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UOB Hire Purchase Car Loan - New Car

Features

Minimum Loan: S$10,000
Choice of tenor from 1 -7 years
Not Applicable For OPC & China Made Cars

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

OCBC Car Loan - New Car

Features

Minimum Loan: S$15,000
For applicants who purchase new cars from car distributors/parallel importers
Choice of loan tenor from 1 - 7 years
Loan up to 70% of purchase price or valuation price (whichever is lower)
Loading Fee: S$200 if loan is less than S$15,000

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

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How do I get a car loan?

The first way is to take a loan directly from the bank. Submit all the documents and follow up with the bank yourself. The second option is to take an in-house loan from the car dealer. Lastly, you can apply to the bank via the dealer and the dealer will take care of all the paperwork for you. Whichever option you choose, you have the flexibility of choosing the car loan that suits you best.

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

There are four different types of car loans:

New car loan – When you buy a new car, you can either take a loan from the bank or from the dealer. The loan tenure usually varies between one and seven years depending the downpayment amount. Note that you must meet certain basic criteria and need a good credit score from the Credit Bureau Singapore to get the loan approved.

Used car loan – Used car loans can also be obtained via either banks or through car dealers. But loan tenures will be different and depend on the age of the car. The car loan interest rate for used cars is also slightly different from new cars.

Commercial car loan – Buyers who are buying a vehicle for commercial reasons can apply for this loan. This mostly applies to taxis, vans, company cars and cars bought by ride-hailing companies.

Car loan refinancing – This is pretty similar to refinancing your home loan. You switch from your current lender to a new lender to enjoy a lower car loan interest rate. The new lender will pay off your previous loan in full and offer you revised interest rates and tenure for the new loan.

What is the difference between a PARF car and a COE car?

A PARF car is a car that has not reached 10 years of age. So, it’s eligible for both the PARF and COE rebate. The PARF depends on the car model and engine capacity and varies between 50% to 75% of the Additional Registration Fee (ARF) paid. A COE car, on the other hand, is no longer eligible for the PARF rebate as its COE has been renewed. The owner would have paid the Prevailing Quota Premium (PQP) to renew the COE for another five or 10 years. When you de-register the car, you’re only eligible for the COE rebate.

What are the current car loan interest rates?

The interest rate is different for new and used cars. The current car loan interest rate in Singapore is 2.78% for new cars and 2.98% for used cars. But different banks will offer slightly lower rates as part of promotional offers. These are some of the choices available in the market.

Bank

Interest rate

DBS2.28% p.a. (EIR 4.29% p.a.)
POSB2.28% p.a. (EIR 4.29% p.a.)
UOB

3.25% p.a. for new car (EIR 6.04p.a.) 

3.875% p.a. for used car (EIR 7.27% p.a.)

OCBC

2.78% p.a. (EIR 5.19% p.a.) for new car

2.98% (EIR 5.46% p.a.) for used car

2.08% p.a. for car refinancing (EIR 4.03% p.a.)

MaybankFrom 3.25% p.a.
Standard CharteredFrom 3.5% p.a.
Hong Leong

2.48% p.a. (EIR 4.77% p.a.) for new car

2.78% p.a. (EIR 5.32% p.a.) for used car

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants