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Cheapest Car Loan In Singapore
Are you looking for reliable cheap car loan in Singapore to finance your beloved vehicles? Looking for recommendations for competitive interest rates, and fuss free experience? Looking for a reputable company that honors their initial terms & conditions? Are there benefits to finding a finance company which has decades of experience in the industry? Finding a good credit company that curates auto financing packages to your financial needs doesn’t have to be a hassle, read on to find out!
Financing a car does not mean you have to approach dealers and be charged hefty admin fees, there are credit companies that have their own submission portal, where you can drop your enquiry in, & an admin will service your request in due time. Alternatively, if you don’t want the hassle of having to deal with any paperwork yourself, there are auto-loan specialists that can assist you with all of the needed documentations, & the nitty gritty such as vehicle transfer, accepting vehicle transfer, & clearing any existing vehicle finance.
We have done up a full review on the honest & reputable In-house finance companies in Singapore!
Maximum Vehicle Loan Amount
The maximum amount you can get for a vehicle loan is either 70% or 60%, depending on your car’s open market value(OMV):
Motor vehicle with OMV ≤ S$20,000: maximum LTV is 70%
Motor vehicle with OMV > S$20,000: maximum LTV is 60%
However, this is generally meant as a guideline, you may or may not be able to qualify for the maximum Loan-To-Value(LTV). Your financial obligations will be taken into account in determining your loan amount!
1. SGCARLOAN – Motorcycle and Cars Loan 
SGCARLOAN is an automotive service provider for vehicle loans and insurance, helping potential owners looking to buy a vehicle from another owner. They will help you to source the best deals for vehicle loans and insurance, stretching your dollar in the long run.
Their team is experienced and will ensure that you understand the nitty gritty details before inking the deal. Whether its a car, motorcycle, or commercial vehicles, they will help you to get your desired loan package at the best rates!
They will also provide you with the best customer service support, from presales, to aftersales services.
| Website: | https://sgcarloan.sg/ |
| Address: | 73 Upper Paya Lebar Rd , #07-01-H (S) 534818 |
| Phone: | 8827 9001 |
2. Swee Seng Group – Cheapest Car Loan in Singapore
| Website: | https://sweesenggroup.com/ |
| Address: | 21 Toh Guan Road East, #01-01/02 Toh Guan Centre Singapore, Singapore 608609 |
| Phone: | 6466 3808 |
Swee Seng Group Of Companies is one of the most established dealership in Singapore, with more than 30 years of history, & Singapore’s premier integrated automobile & cheap car loan provider. Their vision is to be an ideal choice for integrated services. To upkeep their reputation, they aim to continue providing stellar service & procuring customer feedback, so they can continue innovating towards excellence. With competitive interest rates for vehicle financing, It is no wonder they’re still one of the few top choices when people want to buy a car.
3. Dickson Group – Cheapest Car Loan in Singapore
| Website: | https://dicksongroup.com.sg/ |
| Address: | 21 Toh Guan Road East, #01-01/02 Toh Guan Centre Singapore, Singapore 608609 |
| Phone: | 6668 1166 |
Dickson Group is another reputable automotive group with more than 30 years of history in Singapore. Their businesses encompasses the entire spectrum of car related services, from leasing solutions, auto financing, insurance, as well as aftersales service centre. As a member of the Singapore Vehicle Traders Association(SVTA), they pride themselves as a fair & transparent dealership.
Their new building, Dickson Auto Centre, also includes a car service centre which covers their industry leading warranty coverage for both new & used cars alike. With an equally competitive interest rate, you’ll likely find many vehicle owners using them as their hire-purchase partner.
4. MOTORIST – Cheapest Car Loan in Singapore
| Website: | https://www.motorist.sg/ |
| Address: | 12 Tai Seng Link, #06-02, Singapore 534233 |
| Phone: | 6589 8800 |
Motorist was first headquartered in Singapore on 2015, after it’s founder tried selling his car on his own, and faced unreasonable offers from unethical buyers who tried to take advantage of his inexperience. He was also unfamiliar with the sales and vehicle transfer process, so he eventually came up with the idea of a reliable third-party platform where vehicle owners looking to sell their car can connect with certified & genuine buyers, with Motorist presiding over the transaction.
Over the years, Motorist is now a comprehensive AutoConcierge platform that not only assists vehicle owners with their transactions, but also helps them to conveniently manage all aspects of vehicle ownership. If you are looking to renew your COE, Motorist will be able to assist you more than adequately providing the best car loan rates in Singapore
5. DBS BANK – Cheapest Car Loan in Singapore
| Website: | https://www.dbs.com.sg/ |
| Address: | 12 MARINA BOULEVARD MARINA BAY FINANCIAL CENTRE SINGAPORE (018982) |
| Phone: | 1800 1111111 |
DBS Bank, since it’s inception in 1968, has been serving our country’s economic needs, and is currently also providing promotional interest rates for brand new electric & hybrid vehicles. If you are looking to purchase a hybrid or electric vehicle, we will greatly recommend you to consider going for a hire-purchase car loan with them!
