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Get the Best Car Loan Offer in Singapore 2024!

Compare car loan & get low interest rates.

15000 car loan

Paid over 3 Years

All Providers

Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.

How to Apply Today?

Whether you need a car loan for 1 year or 7 years, for a new car or a used car, Loan Advisor can assist you to find the best loan today. Simply follow these 3 steps:

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Step 1:
Submit a Car Loan Enquiry Form to Loan Advisor

Simply share your expectations of the loan amount, tenor, and interest rates in a simple form, click submit then sit back and relax.

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Step 2:
Receive and compare up to three loan offers

Within five minutes or less, we’ll scan suitable loan offers and amounts from more than 150 loan providers in Singapore and send you the three best quotes.

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Step 3:
Drop by to your prefer loan providers office to sign the paperwork

Select your perfect match and arrange a quick slot with the lender to finalize and sign any necessary legal documents.

Car Loan Options by Vehicle Type

Electric and Green Cars

Electric and green car loans are designed to support environmentally friendly vehicle purchases. These loans often come with special benefits, such as lower interest rates, cash rebates, and exclusive promotions for hybrid and fully electric cars.  

Bank

Loan Amount

Interest Rate

EIR

Max Loan Tenure

DBS Green Car Loan

Up to 60% of Nett Purchase Price or Nett valuation amount

2.48%

4.65%

Up to 7 years

UOB Go Green Car Loan

up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.48%

4.65%

Up to 7 years

OCBC Eco-Care Car Loan

up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.48%

4.65%

Up to 7 years

Maybank Car Loan

up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.78%

 –

Up to 7 years

 

New or Used Car

Car loans for new and used vehicles provide tailored financing options to suit different needs. These loans cover a wide range of vehicles, from brand new models to pre-owned cars. Benefits often include competitive car loan interest rates, flexible loan amounts based on the vehicle’s value, and special promotions.  

Bank

Loan Amount

Interest Rate

EIR

Max Loan Tenure

Standard Chartered Auto Financing up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.78%

5.19%

Up to 7 years

UOB Car Loan up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.78%

5.19%

Up to 7 years

OCBC Car Loan (Petrol/Diesel) up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.78%

5.19%

Up to 7 years

Maybank Car Loan up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.78%

Up to 7 years

Hong Leong Auto Loan up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.78%

5.32%

Up to 7 years

Hong Leong Finance Used Car Loan up to 70% of the purchase price or the Bank’s valuation, whichever is lower

3.08%

6.68%

Up to 7 years

 

COE Renewal Loans

COE (Certificate of Entitlement) renewal loans are specifically designed for extending the lifespan of vehicles in Singapore. These loans help car owners finance the renewal of their COE, ensuring that they can continue to use their vehicle legally.  

Bank

Loan Amount

Interest Rate

EIR

Max Loan Tenure

OCBC Car Loan (COE)

up to 70% of the purchase price or the Bank’s valuation, whichever is lower

2.98%

5.54%

Up to 7 years

Car Loan Key Features

The best car loans can be difficult to identify, but Loan Advisor connects you with deals that perfectly match your needs. Typically, the top car loans in Singapore will offer:

Flexible Loan Amounts

Car loans typically offer flexible financing options, allowing borrowers to secure a minimum loan amount of between S$10,000 and S$15,000. If you need higher amounts, you can borrow up to 70% of the vehicle’s purchase price or valuation, whichever is lower. This flexibility helps make car ownership more accessible by reducing the initial financial burden.

Competitive Interest Rates

Many car loans come with attractive interest rates, often ranging between 2.48% to 3.08% per annum. These competitive rates make it more affordable to finance a vehicle purchase, whether it’s a new, used, or green car.

Extended Loan Tenure

Car loans usually offer repayment terms of up to 7 years. This extended tenure allows borrowers to spread out their payments, making monthly installments more manageable and reducing financial stress.

Environmental Incentives

Loans for electric and green cars often come with additional benefits, such as cash rebates and promotional car loan rates. For example, DBS Green Car Loan and UOB Go Green Car Loan provide incentives for hybrid and electric vehicles, promoting eco-friendly transportation.

Promotional Offers

Some car loans include special promotions, like cash rebates, GST support rebates, or free charging for electric vehicles. These promotions add extra value and can significantly reduce the overall cost of financing a car.

