Buying a car in Singapore is not easy. Some of us may not even know where to start, and the process can be complex and not very transparent. But that hasn’t stopped Singaporeans from purchasing cars.
According to LTA, the number of used cars being bought and sold is going up steadily over the past two years, from 94,290 in 2015 to 113,405 in 2016. At the rate we’re going, we might expect another 120,000 used cars being transferred this year. (Source)
What’s probably helping this trend is the popularity of car listing sites that lets you sell or buy a car all on your own. These platforms allow you to list your car for sale, or browse through the many listings to find the vehicle that best suits your needs. Whether you’re looking to buy a family car to make life more convenient, or buy a car for work because you commute a lot during the day, you’d be able to find your preferred vehicle through these car listing sites.
And now, DBS has partnered sgCarMart and Carro, to become the largest direct car marketplace in Singapore.
Size matters, and the DBS Car Marketplace knows that
When you’re planning to buy a car, the most important factor is choice. You’d want to be able to choose from the biggest selection possible, in order to find the best car within your budget.
By partnering with sgCarMart and Carro, the DBS Car Marketplace becomes home to the largest selection of direct owner cars in Singapore. This level of choice is not only great for car buyers, but also for those looking to sell their cars as well. After all, you’ll want to list your car on a site that attracts the largest number of buyers.
What’s more, from now till 4 October 2017, sellers can list their car for free on both sgCarMart and Carro!
Can I find my dream car on the DBS Car Marketplace?
The DBS Car Marketplace not only collates listings from sgCarMart and Carro, but also allows you to look for a car based on your specifications. You can either use the quick search bar or filter the listings with their advanced search tool to find the car you want.
And in every listing, depending on which car listing site it came from, you can find the same information and analysis that you would get from sgCarMart or Carro.
It doesn’t seem like the DBS Car Marketplace is any different from other car listing sites though?
That’s only because we’ve been saving the best for last. Because it’s Singapore’s first online consumer marketplace helmed by a bank, you can enjoy access to DBS’s other car-related financial products.
This is where the game changes.
Buying a car often involves more than just finding the one you want. You’ll need to consider other factors like financing and insurance too. Fortunately, DBS more than adequately covers both of that.
In fact, for a limited time only, if you buy a car through the DBS Car Marketplace, you can apply for a car loan directly with DBS and the interest rate is an unbeatable 1.99% p.a. (EIR 3.77% p.a. over a 7-year loan).
The typical car loan interest rate currently is 2.98% p.a. (EIR 5.54% p.a. over a 7-year loan) That means, if you get a $30,000 car loan for 7 years, you would have to pay $432 each month.
DBS’s rate could save you up to $25 in your monthly instalments, or $2,079 altogether! That amount you save could pay for almost two years’ worth of car insurance.
Buying a car in Singapore has never been so convenient and cost effective
With the DBS Car Marketplace, you can find the best used cars that fits your budget from sgCarMart and Carro, and also enjoy significant savings for car loans and car insurance.
All through one easy car listing site.
Looking to buy a used car? Find your dream vehicle at the DBS Car Marketplace.
This article is brought to you in collaboration with DBS.
Subscribe to get weekly updates on personal finance
You'll also get a special promo code for $30 Shell vouchers upon purchasing an FWD Car Insurance plan by 30 April 2019!
We promise never to spam you!