Should You Get A Refinance Car Loan In Singapore?

‘Apply for a refinance car loan in Singapore, said my manager where I am currently working. She said that doing so would significantly lower my monthly payments, reduce interest rates, and ultimately save money over the life of my loan.

Just Like Sasuke, I Am All Alone

I finally gave in to her words two years after my parents died. At first, I thought of giving up the vehicle since I had no one by my side. As an only child with no relatives, I had no one to rely on for my loss.

To begin with, my parents were not that wealthy, and we only belonged to a middle-income family. My mother and father had to work together to raise me the best they could. When I graduated, I thought I could give back everything I had received, but life pulled some strings.

My mother was diagnosed with stage 3 breast cancer a year after I graduated. The doctor said that she only had a few months to live, but the COVID-19 pandemic came, which fast-forwarded everything, including my father’s death. Due to sadness and grief-related issues, he passed away several months after my mother.

For my father, my mother was her Juliet. As their child, I am just an extra side character in their love story, and I am happy to witness their true love for one another.

Two Sides Of The Same Coin

My unfortunate days did not end with losing my parents. Just like my father, my mental health got weak, but I had no other choice but to fight. My parents raised me as a fighter, not a quitter.

I worked my ass off to pay off the remaining balance for my vehicle. With my meagre salary, however, it was not enough. ‘I paid off used car loans in Singapore through refinancing, said my manager. She had been whispering this to my ears ever since she noticed my struggle.

Since what she was suggesting was new to me, I did my research first. After all, I no longer want another unfortunate event to happen. Throughout my research, I found out that refinancing was a good choice for my situation.

Like my manager with her used car loan, I used the calculator on the Singapore lender she recommended. It helped me calculate the total repayment amount, the interest rates, and many other factors.

This coming 2023, I am hoping to pay off everything I have borrowed. I plan to start a new beginning because I know that is what my parents also wanted me to do.

Do I Recommend Applying For Refinance Car Loan?

It depends on your situation, but in my case, it helped a lot. Even though I was alone, in house car financing helped me realise that it is okay to ask for assistance.

Consult Swee Seng Credit first because they will help you determine whether or not you need to apply for a refinance car loan in Singapore for your current situation.