Eligibility Criteria

Car loan eligibility typically requires the borrower to be at least 21 years old, with specific income requirements for Singaporean citizens, permanent residents, and foreigners. Understanding these criteria helps potential borrowers prepare and qualify for the loan that best suits their needs.

COE Renewal Options

For those looking to extend their vehicle’s COE (Certificate of Entitlement), specific loans cater to this need. COE renewal loans, such as OCBC Car Loan (COE), provide financial assistance to renew the COE, allowing continued legal use of the vehicle.

Tailored Solutions for New and Used Cars

Car loans are available for both new and used vehicles, with tailored options that address the unique needs of each. Banks like DBS, OCBC, and Hong Leong offer specialized loans for pre-owned cars, ensuring that buyers have access to financing regardless of the vehicle’s age.

Additional Perks for Specific Models

Some loans offer exclusive perks for purchasing certain vehicle models. For instance, UOB’s Go Green Car Loan provides an exclusive promotional rate for new Tesla purchases along with Renewable Energy Certificates (RECs).

Simple, straightforward and hassle-free

Dreaming of buying a new car, but don’t have the funds to make it happen? An affordable auto loan with manageable monthly payments is the solution.

How to Choose the Best Car Loan

Forget expensive credit cards and complicated car finance packages. Find a quick and easy car loan in minutes with Loan Advisor by comparing the best deals with the click of a button.

Whether you need a loan to help purchase a new automobile, or you’re looking for quick finance to put toward used cars or a truck, you need to know how to spot the best deals. Here are our top tips on what to look for:

  • Interest rates of 2.78% or less
  • Flexible tenures up to 7 years
  • Customizable loan amounts
  • Fast applications and approvals

The Biggest Benefits of Using Loan Advisor

Loan Advisor takes the pain out of shopping around for the best loans with low rates, fees, and flexible tenors. With our three-step search and application process you can:

Receive loan approval within five minutes or less

We help you to bypass lengthy bank checks by bringing you amazing deals from licensed money lenders with faster approval processes.

Save valuable time online

Our service will only ever connect you with trusted loans from respected money lenders that are fully licensed by the Ministry of Law. We search and compare deals from more than 150 tried and tested lenders.

Secure a deal with a top licensed money lender

Our service will only ever connect you with trusted loans from respected money lenders that are fully licensed by the Ministry of Law. We search and compare deals from more than 150 tried and tested lenders.

Avoid the hassle of loan applications

Let’s face it, looking for loans during periods of financial difficulty is stressful and filling in endless applications is annoying. Just tell Loan Advisor what amount you need, and we’ll send you three suitable, no-obligation quotes.

Why Choose Loan Advisor?

Are you overwhelmed by car loan options and looking to compare the best interest rates, tenures, and deals from top banks in Singapore? You’ve come to the right place.

Here’s why Loan Advisor is your go-to loan comparison platform:

  • Comprehensive Comparison: Loan Advisor brings together the best auto loan quotes in one place, saving you time and effort. Easily compare interest rates, loan tenures, and other key details to find the perfect loan for your needs.
  • Beat the Average Rate: With Loan Advisor, you can find car loans with interest rates below the 2.78% average. Our platform helps you secure the most competitive rates available, ensuring you get the best deal.
  • Quick and Easy Process: Need a fast car loan with a flexible tenure of up to 7 years? Loan Advisor offers a streamlined application process that gets you approved quickly, so you can get on the road without delay.
  • Trusted Reputation: We pride ourselves on being one of Singapore’s top loan comparison sites. But don’t just take our word for it—check out the glowing reviews from our satisfied clients.
  • Expert Guidance: Navigating car loans can be complex, but our expert guidance makes it simple. Loan Advisor provides clear, detailed information to help you make informed decisions.

Find Your Perfect Car Loan Right Now

Great loan deals don’t last forever and aren’t always easy to find on your own – especially if you’re looking for the best interest rates. Why waste time scouring the web for suitable loans when Loan Advisor can compare the most solid car loans Singapore has to offer in the blink of an eye?

Car Loan FAQ

Still unsure about car loans? Here are some FAQs to help you make smarter financial decisions.

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)

You can apply for a car loan if you meet the following criteria:

  • At least 21 years old
  • Singaporean, Singapore PR, or a foreigner planning to purchase a new or used car

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 on car loans in Singapore typically range from 2.48% to 3.08% per annum. Rates can vary based on the lender, loan amount, and tenure. Using a loan comparison platform like Loan Advisor ensures you find the most competitive rates available.

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

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