4 Ways Renting a Car in Singapore Can Help You Save Money This Year

In this time of social distancing, it is advisable to avoid crowds and public transport in order to minimise exposure and worries. However, taking taxis or private hire vehicles may not be financially feasible for every grocery and food takeaway run you have to do either. In such a situation, having a vehicle at your disposal would be the most ideal and convenient.

Having said that, car ownership, on top of being expensive and a big commitment comes with its fair share of concerns and hassles. Renting a car can help you sidestep and avoid many of the concerns that come with buying a car, so keep reading to discover how car rental in Singapore can help you save money this year!


1) Renting has a significantly cheaper initial cost

As we all know, when you buy a car in Singapore, you have to contend with the Certificate of Entitlement (COE) system. The COE amounts to a sizable portion of the cost of the car and, in recent times, runs up to tens of thousands of dollars.

On top of this, car dealerships will also include in their margin in the sale price which allows them to turn a profit. These add to the daunting total cost of buying a car, which results in a large downpayment that you have to put down to secure a car (up to 40% of the purchase price).

For the remainder of the purchase price, many often take out a bank loan on which you would have to pay the interest rate (up to 3%). Comparatively, for car rentals in Singapore, you simply have to put down 1-2 months of the rental amount without having to worry about loans and interest rates.


2) Car rental in Singapore is hassle-free!

Another common saying I’m sure we’ve all heard in Singapore regarding car ownership is that a car is a liability, rather than an asset. When you’re shopping for a car there are many things to consider, some with their own confusing acronym: OMV (open market value), ARF (additional registration fee), COE (certificate of entitlement), GST, excise duty, road tax, insurance, and depreciation value. Not only do these all add up and cost you more money in both the short and long term, but they can also be a hassle to you as you seek to get the best value and bang for your buck.

At ETHOZ, all you have to consider when you want to rent a car are your needs and your budget, and we can find the best possible fit for you. With car rental, there is also no need for a long wait — you can even drive off with a car as soon as the day itself after signing the rental agreement.


3) After-sales support

While cars are becoming more and more reliable as technology advances, we shouldn’t take for granted the fact that breakdowns, or worse, accidents, can still happen. In such an unfortunate situation, you can call ETHOZ’s 24/7 call centre which will provide a solution for you at no extra cost.

Additionally, ETHOZ has offices located conveniently in the west and east of Singapore, at Bukit Batok and Tampines respectively, for you to report any accidents. There, our team will help you with the paperwork for insurance claims and also arrange for repairs for the car.

These will all be covered under the insurance package that comes with our rental agreements, so you will only have to pay at most a minimal excess which covers repair works of the rental car as well as third party claim if any. While the car is gone for repairs, servicing or maintenance, a replacement car will also be provided for you so you will not have to worry about spending additional money to rent temporary transport!


4) Wide variety and flexibility of rental arrangements to suit your needs

Whether you are looking for a long-term option or short-term spin, ETHOZ has the solution for you. From one weekend to multi-year rental agreements, you are sure to find the right car and arrangement that best suits your individual needs and situation.

We can offer you the comfort and convenience of a car for your desired amount of time, without the actual commitment and associated costs of owning a car for 10 years (for the commitment-phobic people out there, this must be music to your ears!). Furthermore, for those looking for a longer-term car rental solution, signing a new agreement at the end of every contract term also allows you to ‘change to a new car’ every 2-3 years!


Affordable Transport Options in Singapore

Although it is not often thought about as a viable alternative to owning a car, car rental in Singapore is straightforward and hassle-free, covering everything you would need and allowing you to drive a car away basically instantly. Should any issues arise on the road you can also call the 24/7 ETHOZ hotline, especially in inconvenient situations like breakdowns and accidents. There will also be no disruption and major inconveniences, as a replacement car will be provided to you while the car is undergoing servicing and repairs. For the car rental arrangement that best suits your needs, you can reach our team at ETHOZ at 6654 7788, or via email at contactus@ethozgroup.com and we will make sure to match you with your car!

A Guide to Applying for SME Capital Loans in Singapore

There’s no denying that many people dream of being their own boss, which explains the rise of entrepreneurs in Singapore. With an increasing number of people chasing their dreams to build their own businesses, it also brings about the realisation that the road to success is fraught with several challenges.

It is essential for businesses to have reliable sources of funding to ensure that operations can run smoothly on a daily basis. While running a business comes with inevitable risks, being well prepared for such risks can minimise the potential problems caused by a shortage of funding. Many businesses only consider taking up a capital loan when they find themselves cash-strapped. However, understanding capital loans and investing in them early on can allow you to seize crucial business opportunities knowing your finances are in order. For those who’re wondering how to go about applying for a working capital loan, check out our useful guide on everything you need to know about your financing options!

 

 

Why You Need A Capital Loan

Whether you’re just starting up your business or you’re looking to expand, having enough working capital to finance your daily operations is important to cover expenses and keep your business going. A capital loan is basically a loan you can obtain from a bank or from other institutionalised lenders to finance costs such as wages, rent and debt payments — especially when your business is under financial stress.

Many companies do not have a steady stream of income throughout the year which can be attributed to a multitude of reasons. For instance, businesses in the manufacturing industries often experience cyclical sales which results in periods where business enters a lull period. In order to continue covering the daily operational expenses, a capital loan will help you overcome such periods, and the loan can be repaid when business picks up.

 

 

When You Should Apply For SME Capital Loans

When it comes to running a successful business, one of the keys to managing your finances is to have a plan that takes into account any potential cash flow issues that may arise in the future. As every business has different functionalities, understanding the nature of your business will help you formulate a plan most suited to your business needs. This will allow you to start initiating loan applications when your company is financially stable.

