Get the Best Car Loan Offer in Singapore 2023!

Singaporeans can get four different types of car loan, which are:

• New car loans (1 to 7 years)
• Loans for used cars (tenures depend on car’s age)
• Commercial car loans (for commercial vehicles only)
• Car loan refinancing (i.e. switching deal for lower loan interest)

If your new vehicle or used car’s purchase price is $20,000 or less, you can borrow up to 70% of the car’s Open Market Value (OMV). If the car is worth more than $20,000, you can borrow up to 60%.

What documents are required for a car loan in Singapore?

Ordinarily, you will need to provide:

• A loan application form
• Proof of income
• NRIC information
• A vehicle sales agreement

Interest rates typically sit around 2.78% or less – but it’s easy to get a better deal by shopping around. Early repayment fees of 1% of the total financed amount and/or late fees of 3-5% p.a. may also apply.

Loan Advisor’s comparison service will give you all the information you need to compare the best loans in minutes.

Yes – this can also help you figure out how much you can afford and what your monthly payment might look like in advance.

In most cases, you will need to pay from 30 to 40% of a car’s purchase price upfront, depending on the car’s value.

This will depend on the type of loan you choose.

You should compare the best auto loans in terms of interest rates, monthly repayments, fees, and charges. Before applying, you should ensure you are a Singaporean citizen or permanent resident and at least 21 years old. Ideally, it will be easier to get a loan if you have a good credit score and are up to date with your credit cards, too.

The standard process looks like this:

• Step 1 – Fill out a loan application form
• Step 2 – Receive conditional approval within 5 days
• Step 3 – Provide supporting documentation
• Step 4 – Sign your paperwork
• Step 5 – Order/collect your car and start making your repayments

Yes, although you might only be eligible for lower loan amounts and higher interest rates under rights reserved by individual banks.

The best deals change on a daily basis, so carry out a comparison car loan search with Loan Advisor today for up to date quotes.

Whether you need a loan for 1 year or 7 years, Loan Advisor’s car loan comparison in Singapore can find you a great deal with low loan interest today. Try it out now