Car Loan Service Singapore —

As a general rule in Singapore, bank loans do not come with additional charges. For more zero downpayment loans, the loan companies that offer such loans do charge financing fees starting from $300.

We believe in transparency and strive to keep our fees and charges to a minimum. Any applicable fees will be clearly outlined in your financing agreement, and our team will ensure that you understand the terms before proceeding with the purchase.

As a general rule in Singapore, if the monthly instalment is less than 30% of your monthly payslip amount, your loan approval would be straight forward. For monthly repayments more than 30% of your monthly salary, a guarantor may be needed for loan approval.

Do check with us on specific advice for your situation.

For car loan applications in Singapore, you will need to provide:
1) Notice of Assessment (NOA)
2) CPF Contribution History
3) NRIC
4) Car sales agreement

If you have a buyer for your car and require assistance on loan matters, do contact us and we can offer attractive rebates on the loan for both seller and buyer.

As a general rule in Singapore, we will be able to secure the car loan approval within the same day for straightforward cases. Otherwise, allow up to three working days.

Absolutely! Our loan specialists will work closely with you to tailor a loan package that aligns with your budget, preferences, and lifestyle. Whether you prefer lower monthly payments or a shorter repayment term, we're here to help you find the perfect solution.

Contact us for free advice on your needs, we are happy to help.

Yes, we accept trade-ins as part of the financing arrangement to help offset the cost of your new car. Our team will assess the value of your trade-in and incorporate it into your financing package for added convenience.

Contact us with your needs and we will cater a solution to your specific situation.

Yes, this is a good way of reducing your monthly instalment. Especially if you bought your car new and it is in the 3 to 5-year-old range.

Zero down payment options are available. Contact us for more details.

In Singapore, 95% of cars are bought with car loans, as the car prices are the highest in the world. Car loans can be taken for up to 7 years or until the end of the COE for the car. According to MAS regulations, the amount of loan that car be taken for a car is up to 70% of the car price.

What's a Car Loan?

Simply put, a car loan is money you borrow to buy a car. You pay it back on a monthly basis.

Applying for Your Loan

Applying for a car loan can be simplified when done through a car dealer, potentially saving you a significant amount of paperwork. Some requirements like income and credit history. Then, the lender decides how much you can borrow.

Understanding the Terms

Once approved, you'll have fixed monthly payments for a set period. Make sure you know exactly what you're agreeing to before you sign on the dotted line.

Interest Rates 2024

PARF cars - 2.48%

COE cars - 3.18%
COE loan - 2.88%

Yes. Bank loans that have monthly repayments do have an impact when you are assessed for housing / property loan eligibility.

There are Non-TDSR loans that can be taken, with interest rates starting from 2.78%.

No. Guarantors are usually not necessary unless the loan quantum is abnormally high compared the Hirer’s income, or, if there are records of bad credit in the past.

We have ways to help, let us know your situation and we will tailor the best way for you.

Car Loans in Singapore work by simple interest. You can calculate the car loan repayment and total interest charges using a simple formula.

For example, if you are taking a 4% car loan of 100,000 for 5 years.

Your total interest paid would be 4% x 5 years = 20% or 20,000

Total amount paid over 5 years would be principal sum of 100,000 plus 20,000 interest = 120,000.

Total monthly repayment would be Total amount paid 120,000 divided by loan term of 5 years = 24,000 a year or 2,000 a month.