The Only COE Renewal Guidelines You Need
With high COE prices, car owners are turning to COE Renewal as a viable option. Through the process of assisting hundreds of used car owners in applying for COE Renewal Car Loan, we realised a good number of car owners are not familiar with the guidelines in renewing COE. This article, thus serve to explain the guidelines in COE Renewal.
Renew COE for an existing vehicle
Bidding of COE for renewal is not required when you renew COE. To renew COE for an existing vehicle, you have the choice of paying for a five or ten years Prevailing Quota Premium (“PQP”). If you are a first-timer, PQP actually refers to the moving average of the COE prices in the past three months.
Guidelines to Renew COE:
Step 1: Check for the expiry date of your existing COE
Please note the authority gives one-month grace period. Otherwise, the vehicles will be de-registered in the system and rendered not qualified on the roads anymore. To renew, the application has to be made in the month of the COE expiry or the month after, otherwise late payment penalty may be incurred.
Plan ahead and renew before your COE expires!
Step 2: Choose COE renewal period
Vehicle owners can choose to renew for another ten-years period by paying the applicable PQP amount. Please note, five-years renewal period will be prorated to half of the PQP amount applicable.
For vehicles with no statutory lifespan (i.e. motorcycles and cars), there is no restriction to the number of times you renew renew the COE, as long as the COE renewable is for ten years each time. However, if the COE is renewed for five years, the vehicle has to be de-registered. No further renewal is permitted.
For Category-C vehicles (usually commercial vehicles), renewals are only allowed for 5-years period, subject to each vehicle’s statutory lifespan.
Tip: Renew 10 years for Category A & B, and 5 years for Category C vehicles.
In the event you decide to deregistered your vehicle before the COE maturity, you will be eligible for COE rebate. This rebate is pro-rated according to the balance duration before the COE expires.
(a) No loan of COE Renewal
Complete the Application Form, which can be downloaded here
Payment can be made on Onemotoring website.
- Internet Banking (service is available daily from 6am to 12 midnight)
- Post (at least two weeks before the COE expiry date)
- At LTA Customer Service Center: 10 Sin Ming Drive, Singapore 575701
(b) Getting a Loan for COE Renewal
To get the COE renewal loan, you need to engage an agent (e.g carbroker) to assist you on the process of the loan application and relevant administrative work.
If you are interested in the loan option, contact us today! We will advise you the most competitive interest rate in market, including the loan amount and quantum that you may require.
Have any further queries on COE Renewal, give us a call @ 6777-5585 or drop us an email at email@example.com. Alternatively, visit us @ West Coast Car Mart Lot 8/9, 31 W Coast Highway Viaduct Singapore 117864.
Mandai Motor is here for you.