Are you looking to purchase your first goods vehicle in Singapore? Here are some things to know and consider.
1.Certificate of Entitlement (COE)
Owning a registered company or a hawker licence is required to purchase a commercial vehicle. You will be required to bid for a Certificate of Entitlement (COE), under Category C which caters to goods vehicles and buses.
You may also bid under Category E which is open to all vehicles, with the exception of motorcycles. However, prices are steep compared to Category C.
Your COE will grant you an ownership period of 10 years. Then, you may choose to renew your COE.
2.Choosing a type of vehicle
You can select a type of vehicle depending on the nature of your business.
● Light Goods Vehicles (LGVs)
LGVs are vehicles with maximum laden weight (MLW) of up to 3,500kg.
There are no special restrictions on LGVs.
● Heavy Goods Vehicle (HGVs) / Very Heavy Goods Vehicle (VHGVs)
If the height of your HGV/VHGV exceeds 4.5m, applying for a police escort is
required.
You may need to apply for an oversized vehicle movement (OVM) permit to LTA
depending on its size.
You must have a Vehicle Parking Certificate (VPC) for a VHGV, or if your HGV is over 5,000kg.
They should be parked at the designated spaces for HGVs and VHGVs.
Learn more about the requirements here.
3.Cargo space
A vehicle’s cargo space is an important factor to consider. Hence, researching the cargo sizes of various models for comparison is recommended. Depending on the average day-to-day load your vehicle carries, you may opt for ones with a larger cargo space.
4.Vehicle Insurance
You are also required to have your vehicle insured in case of accidents.
We represent 3 corporations which oversee vehicle insurance matters:
● China Taiping
● NTUC Income
● ERGO
You can first get a quote for your vehicle insurance and compare the prices before settling on your choice.
Alternatively, we also provide in-house vehicle insurance, with up to *12 months interest-free instalment.
For more information regarding vehicle insurance, please call us at
6933 9781 or send an email to insurance@absgroup.sg
5.Financing
You may also look into financing options such as bank loans or our own in-house financing solutions.
● Bank Loans
We provide bank loan services directly and indirectly. The corporations we represent directly include UOB, HL, Mitsubishi Financial, and Maybank.
Alternatives such as Daimler Financial, Tokyo Century Leasing, MoneyMax Leasing, and Toyota Financial are also available through Cash & Credit Auto Pte Ltd.
● In-House Financing
We also have in-house financing options for our customers. If you wish to look into our services, please enquire at 6933 9411 or hp@absfinancial.sg.
Need information not stated in this article? Feel free to reach out to us at 6933 9417 or submit your enquiry here.
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