Sgcarmart introduces new fully-digital Smart Loan service

Sgcarmart has officially introduced its Sgcarmart Smart Loan car financing service.

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.

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 buildup of used car dealer inventories.

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 programme.

"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 and CEO of Sgcarmart.

For more information on Sgcarmart Smart Loan, please visit our Smart Loan page here. More information on the KINTO membership is also available here.

* Promotional terms and conditions apply.