6. OCBC BANK
| Website: | https://www.ocbc.com/ |
| Address: | 65 Chulia St, OCBC Centre, Singapore 049513 |
| Phone: | 1800 363 3333 |
OCBC BANK is currently offering an exclusive promotion for Electric vehicles through their OCBC ECO-Care Car Loan, with attractive interest rates, up to 12 months free charging by CHARGE+ depending on your property type. The current qualifying brands are Audi, Jaguar, Nissan, and Tesla!
What’s more, you can simply apply for this vehicle loan through MyInfo, getting you an approval within 60 seconds! You will know how much loan you qualify for even before stepping into the Showroom, saving you tons of time with your budgeting.
Cheap COE Car Loan in Singapore
For vehicles whose Initial Certificate Of Entitlement(COE) is expiring, owners actually have the option to renew their COE based on the latest current Prevailing Quota Premium(PQP). Unsure what PQP is? It is an average of the previous 3 months bi-weekly bidding exercise.
As an example, in order to calculate the PQP for the month of August 2022, the previous 3 month’s QP will be summed up, and divided by 6 to get your PQP. (S$78,899 + S$78,001 + S$74,989 + S$73,801 + S$68,001 + S$70,901) / 6 = S$74,098.67, ≈ S$74,099 ( PQP for Month of August, 2022, Category A).
Many vehicle owners might feel that their cars are still in great condition, and as opposed to having their vehicles deregistered & scrapped, receiving their Preferential Additional Registration Fee(PARF) rebate in the process, by choosing to forfeit their PARF rebate, they are able to renew their vehicle’s COE by another 5 or 10 years.
For owners who choose to renew their vehicle’s COE by 5 years, they will only be allowed to renew it once, and at the end of it’s renewed COE, the vehicle has to be scrapped.
For owners renewing it by 10 years, they are able to renew it perpetually, which is why there are so many amazing cars from the yester-decades still plying our busy roads today!
However, Commercial vehicles are different as compared to passenger vehicles, whereby their COE can be renewed for 5 years, and subsequently until the end of it’s vehicle lifespan, which is 20 years from when it is first registered.
Interested to renew your COE? Read on while we give you recommendations on the best banking or in-house finance institutions to have your COE renewed!
1. Maybank
Maybank is a go to for most people who purchase COE Cars, as their approval amount can go up to 70% of the vehicle price, coupled with an attractive interest rate from 3.18% onwards, makes it an easy choice. With the lower overall price for a COE Car, as compared to a brand new car costing well over S$140K onwards for entry level vehicles, an older model with a fresh 10Y COE typically costs around S$90K onwards, increasing affordability.
| Website: | https://maybank2u.com.sg |
| Address: | Maybank Tower, 2 Battery Road Maybank Tower Singapore 049907 |
| Phone: | 1800 629 2265 |
2. Hong Leong Finance
Hong Leong Finance is the largest finance company in Singapore, and they are providing attractive interest rates for COE only renewal, making it ideal for vehicle owners whose initial COE is expiring. With an interest rate from just 2.88% onwards, whether you choose to renew 5/10Y COE, the low interest rate helps to increase your affordability!
| Website: | https://hlf.com.sg |
| Address: | 16 Raffles Quay, #01-05, Hong Leong Building, Singapore 048581 |
| Phone: | 6579 6777 |
3. Moneymax Leasing
Moneymax is a Singapore-based company, starting off as a pawnbroker, retailer, & trader of pre-owned luxury items, before venturing into vehicle financing a couple years back. Even though the business is less than 10 years old, they have grown from strength to strength, servicing Singaporeans in getting their COE Renewal Loan. With an attractive interest rate, this could be an option for you to consider!
| Website: | https://moneymaxleasing.com |
| Address: | 7 Changi Business Park Vista, Suite 1 Sookee HQ, Singapore 486042 |
| Phone: | 8133 3568 |
4. Speed Credit
Speed Credit is one of the leading car financing companies in Singapore, with over 20 years in the scene. Till date, they have served more than 20 thousand vehicle owners, with good reviews on their Facebook page. If you’re looking to renew your vehicle COE, do look them up as they’re having promotional rates from just 1.8%* onwards!
| Website: | https://www.speedcredit.com.sg |
| Address: | 50 Ubi Avenue 3 Frontier, #01-01/02 Singapore 408866 |
| Phone: | 6444 4400 |