Unfortunately, many companies only seek funding help when they face financial difficulties. As capital loans are based on your repayment ability, there is a chance that capital loans can be declined by lenders at the time you may need it most. Hence it is always advisable to seek these financing options when your company is in its best financial shape.

 

 

Where To Apply For SME Capital Loans

There are several options when it comes to choosing where you want to get your capital loan or term loan in Singapore.  SME capital loans in Singapore are usually offered by banks, financial institutions or alternative lenders.

Banks in Singapore provide various SME capital loan options, however, obtaining approval can be a tedious process for many SMEs. Another option SMEs can look at would be financial institutions that usually function as specialised lenders and have loans suitable for asset-based lending such as equipment loans.

ETHOZ Capital is a participating financial institution for the Enterprise Financing Scheme (EFS) under Enterprise Singapore. The aim of this partnership is to offer SMEs a variety of loans such as the Working Capital Loan, SME Fixed Asset Loan and the Temporary Bridging Loan.

 

 

Types of SME Capital Loans

 

Working Capital Loans

For SMEs that are looking for a source of funding to finance your daily operations, a working capital loan is the most suitable option. At ETHOZ Capital, the working capital loan scheme is targeted at SMEs that have a group revenue of up to $100 million or a maximum employee count of 200. For companies that are eligible, you can apply for a loan amount of up to $1 million dollars.

 

SME Fixed Assets Loan

If you’re looking for a loan to finance the investment of domestic or overseas fixed assets, the SME Fixed Assets Loan will be a suitable option for you. The SME Fixed Assets Loan can be used for the purchase of equipment for upgrading purposes as well as construction or purchase of government and commercial built premises for your business. If you are eligible for this loan, you can secure up to $30 million dollars.

 

Temporary Bridging Loan

The Temporary Bridging Loan Programme (TBLP) provides access to additional working capital for SMEs to fund their business needs. Under this scheme, eligible companies can secure a loan amount up to the $5 million dollars with an interest rate capped at 5%. To help manage debt and control cash flow, companies can also apply up to 1-year deferral of principal repayment,  subject to assessment by the Participating Financial Institutions.

 

Working Capital Loan Singapore

Even with a variety of options to choose from, navigating your unique needs and challenges to identify a capital loan that best works for your business can be rather challenging. If you need some assistance in further understanding your options, our experienced relationship managers can help you out with this and recommend a financial solution, after considering your requirements. Simply give our team at ETHOZ a call at 6654 7799 or drop us an email at contactus@ethozgroup.com today!

What is a Temporary Bridging Loan & How Will it Help Local Businesses?

As the COVID-19 pandemic continues to curtail economic activity in many parts of the world, the falling external demand coupled with factors such as supply chain disruptions has led to an overall contraction of Singapore’s economy. This has caused many SMEs in Singapore to bear the brunt of the economic fallout especially with customers staying home, resulting in reduced spending globally.

With uncertain times ahead of us, many SMEs in Singapore will continue to face financial constraints when it comes to maintaining their cash flows and meeting their financial obligations. For companies that are reviewing their current cash flows and exploring financing options in Singapore, there are many measures introduced by the government to help businesses address their urgent financial concerns. If you’re looking for a financing option to help manage any urgent business needs, the Temporary Bridging Loan Programme (TBL) will be a suitable option for you. Keep reading to find out everything you need to know about this scheme.

 

 

The Temporary Bridging Loan Programme (TBL)

The Temporary Bridging Loan Programme (TBL) is a government-assisted financing scheme for SMEs in Singapore, introduced in Budget 2020. This scheme is available to all sectors and provides working capital to fund your business needs given the current economic climate in Singapore.

 

 

Eligibility

In order to be eligible for this scheme, you have to be a business entity registered and physically present in Singapore with at least 30% of equity held by Singaporeans or Permanent Residents residing in Singapore. Do note that the approval of the loan will be decided after an assessment by the Participating Financial Institutions (PFI) involved in the scheme.

 

 

Features

The Temporary Bridging Loan provides working capital funding of up to $5 million to help you with your business needs. The interest rate for this will be capped at 5% effective p.a., from the PFIs. Enterprise Singapore also provides a 90% risk-share on the loans for any new applications that are initiated from 8 April up till 31 March 2021.

SMEs can even apply to defer their principal repayments for up to 12 months to assist them in managing their debt. This deferral will also be subject to approval by the PFIs after further assessment.

 

 

How To Apply

Currently, there are 15 financial institutions that are participating in this scheme. However, the credit criteria and interest rates may differ for each of the PFIs, which is why it is crucial to select a suitable PFI to avoid rejection of your application for the loan. SMEs in Singapore can also approach different PFIs to apply for multiple loans, However, do note that eligible companies can only borrow up to $5 million dollars even if you decide to obtain multiple loans from different PFIs.

In order to apply for the temporary bridging loan, simply approach the PFIs that are listed in this scheme to discuss your options. ETHOZ Capital is one of the PFis involved in the TBL and our relationship managers can provide you with detailed information on the loan rates as well as the eligibility terms to ensure that your application gets approved as quickly as possible — allowing you to tackle any financial challenges you are currently facing due to the COVID-19 outbreak.

 

 

How Will TBL Help SMEs

As the global pandemic caused by the novel coronavirus rages on, it is essential for companies to act fast and consider their financing options in order to persevere and tackle the economic crisis head-on. With the slowing economy, it is important for companies to strategise and manage their working capital efficiently — especially vulnerable businesses who are running on low cash reserves.

