What you need to know before renewing your COE?

Every vehicle owner in Singapore is well known about the Certificate of Entitlement and this document is a crucial one when they own a vehicle. But what the matter is they can own it only for the maximum of 10 years. After that they have two options to decide one from them and they are deregistering the vehicle or renewing the COE.

What intelligent people will do is they used to prefer renewal process to buying a brand new car. When you are one among them and are seeking to perform coe bidding, it is recommended for you to a few things. They are as follows:

  • One main that you need to consider is the cost that you will need to maintain a decade old vehicle. It is good to check whether the engine is in good working condition. If not, then for the cost that you will need to repair it you can go for buying a new one.
  • Once you have decided to bid a COE, you will need to decide whether you are extending the period for 5 or 10 years. No matter whatever you choose, you can still extend the years after one.
  • Similar to the buying process of a brand new car, there are several financing options that are available for the renewal process too. You can even get loans from numerous sources and also get approval for these loans at a faster rate.

There are so many ways to get the COE renewal done and you can choose your own option which is easy as well as convenient for you.