According to the Land Transport Authority (LTA), starting from Nov 26, vehicle owners will be able to use SingPass or CorpPass two-factor authentication (2FA) for four new digital services on their website. The four new services include transfer of vehicle ownership, transfer of Preferential Additional Registration Fee and certificate of entitlement rebate, transfer of temporary certificate of entitlement and vehicle deregistration.
With this new implementation, starting from Nov 26, if you are selling or trading in your car for a new car, you will need a valid SingPass to transfer the vehicle to the new owner or a car dealer. Requesting of LTA pin for transfer of vehicle is no longer valid. Likewise, if you are planning to get a COE renewal loan, you will need a valid SingPass too. This is because you will need a double transfer (to transfer the vehicle out to a third party and then back to you) in order to apply for a new loan. Watch the video to understand more about transferring ownership of vehicles with the new digital service below:
Basically, the car owner will have to log in his/her SingPass to request to transfer the vehicle to the new owner. The new owner will have to log in to One Motoring website using his/her SingPass to confirm the transfer within 5 days. The new owner will have to pay $25 to accept the transaction. Thus, be sure to get your SingPass ready when you decide to sell your car or to get a COE renewal loan.
Looking to get a COE renewal loan but still unsure about how the new digital service works? Not to worry as our dedicated consultants will be able to advise you step by step. Call us at 6444 4400 to find out more.