TBL was introduced by the government in response to the COVID-19 outbreak to help local businesses manage their immediate cash flow concerns. In times of financial instability, this scheme allows SMEs to shift their business priorities to addressing cash flow challenges and liquidity instead of merely focusing on profits and losses.

As the world adjusts rapidly to adapt to changing times, it has become more important than ever for businesses to stay relevant and this will be difficult to achieve if the company is faced with unstable cash flows. TBL helps companies out with this by addressing their most urgent business needs so that they can focus on other aspects such as adapting and reinventing to bounce back from this crisis in the long run.

 

 

Financing In Singapore

As with most businesses in Singapore, navigating financial obstacles to keep your operations running smoothly is not easy — especially in a time like this where the whole world has been plagued by economic inactivity. TBL scheme is a great opportunity for companies who’re looking for financing options to keep their business afloat.

If you’re unsure about the eligibility criteria and require assistance, our experienced relationship managers at ETHOZ Capital can help you out with this and guide you on what needs to be done for your loan application to be approved quickly. Simply give our team at ETHOZ a call at 6654 7799 or drop us an email at contactus@ethozgroup.com today!

 

 

Hire Purchase or Leasing of Equipment in Singapore: The Pros & Cons You Should Know

Many companies in Singapore need access to expensive equipment in order for their businesses operations to run smoothly. However, purchasing equipment in Singapore can be a daunting, not to mention pricey affair. Other options include leasing the equipment you need or acquiring it through hire purchase-but what does that entail?

If you’re looking for a long-term and cost-effective solution for your business needs, leasing and hire purchase are some great alternatives to consider! While both provide you with long-term usage of essential equipment for your business, they have very different implications on your finances and needs. If you’re unsure which would work better for you, fret not! We’ve put together this comprehensive guide exploring what these options entail and the benefits that come with them.

 

What is Leasing & Hire Purchase?

Leasing is essentially a method of renting an asset over a specified period of time for a fee, just to help your business advance to the next level. At the end of the lease agreement, you will have to return the equipment back to the rental company in its original condition.

On the other hand, hire purchase allows the hirer to acquire and utilize highly-priced equipment on their terms. Usually, an initial down payment is required followed by monthly payments for the fixed period. After all repayment terms are fulfilled at the end of the rental period, the hirer has the option to own the asset.

 

 

Pros of Leasing

 

 

1. Greater freedom and flexibility 

Leasing an asset is especially useful when you’re not 100% sure that you will need it in the long-run. Moreover, leasing eliminates the risk of asset obsolescence, as you won’t have to worry about the equipment’s disposal at the end of its useful life. You have the flexibility to decide when you want to return it to the rental company (preferably when the equipment becomes unnecessary to your business operations), passing on the burden of obsolescence onto the lessor, freeing yourself to lease new, higher-end equipment.

 

 

2. Lower monthly payments with low or no downpayment

Equipment leasing is an efficient way for new, growing businesses to get hold of the tools they need. If you are the owner of a small business enterprise or an entrepreneur, you may not have the capital to purchase equipment. In that case, leasing is definitely the more cost-effective option as it allows you to acquire equipment with minimal initial expenditures.

We have professional relationship managers at ETHOZ that will analyse your specific equipment needs and budget to propose a customised equipment leasing programme which will allow you to make affordable monthly payments over time. This way, you get to save your working capital for business expenses and expansion, which would otherwise be used up making cash payments for your equipment.

 

 

3. Easier to upgrade your equipment

Leasing makes it easier to upgrade your equipment depending on the needs of your business and how you structure your lease. For example, if you need a piece of certain equipment at the moment, but know that a newer and better model will be released in 1 year, you may sign a leasing agreement for a one-year term. That way, you’ll be able to trade in your old model and upgrade it to the new one at the end of your lease.

 

 

Pros of Hire Purchase

 

1. Customised repayment amounts

Be it small-scale local enterprises, businesses, or entrepreneurs, you will be able to operate your asset from the onset and generate revenue while paying for the equipment on a regular instalment basis over a fixed repayment term, maximizing working capital. At ETHOZ, we offer a flexible frequency of instalment payment terms to make budgeting easier for you. The payment terms may be monthly, quarterly, half-yearly, or annually, as per the terms of the agreement. Each rental payment is considered as a charge for hiring the asset.

 

2. Ownership of the asset

Hire purchase ultimately differs from equipment leasing with respect to the choice of ultimate ownership of the asset. At ETHOZ, we promise a hassle-free customer experience in helping you achieve that if you wish!

With simple and efficient application procedures and fast approvals, equipment bought on hire purchase will be accessible for use almost instantaneously without payment of the entire price. This makes it the most suitable for the purchase of expensive assets.

Moreover, before the completion of the repayment term, the hirer has the flexibility to terminate the agreement if they do not wish to acquire its ownership rights.

 

Hire Purchase or Leasing of Equipment in Singapore

If you’re looking for highly-priced equipment to boost the productivity of your business operations, it may be confusing — especially with so many things to look out for when it comes to either obtaining the asset through hire purchase or leasing. If you’re still having trouble deciding which would best meet your needs, simply give our team at ETHOZ a call at 6654 7799! You can also drop us an email at contactus@ethozgroup.com today!

 

 

3 Ways a Term Loan Secured with Property can Help Your Business

Starting your own business has become a dream that many Singaporeans are able to call a reality. But with new business ventures come both risk and reward. That’s why it is not uncommon for small businesses or startups in Singapore to require some form of financing, in the form of term loans. If you’re looking to learn more about what term loans are and how they can benefit your business, read our simple introductory guide to secured term loans in Singapore.

