COE Renewal rates in Singapore, with fast approvals and flexible repayment periods of up to 7 years.
To be eligible for MoneyMax’s COE Renewal financing package, you must be between 21 and 65 years old with a minimum annual income of $30,000 for salaried and self-employed Singapore Citizens and Permanent Residents.
The required documents for your COE renewal loan submission are: a Photocopy of your identity card/passport, your Vehicle Log Card (from LTA), and a copy of your latest income documents. (such as your CPF statement for the last year, your income tax notice of assessment for the last year, or your payslip for the last 3 months) Our COE renewal financing is valid for Category A and B vehicles, and is only applicable if you renew COE loan, your road tax and motor insurance with MoneyMax Leasing.
Try it out for yourself! Fill out the form here to register your interest in our limited-time promotion now.
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This sponsored post is brought to you by MoneyMax Leasing.