How to renew 5 year COE for 20 year old car ?

[Col1172]

bros,

 

pls advise the process of renew another 5 year COE for 20 year old car ?

 

current COE is ending in June 05 but wish to drive another 5 more years.

 

will they take July COE price as the renewal price or how is the COE price determined ?

 

can i take a car loan from bank for these 5 years? or do I hv to pay full to LTA ?

 

many thanks for yr advise.

 

cheers!!

[Schneider79]

look at the PQP at that point of time...

[Jiayong]

The COE will be determined on the previous 3 COE terms average.

 

You can take a bank loan.

 

I know cos i renewed my 20 yr old car for a 10 year COE 2 yrs ago.

[Othello]

eh ...... I thot banks not interested in OLD ( no offence bro) car loan ??

[Col1172]

thanks, bro.

 

how long will this renewal process take?

 

do you remember the interest rate?

Is it higher for old car?

 

went to LTA website & download a form...

seem like we need to pay in full amount first in cheque..

[Jiayong]

none taken..

 

well, the bank will not give loan other than the COE amount. Cos thats how much the car's "paper value" is worth...

 

but in his case, there is no prob, since the car is already his, all he wants is just the loan for the COE.

[Jiayong]

hmm..i think renewal process is immediate? After i paid for the car, I collected it from the dealer within 2 days.

 

From LTA's perspective of course must pay full amount lah. Cos if you take loan from bank, the bank will pay full amount to LTA for you then you slowly pay back the bank.

 

Thats how it works right? Correct me if I am wrong.