 

 

What is a term loan and what does it mean to have it secured with a property?

In layman’s terms, a term loan is a deal between a lender and a borrower. The lender provides a sum of cash up front and receives that cash back in the form of repayments, with interest, over a fixed period of time. Term loans are especially useful for businesses to purchase fixed assets such as equipment for production processes, as these allow for the generation of profit while the loan is being repaid.

A term loan secured with property, in particular, refers to the personal asset (your property) / company fix asset (property) being used as loan collateral. The lender will have legal mortgage over your property until the loan you have taken is repaid. This means, if you fail to make your repayment, the lender has the legal right to seize and sell your property in order to fulfil your repayment.

 

 

What is the difference between secured and unsecured term loans?

 

Advantages of secured loans:

 

1. Lower risk for the lender

One of the benefits of a secured term loan is that it presents a lower risk for the lender because the asset ensures repayment in the event of a default. A default refers to a failure to meet the legal obligations or conditions of a loan.

 

2. Lower interest rates for the borrower

Another benefit of a secured term loan is a complement to the low risk the lender faces. Lenders are thus more willing to lower their interest rate.  Lenders will also be more willing to extend a longer repayment period resulting in lower monthly instalment which is beneficial in helping your business manage funds in the present day.

 

3. Larger amounts can be borrowed

More money can be borrowed together with the flexibility of having longer periods for repayment. This is also partially due to the lower risk the lender faces, as valuable personal assets such as property are used as collateral for the business loan.

 

 

Advantages of unsecured loans:

 

1. Personal / Company assets need not be used as collateral

Unsecured loans are issued on the basis of the borrower’s capability to repay the loan without pledging a valuable asset such as your property as collateral.

 

2. A more hassle-free process

The application process for an unsecured loan usually goes much more quickly than a secured loan, as long as you or your business reflects a high credit score. You will be required to provide information about your savings, income, employment, or credit history.

 

 

How does a term loan secured with property help your business?

 

1. Increase liquidity

Some businesses in Singapore experience low liquidity, being short on cash and unable to pay off short-term debts such as taxes or payment to suppliers. Term loans secured with a property are particularly helpful for businesses in tight cash situations with valuable properties at their disposal. If you do not wish to sell and downgrade your property for cash, a term loan secured with property may be the solution as it allows you to get money out of your house without having to lose it.

The loan amount is established by the value of your property, which will be determined by an appraiser from the lending institution. If the value of your property increases over time, you may be able to request for a higher term loan, using the equity of your property as collateral.

 

2. Affordable repayment

The loaning institution will feel a lot more secure knowing that you won’t be able to just pack up your property and hit the road. With something they can foreclose on, term loans secured with a property are thus considered low-risk. This means that businesses will be able to take bigger loans with lower interest rates! With the capacity to take big loans without worrying too much about high-interest repayment terms, you will be able to focus on your business operations with a peace of mind.

 

 

Reliable term loans in Singapore

As with most businesses, navigating financial challenges is not easy and a lot goes into working towards and achieving one’s business goals. However, in some cases, the solution may not be straightforward. ETHOZ Capital provides businesses with easy access to additional funds from working capital loans to property mortgage loans at competitive interest rates, so that you may fully focus on growing your business.

If you require assistance, our experienced Relationship Managers can help you out with this. Simply give our team at ETHOZ a call at 66547799 or drop us an email at contactus@ethozgroup.comtoday!

 

 

The Best Private Hire Cars to Use in Singapore

Becoming a private hire driver is an increasingly popular profession in Singapore. Whether it’s to enjoy the flexibility it gives to your personal schedule, to earn a decent take-home salary, or to become your own boss, the profession is undoubtedly attractive to many.

Of course, you’d need to have a car for this purpose. If you don’t already have one, private hire car rental is the next best option for you — especially if this is just a temporary job to tide you over or if the complex car ownership process is just something you’re not ready for! In this article, we round up our best tips for choosing the best private hire car rental in Singapore!


1. Consider Your Customers’ Needs

As a private hire driver, ensuring the safety of your passengers is a responsibility that’ll fall on your shoulders. Taking extra precautions to ensure no one’s safety is compromised is just as important as having a clean and comfortable car for your passengers! Having added safety features on stand-by can give you peace of mind for safe travels ahead.

The Toyota Corolla Altis — one of the available models in our car fleet — can accommodate up to 4 passengers and comes with brake assist functions such as the anti-lock braking system (ABS) and electronic brake distribution (EBD). These functions can help to minimize the risk of sudden jerks, keeping you and your rider free from unwanted consequences.

Should you require additional space, rear seats can be folded to accommodate customers who might need extra space to put their groceries and bags!

 

2. Commuting in Comfort

Personal comfort is an investment worth making, especially when you spend most of your time chauffeuring people around from one place to another. Having a little more legroom in the car can make your journeys much smoother and keeps your body from aches and fatigue at the end of the day!

If you spend most of your day driving in a car, you might be prone to getting backaches from being seated for long periods of time. As compared to its’ predecessor, the Mazda 3 comes with improved interior features for more lateral support.

The cushion of the driver’s seat is much bigger with lower cushions long enough to accommodate taller drivers as well. Better yet, the back of the front seat has been redesigned to support you with a more natural sitting position when you drive. At $50/day, you can enjoy a cozy driving experience while protecting your back as you drive throughout the day!

