Top Car Loan Providers in Singapore

Top Car Loan Provider in Singapore

Financing a car in Singapore is an expensive investment

Car owners in Singapore are likely to agree that purchasing a car is a hefty investment. With the rocket-high prices of the Certificate of Entitlement (COE) – which gives you the right to purchase a car – coupled with the actual purchase value of the car, you are better off taking public transportation instead.

However, there are some Singaporeans (and perhaps foreigners) who do see the value in purchasing a car. 

Get a car loan to help offload some of that financial burden

Whether it is for family reasons or work-related reasons, there are various ways in which you can finance the purchase of a car without burning a hole in your pocket.

The easiest and most common method is to get a car loan from a bank or financial institution. 

What is a car loan?

A car loan is a secured loan offered by banks or financial institutions for you to purchase a vehicle of your choice. Very often, the car loan is secured against your purchased vehicle. This essentially means that if you are unable to repay your car loan, the lender (be it the bank or financial institution) has the right to seize your vehicle. The lender typically holds ownership of your vehicle until the loan amount is fully paid off.

Where can I get a car loan in Singapore? 

If you have done your due research and would like to go ahead in getting a car loan, here are some banks and financial institutions that offer car loans in Singapore.

DBS Top Car Loan Provider in Singapore

Car Loan Provider

DBS Bank

Speciality

  • Minimum loan amount of SGD10,000
  • Receive up to 50,000 DBS Reward Points when applying online for car loan at 1.99% p.a. fixed flat rate 
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.dbs.com.sg/personal/promotion/carloan-online
Address

View branch locations here

Contact

Contact here
Operating Hours

View branch opening hours here

 


Heong Leong Top Car Loan Provider in Singapore

Car Loan Provider

Hong Leong Finance

Speciality

  • Min Loan: $10,000
  • Loading Fee: $200 if loan is less than $10,000
  • Flexibility in repayment period
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.hlf.com.sg/personal/loans/new-car-loans.html
Address

View branch locations here

Contact

View branch contact details here

Operating Hours

View branch opening hours here

 


MayBAnk 2u Top Car Loan Provider in Singapore

Car Loan Provider

Maybank Singapore

Speciality

  • Min Loan: $10,000
  • Not Applicable: Used Imported and Rental Cars
  • Loan up to 70% of the purchase price or valuation 
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.maybank2u.com.sg/en/personal/loans/car-loan/car-loan.page
Address

View branch locations here

Contact

View branch contact details here

Operating Hours

View branch opening hours here

 


OCBC Top Car Loan Provider in Singapore

Car Loan Provider

OCBC Bank

Speciality

  • Min Loan: $15,000
  • Loading Fee: $200 if loan is less than $15,000
  • Flexibility to get the car loan before visiting the showroom
  • Borrow up to 7 years and 70% of the purchase price or our valuation of the car, whichever is lower
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.ocbc.com/personal-banking/loans/car-loans
Address

View branch locations here

Contact

View contact details here

Operating Hours

View branch opening hours here

 


Standard Chartered Top Car Loan Provider in Singapore

Car Loan Provider

Standard Chartered Bank

Speciality

  • Hassle-free application process
  • Choose from a variety of repayment plans, ranging from 12 to 84 months to lower instalment payments
  • Attractive interest rates
  • Wide distribution network
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.sc.com/sg/borrow/loans/auto-financing/
Address

View branch locations here

Contact

View contact details here

Operating Hours

View branch opening hours here

 


UOB Top Car Loan Provider in Singapore

Car Loan Provider

UOB Bank

Speciality

  • Instant approval upon successful submission
  • Enjoy exclusive driver privileges
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.uob.com.sg/personal/borrow/carloans/index.html
Address

View branch locations here

Contact

1800-388-2121 or contact via form here

Operating Hours

View branch opening hours here

 


TCLS Top Car Loan Provider in Singapore

Car Loan Provider

Tokyo Century Leasing Singapore

Speciality

  • Min Loan: $20,000
  • CL has a wide network of used car dealers where one can purchase a used car bundled with its flexible financing
Pricing

Enquire for applicable loan amount and interest rate

Website

https://tcls.com.sg/
Address

Cross Street, #09-04/05 Manulife Tower, Singapore 048424

Contact

Contact here

Operating Hours

Mon – Fri: 9am – 5.30pm

 

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HITACHI Top Car Loan Provider in Singapore

Car Loan Provider

Hitachi Capital Asia Pacific

Speciality

  • Offers flexible repayment modes. 
  • Partners with a wide network of dealerships allows one to choose a suitable car and enjoy highly competitive rates with ease and a peace of mind
Pricing

Enquire for applicable loan amount and interest rate

Website

http://www.hitachi-capital.com.sg/consumer/auto/index.html
Address

View branch locations here

Contact

View contact details here

Operating Hours

View branch opening hours here

 


