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Whether you’re looking to get a lower monthly repayment and interest rate and/or a longer repayment period or perhaps do a cash-out to earn extra money to pay off expenses and credit card debts, Speed Credit will be able to offer you a car refinancing solution that is perfect for you and your needs.
Through our vast network of bank and financial partners, we can offer car refinancing deals for different car types. Depending on your circumstances or on some eligibility criteria, we can offer you a much favourable interest rate or a longer repayment period, making your repayments easier to manage.
Cash-out Car Refinancing allows you to use the equity in your vehicle (what the vehicle is currently worth and how much is still left on the loan), to receive a lump sum payment. It can help you borrow extra money by refinancing your car loan.
How it works is you pay off your current car loan, get a new car loan for more than what you owe, and cash out the difference – the amount of money you receive is based on how much equity you have in your car. You may then use the difference (what you’ve cashed out) for your expenses, bills, and other important financial commitments. There are also a few who find cash-out car refinancing a good option to pay off their accumulated credit card debts to avoid incurring compounding and/or higher credit card interest rate, penalty charges, bad credit score, and steer clear of the possibility of having a debt collecting agent knocking on their door.
If you suddenly need cash for an emergency or perhaps to pay some time-sensitive bills or high-interest debts (most especially credit card debts), cash-out car refinancing can help you get what you need without resorting to other high-interest personal loans.
If your current interest rate is too high, you might be qualified to get a better interest rate. Depending on how much you’re taking out in cash and your total car loan amount, a lower rate could reduce the overall cost of the car loan.
Depending on some eligibility criteria, you can potentially reduce your monthly payment as well by extending your loan beyond your current repayment term.
The amount of cash that you can get depends on your car’s market value and other eligibility criteria.
For example, if your car is worth $30,000 and your remaining balance from your car loan is $18,000 – you may be able to refinance your car loan for up to $30,000 and take the $12,000 difference in cash.
Should you be eligible, you can also be entitled to a lower interest rate and stretch your loan tenure to reduce your monthly repayment.
Lower interest rateA new lender can give you a much lower interest rate on the new car loan compared to your original car loan. A lower interest rate will reduce your regular monthly loan repayments and leave more money in your pocket.
Longer loan tenureYou can cut your regular car loan repayments by extending your loan tenure. Each monthly instalment repayment will be lower because the repayment of the loan principal is divided by more months.
Add or remove a co-signerYou may want to remove a co-signer from the loan or to add a new one, which can get you a better interest rate if in any case you have bad credit.
Get a new lenderIs your current lender difficult to deal with? You can probably improve this situation with a new lender.
Sample Scenario: Your current car loan amount is $60,000 with an interest rate of 3.50%. You have already paid off 2 years of your loan, leaving you with $39,200 left to pay.
You choose to refinance your loan with us offering an interest rate of 1.68%. You apply for a $39,200 loan with the new lender and use the funds to pay off the remaining amount on your original loan.
You then continue to make repayments on the new loan but are now paying 1.68% interest, instead of 3.50%, saving ~ $300/month while stretching your loan over a longer period.
Disclaimer: The displayed values in the projection above are only estimated. The actual interest rate may differ based on certain criteria like credit evaluation, loan amount, vehicle type, etc. This projection can only be used as a guide to help estimate potential monthly repayment savings once the car has been refinanced. Speed Credit Pte Ltd explicitly disclaims liability for any possible errors or omissions.
Kindly contact your current bank or finance company first to get your outstanding balance amount. If they ask for the full settlement date, it should be one day before your instalment is due.
Once you already have the full settlement amount, fill out our online application form or contact us at (+65) 6444 4400 or (+65) 9851 8281. Instructions and other requirements will be sent to you via email by our car finance expert. Please check your inbox or spam mail.
Submit all the requirements and/or signed documents needed via email at [email protected]. You will also be advised on the next steps and/or other necessary instructions related to your application.
You will be notified by our car finance expert via email and/or call regarding the status of your application.
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With the largest network of banks, financial institutions, and insurance partners, Speed Credit has been offering tailored car financing and car insurance solutions for all types of cars in Singapore.
Having over 50 years of combined industry experience, Speed Credit has underwritten more than 1.2 billion car loans and has served more than twenty thousand car owners in Singapore.
We have always been committed to offering the lowest car interest rates, with the most flexible and comprehensive financing packages as we want to ensure that all our customers get the most value for their car and loan.