There’s also more room for your passengers. Passenger seats and cargo capacities are larger, which means they need not worry about getting stuffy in the car if they carry along excess baggage!

3. Consider Your Intended Driving Duration


If you intend to drive very frequently over long hours, it can be worth going for a more fuel-efficient option to save you some bucks along the way. Though the differences may seem minor at first, just factor in all the hours you spend driving, and you’ll see a huge difference in your petrol bills at the end of the day!

Slightly more compact in size than the Mazda 3, The Mazda 2 — one of our available models in our car rental fleet — is also the most economical option that costs just $45/day.

Designed with a SKYACTIV® engine, the Mazda 2 is fuel-efficient and kinder to the environment. It comes with decent body control as well, making the driving experience perfect for long-distance cruising.

If you get caught up in traffic, there’s also an “I-Stop” function that can automatically stop the car’s engine when it is not in use and resumes it thereafter when it is time to drive. This way, you save on both fuel and money along the way too!


Renting vs Buying a Car in Singapore for Private Hire Drivers

As mentioned previously, buying a car may not be a suitable option for those seeking this profession as a short-term gig. The car ownership process in Singapore is very tedious, and also comes with hefty price tags attached to the Certificate of Entitlement (CoE).

Furthermore, the true cost of owning a car doesn’t end there! It includes maintenance, insurance, repairs and more. Hence, renting a car in Singapore is most often the best option for private hire drivers.


Renting a Private Hire Car in Singapore

With these tips in mind for choosing a private hire car, now it’s time to actually find a provider! Our private car rental service at ETHOZ boasts years of experience in the automotive industry and we are equipped to provide you with attractive rental packages that have fixed rental rates and refundable deposits.

From as little as $45 a day, our cars feature unlimited mileage and even regular servicing included at our professional car workshops to ensure that your rented car is in perfect condition not only for your safety as a driver but also for your passengers’ comfort.

At ETHOZ, our rental packages are inclusive of motor insurance, maintenance and road tax. In addition, you get to earn an incentive by signing a 6-month rental contract! Find out more about our private hire car rental service or simply reach out to a member of our team at contactus@ethozgroup.com to explore our options available to you. If you’ve enjoyed reading this article, our blog offers more tips and articles that can help you with a variety of topics such as automotive and rental solutions, as well as financing for equipment leasing!

Things to Consider When Looking for Cheap Car Rental in Singapore

It comes as no surprise that owning a car in Singapore is a pretty pricey affair. That’s why tons of Singaporeans content themselves with the extensive public transport network which has become an integral part of life here. But between owning a car and jostling through crowds to get from one location to another, there’s another affordable transport option in Singapore–car rental!

There are many car rental companies in Singapore offering car rental services for various needs. If this is your first time renting a car, there are a few things you should definitely look out for. Keep reading to find this comprehensive guide we’ve put together on all you need to know about finding cheap car rental services in Singapore!

 

Basic Requirements for Car Rental in Singapore

Though the legal driving age for Singaporeans is 18, you won’t necessarily be able to rent a car to get around in till you’re 21, but with a higher excess for those with driving experience of under 2 years, so check out these basic requirements if this is your first time considering car rental in Singapore!

Minimum Driving Age: Most car rental companies have a minimum driving age of 21-23 years old and NRIC and Driver’s License has to be produced for the car rental.

Expats: For Expatriates, passport, employment pass and valid International Driver’s Permit (IDL) must be produced. In the absence of an IDL, the hirer can produce their own country’s driver license which has to be translated into English.

 

Figure Out Your Car Rental Needs

Short Term Car Rental

If you’re looking for a car for a fun little weekend getaway or if you simply feel like spending a few days cruising around to beat the crowds during holidays, a short-term car rental will be the best option for you.

Also, the general rule of thumb is that the shorter the rental duration, the higher the rental costs per day. So taking the time to assess how long you’re going to rent a car can really make a difference to the final expenditure. If you are going to rent a car for more than 2 weeks, check the difference between the daily and monthly rental so you can do your math and figure out which is better for you.

 

Long-Term Car Rental

For those who do not want to bear the burden of the costs that come with owning a car, but still want to drive frequently, long term car rental options may be more suitable for you. Usually, long term car rental packages come in the form of monthly or yearly contracts depending on the user. If you’re looking for a more cost-effective option, one-year and longer contracts are usually cheaper than monthly contracts, if you break down the costs on a daily basis.

If you’re going to be driving the car frequently over a significant period of time, you should definitely opt for a long-term car rental package. You may also want to pick a specific model that will best suit your needs, given your frequent use. At ETHOZ, we offer a wide variety of make and models to suit your needs or preferences. If you are able to commit a longer term, i.e., 2 years or more, you will have the option of leasing a brand-new vehicle.

 

When is the Best Time to Get Cheap Car Rental?

As the saying goes, timing is everything–and that holds true even for car rentals! If you’re anticipating the need to rent a car during peak periods such as Chinese New Year, Hari Raya and so on, you may want to approach your car rental service provider way before this festive period to avoid peak period surcharges. The peak period surcharge will apply as long as your dates fall within the peak period but you may be eligible for early bird discounts if you make a booking early! However, if you are flexible with your dates, you may want to avoid renting during the peak period to avoid paying premium rates. Not to mention, if you put this off till right before the festive period, you might find that your car models of choice have all been snapped up!

 

What is Included in the Car Rental Package?

Different car rental companies carry varying assortments of car fleets and have different terms and conditions that are included in the car rental package. If you’re looking to save costs on car rentals, it is important to pay attention to the following details that entail renting a car. This may save you the additional expenses that may arise in certain circumstances.

