Transfer ownership of a car in Singapore, How to do it?

Selling car can be a pretty hectic process which includes transfer car ownership Singapore. No matter what your reasons are for selling. Whether you just want to shift to something more efficient, need money, or just don’t need your car anymore, the fact remains that when you set out to sell a car, you want the highest price. After all, a car is no small investment and it can be an absolute pity to have to sell it for a fraction of the price that we got it at. In addition to this, there can be much legality and transfer ownership processes that we need to fulfill in order to sell the car. All of this can be pretty confusing when you’re trying to get the car off your hands as soon as possible, and if you’re feeling overwhelmed by it all, perhaps getting in touch with a professional and opting for consignment can be your best bet. Here’s how. 

Selling on your own VS consignment

Most car sellers try to be as independent as possible when they’re trying to sell their car. This is because selling privately gives us time to arrange buyers while still having ownership of the car. This means that they can have the flexibility to still drive their car until a sale is finalized. However, this can leave us to our own devices when filling out piles of paperwork, which can be incredibly difficult to navigate around. Consignment is a procedure that can allow us the flexibility of owning our car until the sale is finalized, while having professional help with arranging serious buyers, filling out paperwork, advertising and more. Basically, when you consign your car, you can enjoy the benefits of making a private sale while having a professional like Cars N U help you make the best car sale. 

Transfer ownership of car

This can be one of the trickiest parts of selling your car, as the process can be lengthy and confusing. With the help of consignment agents in Singapore, however, you can shorten the process. Below are some steps you would traditionally have to follow.

Find a buyer

On your own, this can be an arduous process. With the help of consignment agents however, you can sell cars in a flash. The agents can help make a quicker sale as they have an existing pool of serious buyers. This can reduce time and money spent on meeting buyers and advertising. It can also mean that we can make the most favorable sale, as the consignment agent can help both parties come to a consensus. 

Clear loans 

Regulations state that before a car ownership is transferred to someone else, all existing financial issues must be cleared. If you have any loans, taxes, fines or arrears lined up, it’s best to clear them out to make a smooth sale. When working with a dealer in SG, they can help you pay the money upfront and you can clear their dues later. 

Perform the legal transfer car ownership Singapore

Here’s where things get confusing. There are different forms and different regulations for transfer car ownership of different vehicles categories. Additionally, you must sort out whether you want to keep or sell your number plate as well, which requires additional paperwork. All this paperwork and the fees that it requires need to filled out in 7 days of finalizing the sale. There are also separate procedures for transferring diplomatic vehicles or vehicles registered under a deceased owner. Based on your specific conditions, you may have to fill out online forms or head to the LTA Customer Service Center. Once all this has been followed, both parties will receive an SMS confirming the transfer, and you can then give the keys over to the new owner.
As most legal procedures are, this process too can be long and winded. With the help of a consignment agent, you can simplify this process to make the most efficient sale. 

Conclusion

Working with a consignment agent like Cars N U can help you simplify and speed up the process of selling and transferring ownership of your car from the get go. Consignment agents can help both car buyers and sellers reach a mutually agreeable decision, where both parties feel that they make the best bargain, in the shortest amount of time.