A new fully-digital 'Smart Loan' service for used car buyers
SINGAPORE - Media OutReach - 3 April 2023 - Sgcarmart, Singapore's #1 car platform for buying & selling cars, officially introduced it's new revolutionary car financing service, Sgcarmart Smart Loan today. This new fully-digital service seeks to boost used car sales in Singapore by offering car buyers below-market interest rates and a fast online approval process that can be done via MyInfo.
Sgcarmart user exploring Sgcarmart Smart Loan
In the wake of rising car prices and the surge in COE premiums, demand for used cars has declined by up to 15% since the beginning of 2022, as evidenced by Sgcarmart's transaction data. This has led to a build up of used car dealer inventory.
Sgcarmart's Smart Loan aims to benefit both dealers and buyers, by boosting inventory turnover through the provision of attractive interest rates and lower monthly repayments. As a launch promotion, buyers can enjoy incredible savings on monthly repayments with an interest rate 2.28%^ plus $1,700 worth of perks, including a $500 cashback and an exclusive KINTO membership program.
"Buying a used car has become tough to finance with COE premiums being as they are now. The introduction of the new Sgcarmart Smart Loan service is a two-pronged approach aimed at providing greater support to dealers and also enhancing value for our users." Mr Vinod Cherumadathil – Managing Director & CEO of Sgcarmart.
Sgcarmart Smart Loan is a revolutionary car-financing initiative that ensures a seamless buying experience offering below-market interest rates, fast and actual approval, with exceptional customer service. Used car buyers can also compare their total savings if they take a car loan with Sgcarmart against other financial institutions with the online savings calculator.
The issuer is solely responsible for the content of this announcement.
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About Sgcarmart
Sgcarmart is Singapore's #1 car platform. With over 30,000 listings, it offers the largest database of new and used cars, with an average of 10 cars sold every hour, helping to drive approximately 70% of all second-hand car transactions in Singapore. The platform receives more than 1.6 million users every month, offering the highest level of support for drivers with its suite of value-added car ownership & transactional services.