 

Insurance Coverage

If you’ve never owned a car before and are looking to rent a car for the first time, insurance is something that you should definitely look into. It is advisable that you familiarise yourself with some of the terms included in car insurance.

 

Named Driver

If you’re renting a car for use among yourself and other family members or even friends, do ensure that all your names are stated in the contract. You should check with your car rental company to verify how many drivers are allowed to drive the rental car and if additional payment for insurance is required for additional drivers as the insurance company can choose not to cover unnamed or additional drivers.  If someone whose name isn’t in the contract drives the car, you may not be insured and this may result in additional costs when the need arises to claim insurance.

 

Excess

Excess refers to the maximum amount that you have to pay on your own in the event an accident occurs. For instance, if you are involved in an accident you will be liable for the Excess stated in the contract regardless of the repair cost which can be higher or lower that the Excess. However, if the accident is found to be 100% liable to the third party, the excess you have paid will be refunded. Do note that for those planning to drive into Malaysia, the excess may be even higher.

For those above or below a certain age or has driving experience less than the minimum required stated in the contract, you will be subject to an additional Excess on top of the stipulated Excess. If you are planning to drive into Malaysia, do note that in the event an accident occurs, you will be subject to a higher Excess.

 

Collision Damage Waiver (CDW)

If in the case of an unfortunate event where the car is subjected to some damage while you’re driving it, you will be held liable for the Excess stated in the contract. However, if you wish to lower the Excess liability, you can simply purchase a CDW when renting to lower the Excess. All you have to do is pay a little more upfront and you can drive with a peace of mind!

 

Theft Protection

While none of us ever imagine our rental car getting stolen, it is best that we are prepared for such a scenario. Theft protection insurance can protect you against the costs you would have to pay if your car or even parts of it get stolen. Just like how a CDW works, you simply have to pay extra upfront and the theft protection insurance will reduce your liability if the car gets stolen.

 

Accidents & Emergency Breakdown Services

Accidents can happen at any time, and it’s important that you can get help as soon as possible in such times of distress. Fortunately, ETHOZ has a 24/7 operating call center that can assist you if you need help in the event of a vehicle breakdown or accident. In the unfortunate event that an accident occurs, note down the vehicle number of the involved drivers as well as capture photos of the accident site for the accident report. Subsequently, report the accident within 24 hours to ETHOZ Accident Reporting Centre situated at Bukit Batok and Tampines to submit the accident report. The Claims Sales Executives at ETHOZ will arrange for the repairs to be made and also assist in resolving the insurance claims.

 

Driving to Malaysia

If you’re looking for a short-term rental for a road trip to Malaysia, it is important to make sure that this is included in the rental package, since not all rental companies allow you to drive their cars to Malaysia. While some car rental companies offer special packages for you to drive into Malaysia, some companies may charge an additional surcharge for crossing the causeway. Also, some rental companies do not provide insurance coverage and some of the smaller rental companies may not provide breakdown services in Malaysia. Do make sure you clarify with the car rental company before entering Malaysia to extra costs for your car rental!

 

Cheap Car Rental Singapore

If it’s your first time renting a car in Singapore, it may be confusing — especially with so many things to look out for to find the most suitable car. If you’re still having trouble deciding on a car rental package that would best meet your needs, simply give our team at ETHOZ a call at 66547788 or drop us an email at contactus@ethozgroup.com today!

 

5 Ways a Loan can Boost Your Business in Singapore in 2020

There’s been tons of talk about how business in Singapore is booming, but how? Well, in the Global Innovation Index 2019 released by the World Intellectual Property Organization, Singapore ranks amongst the top ten countries in the list and the #1 country amongst South East Asia, East Asia, and Oceania.

Singapore is known as a pioneer in implementing the best practice of knowledge-intensive employment and has proved to be a world leader in strategic partnerships. Complimented with an enterprising mindset and flexible working capital for modern businesses, Singapore is one of the globally acclaimed countries, when it comes to setting up state-of-the-art facilities and continues to remain a prominent hub for business; attracting foreign investors and small-time businesses, alike.

 

 

Changing Trends

Amongst all these economic developments, a major revolution that has become the trend in Singapore is the rate at which Small and Medium Enterprises (SMEs) are growing. According to the Department of Statistics, in 2018, SMEs have added a 47% of nominal value (S$447 Bn); out of which 38% are locally owned enterprises.

Like every business leader, the idea is to continuously grow the business and strive for excellence. That said, dreams and ideas may require a substantial investment, the lack of which, may alter the pace of growth for an SME. That is where managing cash flows becomes important and a loan can come handy. Here are five ways in which SME loans can help boost your business in Singapore this year!

 

 

1. Investing in future expansion

Exploring new markets requires capital. Finding out a centralized location, investing in the infrastructure, licenses, hiring; a loan will help support your new venture until it is self- sustaining with sufficient return on investment.

 

 

2. Stability for existing initiatives

From maintaining a healthy cash flow to paying salaries on time, down to investing in the latest technologies–a loan helps you, as a small business owner, to plan better and in turn, deliver superior products and services to existing and potential customers. It’s important to remember that loans aren’t just for large-scale expansions–they’re vital in helping you consistently maintain and improve on your business processes!

 

 

3. Supplementing new short-term projects

For times when vendor payments need to be disbursed in advance from your pocket before you receive the same from your client, a loan will help ensure that the project is executed without any obstacles. One can also consider exploring the possibility of investing in new technology to diversify or augment your current offering.

