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Maybank Car Loan Review Singapore

Maybank Car Loan Singapore
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Maybank’s car loan – Auto Finance-i, interest rate isn’t the most competitive in the market, but it offers the largest loans possible for new and used cars.

Pro: Offers the largest loans possible for new and used cars under MAS rules.

Con: Their 2.78% interest rate isn’t the most competitive car loan rates in Singapore.

Pros & Cons


  • Flat rates for fixed monthly installments
  • Finance up to 70% of the purchase price or valuation – whichever is lower
  • Choose a loan term from 1 to 7 years.
  • You can opt for an early settlement
  • Offers the largest loans possible for new and used cars under MAS rules.
  • Offers Islamic auto financing options


  • Their interest rate of 2.78% isn’t the most competitive auto loan rates in Singapore
  • Maybank’s website does not have additional information about products and fees.
  • Difficult to evaluate its cost compared to other car loans.

Maybank Car Loan – Auto Finance-i Features:

The amount of financing you can avail will depend on the purchase price or valuation of the car. And with a 2.78% interest rate, Maybank’s car loan rates are not outstanding compared to other banks.

But what makes Maybank attractive is that they offer the largest loans for new and used cars possible under MAS rules. They can finance up to 60% or 70% of the vehicle’s value.

Additionally, Maybank also offers 1 to 7 yrs. loan term. But if you’re buying used cars, the age of the vehicle can affect your loan term. For example, if the vehicle is less than 10 years upon loan maturation, your loan term can stretch to 7 years.

Note: You can opt for a 7-yr auto loan. But the longer the term, the more interest you’ll be paying.

Maybank Auto Loan Highlights

Interest Rates: 2.78% p.a.

Loan Tenure: 1 to 7 years

Max Loan Amount: Up to 70% of the purchase price or valuation

Remember: Maybank does not allow partial redemption

Unfortunately, partial redemption is not allowed. However, you can go for an early settlement. Here are a few things you need to consider:

  1. You will be charged 20% of the total term charges.
  2. On top of that, you’ll also need to settle a 1% charge on the original loan amount.
  3. You must also provide a 30-day notice in advance of the settlement date.

Maybank Car Loan Type

New Car Loans

Thinking of purchasing a brand new car? This is the loan option for you. Following the MAS regulations, the loan amount will depend on the vehicle’s open market value.
For example, if the market value of the vehicle is less than $20,000, you can borrow up to 70% of the car price. But if the value is more than $20,000, Maybank will only cover up to 60% of the cost.

Used Car Loans

Want to buy a used vehicle that is less than 10 years of age? Maybank offers 70% financing for up to 7 yrs. But the used car must not be more than 10 years old upon loan maturation.

In Singapore, cars are regarded as “worthless” at 10 years of age. So, if you’re buying an 8-year-old vehicle, your maximum tenure will be 2 years only.

COE Car Loan

It’s challenging to obtain a COE car loan. Maybank is one of the few banks that offer this financing option.

As mentioned before, cars need to be de-registered after 10 years. But if the owner wants to continue using the vehicle, they need to pay for a certificate of entitlement (COE) renewal for either 5 or 10 years.

Maybank provides loans for COE cars that are more than 10 years old but less than 20 years old. The maximum loan period is 7 yrs. for a revalidated COE of 10 years. 4 years for vehicles with a revalidated COE of 5 years.

Note: the term must not exceed the maturity period of the certificate of entitlement.

Do you need to fill up a Hire Purchase Application?

If the value of the vehicle is less than $55,000 (COE not included), it will be classified under the Hire Purchase Act. But if the value is more than $55,000, it will be subject to Common Law.

A Hire purchase agreement is an arrangement for buying expensive consumer goods. This is when the buyer will need to pay a down payment, then pays the balance in monthly installments plus interest.

Basically, it’s a transaction that allows you to use the vehicle while you’re still paying for it. Once you’ve fully paid the loan, the ownership will be transferred to you.

How Does Maybank Car Loan Compare With Other Banks?

When buying a car, you’re not only looking for a unit. You must also consider the different financing options. In doing so, you’ll make a purchase that will not become a financial burden. Here’s a comparison between the top 5 banks in Singapore.

Bank Minimum Loan Amount Interest Rate Loan Tenure
DBS $10,000 2.28% p.a. 7 yrs. max
Hong Leong Finance $10,000 2.28% p.a. 7 yrs. max
Maybank $10,000 2.78% p.a. 7 yrs. max
OCBC $15,000 2.28% p.a. 7 yrs. max
Standard Chartered $10,000 2.28% p.a. 7 yrs. max

Maybank is a smart choice for certain prospects. But its car financing options are not one-size-fits-all. So take time to gather information. Shop around for other options. Lastly, consider other fees and charges involved.

What Makes Maybank Car Loan Attractive?

Maybank offers COE car loans which are hard to find in other banks. They provide loans for COE cars that are less than 20 years of age.

Additionally, Maybank also offers Islamic auto financing. This may be of interest to some borrowers. Islamic car finance is based upon the profit and risk-sharing model. With this model, both the bank and borrower agree to share the risk as well.

According to Maybank’s FAQ page, Islamic auto finance is available to all eligible customers. But they did not provide thorough details about this option. It’s hard to determine whether it’s more advantageous than other car loans.

Who Can Apply?


  • Age: 21 years old and above
  • Residency: Open to Singaporean Citizens, Permanent Residents, and Foreigners residing in Singapore. If you’re a foreigner, you must come to the bank with a local guarantor
  • Income: Minimum monthly income of $1,500
  • Employment status: Provide information about your current job. This includes income and years of employment. If you’re a foreigner, you’ll need to submit documents such as a valid employment pass.
  • Financial standing: Your credit score must at least meet Maybank’s minimum criteria

Below is a list of requirements a borrower must provide to Maybank:

  • Photocopy of your NRIC or Passport
  • Latest computerized payslip
  • Latest Income Tax Notice of Assessment
  • For used car: Transfer of Vehicle Ownership
  • For COE car: PARF / COE Rebate Enquiry

How to Apply

  1. If you’re interested in applying for Maybank’s car loans, simply fill up the application form.
  2. Provide the required documents. This includes proof of income and employment.
  3. If applicable, you will also need to complete the “Hire purchase agreement” form.
  4. Then head to your nearest Maybank branch to apply.

But before you send your application, make sure you meet the eligibility criteria listed above. This increases your chance of approval.

Remember that car loan applications will reflect on your credit file. And rejection will negatively impact your credit score. So make sure that you’re eligible and have all the requirements ready. It’s best to contact Maybank Auto Finance-i, first before sending an application.

In Conclusion

Maybank is known for its easy banking. Unlike other banks, it has a simple application process. Plus it offers competitive car loans just like other major banks in Singapore. So if you’re looking for attractive interest rates, easy application, and convenient GIRO payments, then look no further than Maybank’s car loans.

To ensure that you’re getting the best loan for you, compare all your car loan options from top lenders in Singapore through Loan Advisor before making a decision.

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