BST Credit Top Car Loan Provider in Singapore

Car Loan Provider

BST Credit

Speciality

  • Legal and licensed money lender that places their customers first
  • Car loan Singapore packages are designed to cater for the purchase of a car that brings convenience and saves time
  • Flexible loan facilities make it possible to anyone to access funds at any time
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.bstcredit.com.sg/apply-car-loan/
Address

Blk 131 Jurong Gateway Road, #01-251, Singapore 600131

Contact

65 6299 1782
[email protected]

Operating Hours

Mon – Sat: 11:00am – 8:00pm
Closed on Sundays & Public Holidays

 


SG Cash Cars Top Car Loan Provider in Singapore

Car Loan Provider

SG Cash N Cars

Speciality

  • Cover the full Singapore car financing market, so they have a range of rates
  • Work with many financing institutions to give you the best rates
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.sgcashncars.com/car-loan-financing/
Address

11 Sin Ming Road Thomson V Two, #B3-09 Unit 1, 575629

Contact

Contact via form here

Operating Hours

Mon – Fri: 10am – 6pm

 


Sing Investment Top Car Loan Provider in Singapore

Car Loan Provider

Sing Investments & Finance

Speciality

  • Financing up to 70%
  • Loan tenure of up to 7 years
  • Fixed monthly Repayment
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.sif.com.sg/car-loan/
Address

View branch locations here

Contact

View contact details here

Operating Hours

View branch opening hours here

 

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Capitall Top Car Loan Provider in Singapore

Car Loan Provider

Capitall

Speciality

  • Simple Application with Minimum Paperwork
  • Quick Response within 30 Minutes
  • Fast Approval within One Business Day
  • Affordable Interest Rates and Processing Fees
  • Minimum Business Profile Requirements (for Commercial Fleet)
Pricing

Enquire for applicable loan amount and interest rate

Website

https://capitall.com.sg/hire-purchase-car-loan/
Address

35 North Canal Road, #02-01 Singapore 059291

Contact

65 6333 6000

[email protected]

Operating Hours

Mon – Fri: 09:00AM – 6:00PM

Sat, Sun and Public Holidays: Closed

 


HL Bank Top Car Loan Provider in Singapore

Car Loan Provider

HL Bank

Speciality

  • Financing of up to 70% of the purchase or valuation price, whichever is lower
  • Repayment period of up to 7 years
  • Competitive interest rates (flat-rate scheme)
  • Fixed monthly instalments
  • GIRO payments available
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.hlbank.com.sg/en/personal-banking/loans/auto-loan/hire-purchase-loan.html
Address

7 Wallich Street, #B1-25 and B1-26 Guoco Tower, Singapore 078884

Operating Hours

Monday to Friday – 9:00am to 4:00pm

Saturday, Sunday & Public Holidays – Closed

 


Money Max Top Car Loan Provider in Singapore

Car Loan Provider

MoneyMax Leasing

Speciality

  • A professional auto-mobile financing hub with a reputation for offering tip-top products and services in Singapore
  • Homegrown company with a reputation for excellent products and services in Singapore
Pricing

Enquire for applicable loan amount and interest rate

Website

https://moneymaxleasing.com/
Address

7 Changi Business Park Vista, SOOKEE HQ S(486042)

Contact

65 6280 0808

[email protected]

Operating Hours

Daily, 8.30am – 6pm

 

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Vincar Top Car Loan Provider in Singapore

Car Loan Provider

VINCAR

Speciality

  • Industry-competitive rates and fast to be approved
  • Loan applications typically take less than 24 hours to be approved
  • Offers personalized and warm service 
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.vincar.com.sg/services/in-house-car-financing/
Address

View locations here

Contact

Contact via form here

 


Lendela Top Car Loan Provider in Singapore

Car Loan Provider

Lendela

Speciality

  • Multiple Personalised Offers
Pricing

Enquire for applicable loan amount and interest rate

Website

https://sg.lendela.com/
Address

Found8 Prinsep, 128 Prinsep St, #01-01, 188655 Singapore

Contact

65 8201 0158 / +65 9670 1595
[email protected]

Operating Hours

Daily, 9am – 6pm

 


Credit master Top Car Loan Provider in Singapore

Car Loan Provider

CreditMaster

Speciality

  • Loans are available to both Singaporeans and Foreigners
  • One of the most dependable money lenders in Singapore
  • Applying for its car loan is extremely easy and hassle-free
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.creditmaster.sg/

Address

#01-50 Park Rd, People’s Park Complex, Singapore 059108

Contact

6748 1338
[email protected]

Operating Hours

Daily, 11am – 8pm

 


Speed Credit Top Car Loan Provider in Singapore

Car Loan Provider

Speed Credit

Speciality

  • A company that specialises in car loan, car insurance and used car sale in Singapore
  • Partnered with 13 of the best banks and financial institutions and 14 car insurance companies in Singapore
  • Team of expert financial specialists are ready to help anytime and give the best financial advice and guidance
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.speedcredit.com.sg/
Address

50 Ubi Ave 3, #01-01/02, Frontier Building, Singapore 408866

Contact

65 9851 8281

[email protected]

 