 

 

4. Security for hard times

Possibly one of the most common uses of SME loans, many small business owners in Singapore are advised to take out loans to tide through the early stages of launching a business. This is to stay one step ahead of potential financial setbacks so as to avoid letting your hard-earned business shut down due to a lack of foresight. A loan is an investment as well as a guarantee for the future.

 

 

5. Brand building and visibility

Marketing, as well as media campaigns, demand significant capital investments. And while many businesses have an allocated budget set aside for their marketing efforts, a short-term loan gives you the flexibility to make smarter and faster decisions, to reach a greater audience and create maximum impact, as and when the need arises.

 

 

What type of SME loans in Singapore Can I Choose?

There are two main types of popular loans that SMEs tend to opt for in Singapore:

 

 

SME Working Capital Loan

• To plan finances better every day.

• Funding capital for business operations.

• Maximum loan amount of S$300,000.

 

 

SME Fixed Assets Loan

• Security for fixed assets: Domestic as well as overseas.

• Funding for equipment purchase or upgrading and the purchase of business properties.

• Avail up to S$30 million.

 

 

Eligibility:

• Your business enterprise has to be registered and located in Singapore.

• Have at least 30% local equity held directly or indirectly by Singapore PR(s) and/or Singaporean(s).

• Have a group revenue of up to S$100 million or maximum employment of 200 employees.

 

 

Getting a business loan in Singapore is a hassle-free process!

According to an SME Development Survey released in 2018, finance-issues have been listed as the top-most roadblock that SMEs in Singapore have to face. But with the changing times, aid extended from the government and digital transformation listed as the theme of the year; a lot of SMEs have favourable things to convert 2020 into a year of milestones.

With the aim of increasing the quantum of locally-owned SMEs, our team at ETHOZ works to help SMEs obtain loans in Singapore. As a reputed financial institution, participating in the Enterprise Financing Scheme (EFS) administered by Enterprise Singapore, till date, ETHOZ has successfully provided personalized capital financing solutions to our clients, in Singapore and throughout South-East Asia as well.

To get more insight and advice onSME loans in Singapore from our team at ETHOZ, give us a call at +65 6654 7799 or drop us an email at contactus@ethozgroup.com today!

 

 

Why Your Business Should Lease Commercial Vehicles

It’s no secret that Singapore has become an epicentre when it comes to business opportunities– and this is true in a wide range of sectors. Companies from far and wide have begun to open headquarters within the region as a way to expand their business across ASEAN and Asia.

However, what many business owners don’t realise is the importance of having access to high-quality vehicles. Integrating the use of commercial vehicle rental in Singapore can have many benefits for your business–here are 6 major reasons your business in Singapore should lease commercial vehicles!


1. Leasing Offers Flexibility

Businesses should always aim to adhere to a strict budget, and purchasing a fleet of commercial vehicles may not be the most budget-friendly option depending on your situation–especially given the high cost of vehicles in Singapore!

Instead of buying your fleet, consider van rental in Singapore as a flexible alternative instead. With leasing, you don’t own the vehicle, and it’s yours to use during the dates specified in your contract. So if your business needs vans for mid to long-term purposes, this is definitely the way to go.

Not to mention, leasing also gives you the added flexibility in growing your business by expanding your fleet. When your leasing expires, you have flexibility in upgrading the vehicle, which is suitable for those with business expansion plans in the works.

At the end of your lease, it’s up to you whether you want to renew your contract or not. And if you decide to renew your lease, you may even opt for an entirely new fleet of vans and cars for an extremely cost-effective rate.


2. Vehicle Leasing Is an Affordable Solution

Singapore is one of the most expensive places to own a single vehicle, let alone an entire commercial fleet. It’s essential to find ways to save money when it comes to obtaining commercial vans or automobiles, and many business owners quickly learn that leasing is the most affordable answer.

Buying a vehicle in Singapore usually requires a down payment. That’s not pocket change. However, if you opt for renting vans in Singapore instead, you can get a much better deal by avoiding this huge down payment cost. This can be especially important for SMEs in Singapore that are looking to expand their operations.

Another benefit of leasing is that you can easily find a price point that fits your budget, and you can even alter the length or terms of your lease to meet your company’s usage. For example, you can choose to rent your commercial vehicles for a short-term or long-term period, depending on your needs.

This will save you any sunk cost you might otherwise incur from having to invest in purchasing a fleet of commercial vehicles on your own. Not to mention, vehicles always come with upkeep costs, even if they’re not actively being used all the time! So don’t just consider the initial cost outlay, factor in all the associated costs of owning a vehicle in Singapore.


3. Eliminates Maintenance

Like we mentioned earlier, owning a vehicle requires a lot of maintenance and upkeep—all of which comes at a considerably hefty price. And if you run a company, having a fleet of vans can potentially set your bank account in the red. An easy solution to this dilemma is to rent your commercial vehicles from a service provider you can trust.

For instance, at ETHOZ, our commercial vehicle rental service is designed to help you meet your business objectives. We quality assure all our vehicles to ensure that they’re running as they should so you don’t have to worry about constant upkeep while preventing possible breakdowns. Maintenance of the vehicles is included in the rental package which essentially translates to zero maintenance cost on your part. It is also a worry-free option as you do not need to go out of the way to source for maintenance quotes on your own!

Consider this: the more well-maintained your fleet, zero maintenance costs and downtime incurred.

Our team can also help you monitor and manage operating administrative costs, and performance efficiency.


4. Commercial Vehicle Support

The last thing you want is for your van to break down in the middle of a workday–but these things are unavoidable when you’re busy running a business! Even the best vehicles sometimes have problems, and if you own your fleet, you’ll have to find a way to get out of this sticky situation yourself.

