Know Your Real Buying Power Before Buying a Used Car

clifford chow
15 Nov 2018
 

Usually, we start crunching figures when we are nearer the end-point of our purchasing process, and the car loan approval is an important part of this process. The major disadvantage in this is that oftentimes we learn that we are over the budget by this point.

The best advantage you can have is to know your real buying power, even before making your way down to the dealership to view the car of your choice, or even any other car within your budget that catches your eye. 

There is now a way to apply for your car loan anywhere, and at anytime. The UOB Car Loan on Carousell makes this possible. The procedure is easy and paperless, and no longer will you need to produce physical personal documents as part of the application process, including the troublesome task of physically digging out your personal income details!

Within minutes, MyInfo will be able to determine if you qualify and approve the loan amount you are applying for. 

View your shortlisted car with your loan approval on-hand, and you can be driving out of the dealership in the shortest time!

So what are you waiting for? Empower yourself now!

Click here to view our infographic to better understand how to go about making an application. 

FAQ #1: Are there any penalties involved?

Fret not! Each approved loan arrangement via the UOB Car Loan on Carousell is valid for 30 days. If the car isn’t suitable for you, just let the arrangement expire. 

FAQ #2: What if I want to negotiate the price after viewing?

The approved loan arrangement from UOB serves to represent the loan “limit” you’ve secured. This means that you’ll be assured of the loan amount up to this “limit”.

Pro-tip: Once you’ve shortlisted the car you’re thinking of buying, apply for the UOB Car Loan on Carousell before viewing. After you’ve gotten the loan approved, view the car and negotiate the price with the seller. After agreeing with the seller on a lower price, re-apply for the UOB Car Loan on Carousell -- you’ll be able to get a new loan based on the lower selling price!


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