Best Car Loans for COE in Singapore (2026)
Updated: 3 Aug 2026
Loan | Monthly Repayment | Annual Interest Rate | Total Cost of Loan | EIR | ||
|---|---|---|---|---|---|---|
 | DBS Car Loan | S$450 | From 2.68 % p.a. | S$1,206 | 5.01 % p.a. | |
 | OCBC Car Loan (COE) | S$454 | From 2.98 % p.a. | S$1,341 | 5.64 % p.a. | |
 | UOB COE Car Loan | S$453 | From 2.88 % p.a. | S$1,296 | 5.46 % p.a. | |
 | Maybank Car Loan | S$448 | From 2.48 % p.a. | S$1,116 | 4.56 % p.a. |
DBS Car Loan
- Click on Apply Now
- Fill in the application using the DBS digibank app and/or Singpass for a seamless experience
- Hassle-free application: Log in via Singpass to complete your application
- Up to 7 years loan tenure
- NRIC (front and back)
- Income Documents (any of the following)
- Latest Computerized Payslip
- Or latest IRAS Notice of Assessment
- Or latest 12 months CPF Contribution History Statement
- If you are a self-employed individual, we will need your last 2 years’ IRAS Notice of Assessment
- If you would like us to consider your rental income, please provide a copy of the Tenancy Agreement in addition to any of the income documents above
- If you have purchased your car, we would also need the following documents
- Vehicle Sales Agreement
- LTA Vehicle Log Card Details
- Passport and Employment Pass (front and back) with validity period of more than 6 months
- For Malaysians, you will also need to provide a copy of your NRIC (front and back) in addition to the above
- Income Documents (any of the following):
- Latest Computerized Payslip
- Or latest IRAS Notice of Assessment
- Or latest 12 months CPF Contribution History Statement
- O If you are a self-employed individual, we will need your last 2 years’ IRAS Notice of Assessment
- If you would like us to consider your rental income, please provide a copy of the Tenancy Agreement in addition to any of the income documents above
- If you have purchased your car, we would also need the following documents
- Vehicle Sales Agreement
- LTA Vehicle Log Card Details
For Singaporeans / Permanent Residents
For Foreigners
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 (COE)
- Click Apply Now on the OCBC website.
- Complete the application with Singpass MyInfo.
- Borrow up to 7 years and 70% of the purchase price or OCBC's valuation of the car, whichever is lower
- Get your loan approved within 5 minutes before visiting the showroom
- You will not incur any penalty or fees until you finalise the car purchase and accept the Hire Purchase Agreement
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.
UOB COE Car Loan
- Apply online using MyInfo through your Car Dealer; or
- Get in touch with UOB to skip the need to provide income documents. Your confidential information will be sent directly to the bank.
- Attractive interest rates from 2.88% p.a. (EIR from 5.36% p.a. for a 7-year loan)
- Fast processing and approval
- Higher loan quantum of 70% of the car purchase price or the bank's valuation, whichever is lower.
- A copy of your Identity Card / Passport and Work Permit (applicable to foreigners only)
- Income documents (Latest Income Tax Notice of Assessment, last 6 months' CPF contribution statement, Computerised Payslip)
- Vehicle Sales Agreement (if applicable).
Documents required if you fill the form yourself:
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.
Maybank Car Loan
- Attractive interest rates
- Competitive auto insurance premium quotation
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.
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 |
Relevant Articles
Need some help?
A car loan (also known as an auto loan) is a loan that helps you to pay for the cost of your car, up to 70% of the total car price. Car loans have loan tenures of up to 7 years.
There are 3 options when it comes to applying for a car loan. Whichever option you prefer, do keep a lookout for the interest rate charged.
Option 1: Apply directly with a bank, submitting all documents required and follow through the entire process.
Option 2: Take a loan from the car dealer. Car dealers work with banks to provide car loans for buyers.There are four different types of car loans:
- Car loan for a new car: When you buy a new car, you can either take a loan from the bank or from the dealer. The loan tenure varies between 1 and 7 years.
- Car loan for a used car: Used car loans can also be obtained either via banks or car dealers. However, car loans for used cars also have higher interest rates and loan tenures could differ depending on the age of the car.
- Commercial car loan: Buyers who are buying a vehicle for commercial purposes can apply for this loan. This includes taxis, vans, company cars and cars bought by ride-hailing companies.
- Car loan refinancing: Similar to refinancing your home loan, you can 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.
There could be differences in the interest rate charged. There could also be a processing fee charged by the car dealer to help you with this application. When you apply for a car loan with a bank, you will have to submit all the documents on the bank’s website and follow up on the status of your application with the bank directly. When you apply through a car dealer, they will be able to help you with the entire process and take care of the paperwork.
The interest rate differs for new and used cars. Different banks also offer different interest rates based on their current promotions offers.
- New car: interest rate ranges from 1.99% to 2.78% p.a.
- Used car: interest rate ranges from 2.78% to 2.98% p.a.
You can check out this article on the best car loans in Singapore.
While there is no stated credit score required for you to buy a car, your credit score could affect your eligibility when applying for a car loan. Generally, the better your credit score, the easier it is to be approved for a loan. If you have a poor credit score, you might be granted a smaller loan quantum or face higher interest rates.
Yes, most banks require a minimum loan amount for a car loan. This minimum loan amount ranges from S$10,000 to S$30,000 depending on the bank’s terms and conditions.
Besides paying the interest for your loan, there are also other fees you should take note of:
- Late fee: S$80
- Early repayment fee: 1% of outstanding loan amount
You can borrow up to 70% of the total car price, depending on the Open Market Value of the vehicle. This car price refers to the purchase price or the valuation price, whichever is lower. How much you can borrow also depends on your current debt servicing ratio.
You can apply for a car loan if you are:
- Above 21 years old
- A Singaporean, Singapore PR or foreigner who is looking to purchase a new car or used car
In Singapore, your Total Debt Servicing Ratio (TDSR) cannot exceed 60%. This means that your total monthly debt obligations cannot be more than 60% of your gross monthly income.
These monthly debt obligations include all the loans you take up, such as your home loan, renovation loan and other secured or unsecured loans. Depending on the loans you are currently servicing, taking a car loan could increase your debt ratio to 60%.
You will require documents:
- Loan application form
- NRIC
- Income documents
- Vehicle sales agreement
Car loans could be a means to fulfill a need for a car, even if you do not have the cash on hand to pay for it. With a car loan, the bank or car dealer will help to pay for the cost of the vehicle, while you pay off the loan in monthly installments with interest over the specified loan tenure.
You can choose your car loan based on factors such as:
- Interest rates
- Minimum loan amount
- Provider
- Ease of application (e.g. using MyInfo)