Singapore’s car ownership rate is roughly 11%. The US, it is nearly 80% in the US and approximately 50% in Europe. Despite the government’s policies to lessen the number of cars, there are around a million vehicles on Singapore’s roads.
Car ownership is widespread in most parts of the world, with some even having more than one car. Are you deciding whether to shop for car loans and acquire your first car? Here are a couple of benefits of having a personal car of your own.
Time savings
Time equals money in a literal sense. The ability to get to places you need to lets you avoid stress and frantic life. A personal vehicle makes life considerably easier. The ability to head across town in only minutes instead of hours instantly spares you a great deal of time whether you’re going on shopping trips or visiting your relatives. With busy lives, finding more time can be difficult – having a vehicle gives you that.
Independence
Having a personal car can fix this problem if you currently rely on other people to travel or still utilize the sometimes unreliable public transportation. Having a personal car lets, you adjust your schedule based on preferences. If you typically use public vehicles, there’s always the anxiety about whether you will reach on time, miss your ride, or get late for work. You will be independent to travel via your car as you please when traveling from work to home.
Your family also won’t have to suffer from the stress of waiting, stopping, and fitting into public modes of transportation.
Emergency benefits
Owning a personal vehicle is advantageous in case of emergencies. When someone in your family falls sick or gets injured, it’ll be easier to get them to the hospital from your place. In some cases, ambulances might take a while to reach your place. In such cases, a personal car can be the difference between a rapid action and a grave situation.
Long Drives
Another huge advantage of having your car is the ease of planning a trip or going on an unplanned long drive. Having a car in such instances is more practical. You also get to explore the roads off the grid. Some public vehicles don’t permit pets onboard. Owning a car will solve the problem if you want to ensure that your furry babies can accompany you.
Buying a big car is also very beneficial for those with sizeable families. If you plan to travel as a family during the holidays, you’ll know the significance of having your vehicle.
During this time, public transport can be hazardous to health, not to mention increasingly costly, compelling some people to stop traveling. Those with their cars will have nothing to worry. Thankfully, you can accomplish hassle-free car loans application online. A few minutes is all you need to complete your application. Providers lie DBS currently offer up to 7 years of loan tenure options with up to 60% or 70% Loan-To-Value, based on the Open Market Value (OMV).