Accord Motoring Top Car Loan Provider in Singapore

Car Loan Provider

Accord Motoring

Speciality

  • Automobile financing firm
  • Offering unmatched affordable, practical loan interest rates coupled with competitive car loan renewal installment plans and flexible repayment options
Pricing

Enquire for applicable loan amount and interest rate

Website

https://coecarloan.com.sg/
Address

170 Upper Bukit Timah Road, #08-01 Bukit Timah Shopping Centre, Singapore 588179

Contact

Phone: +65 6469 3910
Email: [email protected]

Operating Hours

Mon – Fri: 9am – 7pm; Sat: 9am – 2pm

 


Singapura Top Car Loan Provider in Singapore

Car Loan Provider

Singapura Finance

Speciality

  • Some of the lowest rates in town and flexible repayment periods of up to five years
  • Fast approval and interest rebates for early settlement
Pricing

Enquire for applicable loan amount and interest rate

Website

https://www.singapurafinance.com.sg/car_loan.php
Address

View branch locations here

Contact

View branch opening hours here

Operating Hours

Mon to Fri: 0900h-1630h
Sat: 0900h-1200h

What are the factors that contribute to the cost of purchasing a car?

Many of us are aware that the crazy high COE prices tend to jack up the cost of purchasing a car. However, did you know that there are other factors that contribute to the overall cost of purchasing a car as well?

Here is a list of components that could possibly contribute to the hefty price tag on your choice of car:

Open Market Value (OMV)

Open market value is the actual value of your car excluding local-specific taxes and surcharges, such as Goods and Services Tax (GST) and COE. 

The car’s OMV is inclusive of the purchase price, insurance, and freight and delivery of your car to Singapore.

Certificate of Entitlement (COE)

COE is a legal document that entitles you the right to own and use a vehicle in Singapore for either 5 or 10 years depending on your vehicle category. This is also where the bulk of financing your car purchase would come from.

The COE cost tends to fluctuate depending on market demand and supply.

Additional Registration Fee (ARF)

Additional registration fee is a tax that is payable upon registration of your car. The amount of ARF that you have to pay is dependent on your car’s OMV and is minimally 100% of the OMV.

PARF (Preferential Additional Registration Fee)

PARF is a rebate that you receive if you decide to deregister your vehicle before the 10-year mark. The amount of rebate is pegged to the remaining OMV of your car at the point of deregistration.

Excise Duty

Excise duty is an additional tax that you have to pay when purchasing certain goods such as alcohol or tobacco. For cars, this is pegged at 20% of the car’s OMV.

Goods & Services Tax (GST)

GST is essentially the consumption tax levied on imported goods in Singapore as well as the supply of any goods and services. The current GST rate in Singapore is 7%.

For cars, you will need to pay 7% of the car’s OMV and excise duty.

What is the maximum amount that I can borrow under a car loan?

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It is important to be aware of the factors that contribute to the cost of your car as this will have an impact on the amount of loan you can take.

The loan amount that you are ultimately eligible for is dependent on the car’s OMV, not the total cost of purchasing your car.

The Monetary Authority of Singapore (MAS) has set maximum limits on the loan amounts and loan tenure. Based on their existing regulations, the maximum loan amount that you can take are as follows:

  • For cars with OMV of up to S$20,000: 70% of car purchase price with repayment tenure of maximum 7 years
  • For cars with OMV of more than S$20,000: 60% of car purchase price with repayment tenure of maximum 7 years

Do bear in mind that these are maximum limits set by MAS. The actual loan amount and repayment period granted to you ultimately depends on several factors including your income, age, and credit score.

What are the interest rates on car loans?

The interest rates on your car loans vary between banks and financial institutions. Most banks tend to offer an interest rate of 2.78%. 

However, interest rates do fluctuate from time to time. Some banks and financial institutions also offer promotions from time to time. Hence it is best to always do your due research and enquire directly with the bank or financial institution for more updated rates.

Are there any other additional costs that I should be aware of?

When getting a quotation on your car loan from banks or financial institution, here are other additional costs that you need to take note of as well:

Processing / Administrative Fee

Most banks charge a minimum administrative fee of $200. However, some banks also waive the administrative fee if your loan amount meets a minimum value.

Early Settlement Fee

Most banks charge an early settlement fee should you decide to repay your loan earlier than the stipulated repayment period. The amount is usually at least 1% of your outstanding car loan.

Unpaid Interest Fee

Similar to the early settlement fee, you may incur an additional penalty on the unpaid interest if you repay your car loan early. Most banks charge a penalty of 20% on the remaining unpaid interest on your outstanding car loan.


Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

Author Bio

Tom Koh is widely recognised as a leading SEO consultant in Asia who has worked to transform the online visibility of the leading organisations such as SingTel, Capitaland, Maybank, P&G, WWF, etc. Recently he was instrumental in consulting for a New York-based US$30B fund in an US$4Bn acquisition. Tom is a Computational Science graduate of the National University of Singapore. In his free time he performs pro-bono community work and traveling.
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