Refinance Car Loans for Uber Grab drivers
22th October 2017 – UPDATES: LTA has allowed individuals to change to Z10/Z11 even if you have outstanding loans with banks. This means that you 1) do NOT need a business entity. 2) You do not need to refinance in order to change to Z10. Like http://www.facebook.com/timelyenterprise because we will come out with a new article soon to show steps by steps on how to do these on your own with LTA to save costs.
Refinance Car loans to drive for Uber or Grab
Do you have your own personal car? Are you thinking of driving for Grab or Uber part time or full time to pay for the car and increase your income? Well, if your own car is fully paid, there is no problem at all, all you need to do is to Grab driver sign up and apply directly to Grab driver sign up or Uber driver sign up.
Still have a car loan?
However, most Singaporeans’ cars are not fully paid. There are still car loans by banks or finance companies. In those cases, you may not be able to convert the car classification directly to a LTA classification that allows you to get PDVL and drive for Grab Uber. You also not not be able to convert your car insurance to commercial car insurance for Uber Grab driving.
If you have bought your car for personal use and under car loans, the car would be under LTA classification P10 or P11. In order to drive for Grab or Uber, you need to convert to Z10 or Z11 under LTA’s car classification. The bad news is that to convert, you need to clear the car loan so that the official car owner has the means to convert with LTA. Banks or financial companies who own your car loans would not be able to assist you in convert.
Solution: Refinance your car loan for Grab / Uber
A simple solution is to refinance your car loan, and let the new finance company take over the car loan and reclassify your car under LTA to Z10 or Z11 or relevant classification for your PDVL and Grab / Uber driving. At the same time, the correct finance company can use commercial fleet insurance to ensure your insurance coverage allows Grab Uber driving. By refinancing, you are paying lesser, there is no need to get a commercial classified car from car rental agencies, Lion City Rental (LCR) or Smoove etc. You use your own car, and enjoy the benefits of lower cost in driving.
Do note that Timely Enterprise can help in refinancing and will provide the best deal for you. You can also choose dynamic interest rates for your refinancing.
Changing Classification of P10/P11 to Z10/Z11 – No need ACRA business!
In the past, LTA insists that the owner of the car must be an ACRA registered entity (Private Limited or most likely, sole proprietorship) in order to convert to Z10/Z11. The good news is that from 01 October 2017, you no need need to have an entity to convert your car to Z10/Z11. You just need to use your individual name to register for Z10/Z11. This is great news and extra costs saving for Uber and Grab drivers.
You still need commercial insurance for car, and you can either opt to find an insurance agent to help you, or ask a large company such as Timely to use their cheaper fleet commercial insurance to cover your car driving.
Start Driving for Uber or Grab
Timely Enterprise is the #1 choice for refinancing, we will advise and help you the best way to be either Uber or Grab, earning the most income with the least costs. Because of our experience and scales, we are able to provide you with low cost solution! We profit only when you earn more!
Whatsapp or call James now at 82003255 to see how you can refinance your car.