Best Car Loan Interest Rates in Singapore (2025)

Updated: 25 Aug 2025

Get the best car loan in Singapore with the lowest interest rates here on Singsaver. Compare car loan options to find one with the favourable interest rates, flexible repayment terms, prompt customer service, and many more. With the right car loan for your needs, you can comfortably finance your new car purchase without worry. Apply for your ideal car loan on Singsaver now.
Loan
Monthly Repayment
SingSaver Reward
Annual Interest Rate
Total Cost of Loan
EIR
DBS Car Loan
DBS Car Loan
S$903
-
2.78 %
S$2,502
5.19 % p.a.
OCBC Car Loan - New Car
OCBC Car Loan - New Car
S$903
-
2.78 %
S$2,502
5.27 % p.a.
OCBC Car Loan - Used Car
OCBC Car Loan - Used Car
S$918
-
3.38 %
S$3,042
6.32 % p.a.
UOB Hire Purchase Car Loan - New Car
UOB Hire Purchase Car Loan - New Car
S$903
-
2.78 %
S$2,502
5.59 % p.a.
UOB Hire Purchase Car Loan - Used Car
UOB Hire Purchase Car Loan - Used Car
S$908
-
2.98 %
S$2,682
5.98 % p.a.

Best for competitive rates

DBS Car Loan

DBS Car Loan

Annual Interest Rate
2.78 %
EIR
5.19 % p.a.
Total repayment
S$ 32,502

Loan details

How much does a car cost in Singapore?

Owning a car in Singapore is notoriously expensive. Besides the high selling price, you have to consider additional one-off costs such as the Certificate of Entitlement (COE), Additional Registration Fee (ARF), excise duty and more. The high purchase cost is one chief reason why many take up a car loan

Maintaining the car can also cause a dent in your wallet, with costs such as petrol, parking and ERP to consider. Read this article to find out how much it truly costs to maintain a car in Singapore.

Main considerations when taking a car loan:

  • Interest rates
  • Min. loan amount
  • Max. loan period
  • Ease of application

What is the loan amount you should consider for your car loan?

You can borrow up to 70% of the car purchase price if the Open Market Value (OMV) of the car is worth S$20,000 or less, and up to 60% if the OMV is more than S$20,000. However, the final loan amount you choose should take into consideration your total debt servicing ratio (TDSR). Your TDSR cannot exceed 60% of your gross monthly income. This includes other loan commitments such as your home loan, personal loans and other loans.

What are the tenures and maximum APR for each loan?

Car Loan Min. Repayment Max. Repayment Max. APR Total Loan (Based on S$10k across 1 year)
UOB Hire Purchase Car Loan - New Car 1 year 7 years 2% S$10,268
OCBC Car Loan - New Car 1 year 7 years 2% S$10,228
OCBC Car Loan - Used Car 1 year 7 years 2% S$10,228
UOB Hire Purchase Car Loan - Used Car 1 year 7 years 2% S$10,278
Maybank Car Loan - New Car 1 year 7 years 2% S$10,278

Need some help?

    What is a car loan?

    How can I get a car loan?

    What are the different types of car loans I can apply for in Singapore?

    What is the difference between applying for a car loan from a bank and a car dealer?

    What are the current car loan interest rates?

    Do I need to have a good credit score to buy a car?

    Is there a minimum loan amount required for a car loan?

    What are the fees involved when taking a car loan?

    How much can I borrow for a car loan?

    What is the eligibility criteria to apply for a car loan?

    Will a car loan make my debt ratio exceed 60%?

    What documents are required to apply for a car loan?

    What are the benefits of car loans?

    How do I choose which car loan to apply for?