But renting your vans and commercial vehicles can often come with supporting services such as roadside assistance, which means less operational and financial stress on your business! At ETHOZ, we provide 24/7 help to our customers as and when the need arises, so not to worry!


5. Save Time to Focus on Core Aspects of Business

As a business owner, there is already so much on your plate, with various administrative matters to tend to. Leasing your fleet means that you can spend more time productively — managing the different core aspects of your business while leaving tasks such as planning and scheduling of maintenance of the vehicles to ETHOZ.

As we mentioned earlier, ETHOZ’s fleet management team dedicates their time to monitoring the rental fleet’s operations and performance efficiency. This eliminates the need for you to assign headcount to manage maintenance — a time and cost-effective option for your business!


6. Replacement Ready

Reducing vehicle downtime is always a concern for business owners as it invariably incurs cost. Minimizing this downtime is one of the ways business owners seek to optimise their operations. Luckily ETHOZ provides replacement services for you at your convenience — one of the perks of renting commercial vehicles!

ETHOZ has a ready replacement fleet at their disposal which will definitely reduce the vehicle downtime for your business in the case where your vehicle needs to be replaced or sent for maintenance. In the case of scheduled maintenance, a replacement vehicle will definitely be provided so as not to disrupt your daily operations. In the unfortunate case of a breakdown, a replacement will be arranged for you as soon as a suitable replacement vehicle is available.


Rent Your Commercial Vehicle Fleet

Renting commercial vehicles in Singapore definitely comes with tons of benefits for your business, but before you decide to lease any vehicles in the long term, always check in on what your rental company has to offer! But if you’re still struggling to decide on a commercial vehicle rental provider to work with, don’t hesitate to give our team at ETHOZ a call at 6654 7773 or drop us an email at contactus@ethozgroup.com today!

3 Simple Ways to Expand Your Business in Singapore in 2020

Despite the global economic slowdown that has affected our trade-dependent Singapore, the local economy averted a recession in 2019 and continues to demonstrate promising growth. Fortunately for businesses in Singapore, there are tons of support measures to increase productivity and upskill workers to prepare and strengthen our economy in the face of challenges. Thus, 2020 is the year for Small and Medium Enterprises (SMEs) in Singapore to grow and for businesses to start shifting their priorities!

There are countless ways to improve and expand your business this year. In this article, we’ll discuss 3 simple but transformative ways for your business to thrive in Singapore this year.

 

Start By Doing Your Checks

But before we start identifying new sources of revenue, we advise that you always carry out a thorough review of your business plan first! Ensure that your business is moving in the right direction of your vision, that your financial projections are reliable, and that your core products and services are well-defined. It’s also imperative that you understand how you match up to your competitors in the industry so that you can clearly envision how your plans in 2020 will put you ahead of the curve.

 

1. Increase Your Product/Service Mix

Before you can stay ahead in this competitive business scape, it’s most important to stay relevant. While there is a lot to be said about sticking to a specific product or service category and perfecting it, it’s important to see how the changes in the market affect overall demand.

Increasing your product/service inventory is one way of expanding your business without changing existing operations. For instance, think about recent trends that are happening in Singapore, and predict what kinds of products or services that people want. How much are they willing to pay for it, after accounting for your profit margin? The next step is to do your groundwork — such as testing out your products or services on a small group of people that highly resemble your target audience, and asking how much they would want to pay.

 

2. New Sales or Delivery Channel

Integrating digital technologies into your business’ systems and processes is an on-going and invaluable addition that can completely change the way your business works, and help you achieve a new level of efficiency!

In the aspect of business expansion, it means being able to reach out to new consumers directly via digital marketing — utilising advertising and search engine optimisation (SEO) tactics — and selling products on a digital storefront. Over time, actionable insights can be derived from data on these new consumer segments and can be gathered to guide the business strategy in the future. Supported by local legislation to help SMEs, technological integration should be practised by every company to reap the benefits of new sales and delivery channels.

 

3. Expand Your Market Reach

While starting small and focusing on Singapore’s market is a great stepping stone for many businesses, you can and should seek foreign market opportunities and even other niches that your business has not explored.

These new markets should exhibit strong demands for your product or service offered. However, expanding geographically and cross-industries can bring plenty of opportunities and pitfalls as well. To avoid costly blunders as much as possible, you should carry out a detailed analysis of the new market’s nuances, such as how the demographics might differ from that of Singapore’s. This is crucial as advertising techniques and how you reach out to consumers or businesses could also change.

 

Business Financing Considerations in Singapore

For those seeking to grow their business this year, planning ahead in advance to secure funds for your projects will save you from unnecessary headaches. Not only will you have the best terms from the lender, but also ample additional time to prevent any possible hiccups.

Especially for small businesses, gathering your finances can be one of the most challenging tasks. Thankfully, the Singapore government is very supportive of local incubators and funding schemes for SMEs. Under the Enterprise Financing Scheme (EFS) by Enterprise Singapore, we provide a range of financing schemes and loans for SMEs to purchase infrastructure, equipment, upgrades, and more.

This way, SMEs are able to obtain funds more easily when they need it during times of need — such as an increased customer demand or for Research & Development (R&D) purposes. No matter the growth stage of your business, there will always be a suitable business financing scheme to suit your needs. Find out more about our financing solutions or simply reach out to a member of our team at contactus@ethozgroup.com to explore the options available to you. If you like reading more of such content, head over to our blog to learn useful tips and case studies that can help your business!