3 Things You Absolutely Must Know Before You Take A Grab/Gojek Loan in Singapore
Taking Up A Loan To Purchase A Car To Drive Grab/Gojek And Its Benefits
The obvious benefits that it comes with purchasing a car while driving Grab/Gojek is…
You own the car and you can use it in your own free time.
Often used for the COE and the downpayment of the car, having the cash to be able to pay for the car would make it a worthy choice to pay for the car upfront, while paying back the car loan on a monthly basis.
This makes it worthwhile for you to make a purchase for the car upfront (since you can use it for many other purposes).
Most Grab/Gojek drivers use the car for their personal usage such as for their family and friends.
Understanding how much the car costs in car dealerships
As with most cars, the minimum downpayment for a car is 30%-40% depending on the Open Market Value (OMV) of the car . Say for instance, the Open Market Value for the car is $30,000, it would mean that the downpayment would be 40%, which would be $12,000.
In such a scenario, if a potential Grab/Gojek driver lacks only $6,000 to purchase the car, it would make full financial sense to take a loan to purchase the car.
Ultimately, on a month by month basis, the earnings from the Grab/Gojek would be way higher than to cover the cost of the loan and the car loan repayment.
Making Sure That The Loan Is Compliant With The Law
One thing that most Grab/Gojek drivers look past is the legality of loans.
After dealing with many Grab/Gojek drivers that drop by our shop, we realize that most Grab/Gojek drivers actually have no idea that some moneylenders who aggressively advertise on Google Ads or Facebook Ads are actually unlicensed moneylenders.
In other words, loan sharks.
These loan sharks disguise themselves as licensed moneylenders, by using the good name of companies such as 96BM Credit Pte Ltd in order to entice Grab/Gojek drivers to apply for a loan with them.
They often charge insanely high interest rates and resort to unscrupulous methods such as arson and violence in order to get their money back.
You need to be absolutely sure that the moneylender you are borrowing from is in the list of the licensed moneylenders in Singapore, and that you are meeting up with the moneylender at the listed address in the list.
Frequently Asked Questions About Grab/Gojek Loans in Singapore
It really depends on your requirement for the Grab/Gojek loan, and the cost of the vehicle you intend to purchase.
It could range from anywhere from 1%-4% per month, depending on the size of the loan.
You can apply for a loan by clicking here. You can also choose to speak with our team at +65 6292 2629
The main purpose of a Grab/Gojek loan is meant for you to finance the purchase of a vehicle, and also any other financial constraints that might come with transitioning into a career with Grab/Gojek.