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Find the Best Personal Loans with Lowest Interest Rates in Singapore

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Personal Loans in Singapore

Car repairs and services in Singapore can cost thousands of dollars. When your car insurance cannot cover all the costs of your repairs, a personal loan can make up the difference. We recommend a personal loan instead of a credit card cash advance because the latter has high interest rates of up to 28% p.a. Personal loans, on the other hand, typically have interest rates of around 8% p.a. This means you save a lot of money on interest charges. Unlike a cash advance, personal loans also let you make monthly instalments, which makes it easy to budget for repayments.
Unfortunately no. A personal loan, once disbursed, cannot be amended to increase or decrease the amount specified. If you wish to pay for further modifications to your car, you will have to apply for another personal loan for the amount you need. Take note that the second loan may be offered with differences in interest rates, loan duration and processing fees.
Before you take up any loans - whether offered by a bank, a licensed moneylender, or a workshop or dealership - you should always make sure you understand the offer in its entirety. Check on the interest rate charged on the loan amount (in per annum terms), how the interest is compounded, the duration of the loan, the repayment frequency, and how much you have to pay per payment. You should also make sure you check for any admin or processing charges, penalties for late or missed payments, and miscellaneous charges, such as early termination fees. A loan may be offered at a low interest rate, but hidden charges and fees will jack up the true cost of borrowing. For that reason, it is best to borrow only from lenders who practise high levels of transparency. For example, banks in Singapore are required to disclose a personal loan's Effective Interest Rate, which indicates the presence of other charges. With a bank personal loan, you know exactly what you are paying for, and you will not be surprised by hidden fees.
Generally, you have up to 5 years to pay for your personal loan. It's important to consider your cash flow when deciding the length of your loan term. The shorter the term of your loan, the less you pay on interest, but the more you pay each month. A longer term loan has smaller monthly payments, but larger interest rates.
The best personal loan for car repairs is the one with the lowest interest rate. By finding a low-interest loan, you save yourself a lot of money on interest payments. Besides comparing interest rates, see if you can also find a loan with processing fee waivers, cashback bonuses, and other welcome offers that will ease the load of your monthly repayments.

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