Which car rental companies offer the best hire-purchase programs in Singapore?, Lifestyle News
Car leasing in Singapore is simple. You choose a car, drive it for a contract period (between one and five years or more) and pay a monthly fee for it. However, the car is never yours. You can never sell it to “reduce” the running costs of the car you’ve paid for over the years.
A lease-to-own plan allows drivers a structured path to vehicle ownership in Singapore without the large down payment of vehicle financing, and it does not affect your Total Debt Service Ratio (TDSR).
So how does this “drive now, own later” program work? Once you reach the end of the lease, you will have the option of purchasing the rental car at a special rate or returning it to the car leasing company.
Which car leasing companies can you trust? Keep reading to find out!
KINTO Singapore Pte Ltd
Lease a Toyota or Lexus from KINTO Singapore Pte Ltd with a fixed and transparent monthly price. Its flat rate with a minimum 1-year commitment and $0 upfront payment includes all vehicle maintenance expenses, repair costs, comprehensive auto insurance, annual road tax and unlimited mileage, in plus 24/7 roadside assistance.
Renters can redeem the car at any time during the rental period at the redemption price (price quoted during rental), allowing them to beat COE inflation while still getting a brand new vehicle.
Other benefits of the Kinto One buyback program:
Free monthly concierge service
Unlimited access to an exclusive coworking space
Address: 22 Sin Ming Lane #01-77 Midview City, Singapore (573969)
Opening hours: 8:00 a.m. – 7:00 p.m. (Monday – Saturday) 10:00 a.m. – 2:00 p.m. (Sunday)
Contact number(s): 9627 4356
Hertz Lite is a fantastic way to drive a brand new car without incurring huge bills from Hertz Singapore. This short term rental program only requires a low upfront payment of $10,000, does not affect your TDSR with flexible rental terms, and road tax, insurance and maintenance all included!
Designed with flexibility in mind, Hertz Lite offers the shortest lease term on the market for a new car. You can choose your firm rental period of 18, 24, 36 or 60 months. It is an up-and-coming rental program that combines both its full rental and rent-to-own business models.
You can choose to own the car, extend the lease or even change to a new car after the locked-in rental period – it’s entirely up to you.
Address: 305 Alexandra Road #03-01 Vantage Automotive Centre, Singapore (159942)
Opening hours: 8:30 a.m. – 6:00 p.m. (Monday to Friday)
Contact number(s): 8125 0410 / 8533 7217 / 8533 7216 / 8223 0457
Dickson Auto Solutions Pte Ltd
Driving your dream car will no longer be a dream at Dickson Auto Solution Pte Ltd as its hire-purchase program allows you to get behind the wheel of a new car of your choice (Distributor or Parallel Import models) without any down payment, and you can buy the car later without markup.
Depending on your preferred tenure, Dickson Group will establish reasonable monthly rental fees, which can make your dream come true.
Here are the additional benefits of its rent-to-own program:
Free inspection and extended warranty
Low fixed monthly fees
Maintain your existing NCD and build NCD while driving
Delivery in three days
24/7 emergency assistance and breakdown assistance made easy with its new 15-bay service center – Dickson Auto Care Center
Address: 29 Ubi Road 4 Dickson Auto Centre, Singapore (408619)
Opening hours: 10 a.m. – 7 p.m. (Monday – Friday) 11 a.m. – 6 p.m. (Saturday and Sunday)
Contact number(s): 8161 7640 / 6668 1166
Car Times Auto-Rent Pte Ltd
SWITCH from CarTimes Auto-Rent Pte Ltd is a flexible car rental and purchase program. The program will be initiated with a three-year lease plan with a minimum one-year commitment.
You will pay a minimum initial payment of $1,000 which includes insurance, road tax, service and maintenance. Once you have completed the minimum commitment period of one year, you will have the option to buy, sell, return or switch vehicles during the program.
The remarkable thing about this plan is that you can buy the car from Car Times at the price set on the lease contract. The price will not change after the end of the leasing contract, even if the COE increases or decreases. If you can sell the car to another party, Car Times will take care of the transaction and any surplus (amount above the price according to the contract) will be returned to you.
Address: 73 Mackenzie Road Level 2 Lot 3/4 Mackenzie Car Mall, Singapore (228729)
Opening hours: 9:00 a.m. – 6:00 p.m. (Monday to Friday)
Contact number(s): 6464 5111 / 8811 6616 / 8282 5111
Carz World Pte Ltd
If you are a Singaporean or PR who wants to own a new car but don’t want to shell out that insane 30-40% down payment, Carz World Pte Ltd (Rental & Leasing) is your answer.
The minimum commitment will be a standard one year with an initial payment of $2,000, which will include insurance, road tax, service and maintenance. After this year, the lessee can buy the car, lease another car, refinance the car with Carz World at the current rate, or even pay off the car in full without a loan!
Address: 33 Ubi Avenue 3 #01-57/58 Vertex, Singapore (408868)
Opening hours: 10:00 a.m. – 7:00 p.m. (Monday – Saturday) 11:00 a.m. – 7:00 p.m. (Sunday)
Contact number(s): 9178 6185 / 6570 9482
This article first appeared in sgCarMart.