Compare the Best Car Loan
Deals in Singapore (2023)

Apply online & settle faster!

Updated May 18, 2023

Singapore’s 1st
Loan Marketplace

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All your customised car loan options in one unified dashboard

Once your car loan application is live, all of your offers will be displayed on your dashboard and once you like the look of one, you can discuss the details with one of your loan specialists. Your application stays on the platform and you get to watch offers fly in as it happens.

Find your car loan on the
ROSHI marketplace
97%
of our borrowers get approved
at the standard lender interest rate

We are changing the lending game

ROSHI enables borrowers to receive personalised loan options in real-time directly on our platform, avoiding the hassle of calling, visiting or applying with multiple money lenders or banks.

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Banks
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Access to the best car loan rates

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Packages from all major lenders

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Customer first, non biased advice

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Bespoke Car Loans via dashboard

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Get setup in 30 seconds
What our customers say...
Junquan Yeo
8 months ago

A big thanks for an easy & comfortable experience for arranging my home loan right from my application they kept me updated the whole way, highly recommended.

Charo _
8 months ago

Excellent service. The loan specialist was very patient and explored all options with me to find the best one. They also took care of a very complicated process very easy. We couldn't be happier with the service and would not hesitate to recommend.

Victoria
8 months ago

Great service from start to finish. Rather than pushing to done the first available loan offer, the team gave me advice as though they were the ones applying for my mortgage themselves. Thanks

How ROSHI works?
1
Tell us about you

Provide details about your loan requirements and financial situation.

2
We shortlist the best options

Our smart tech compares hundreds of loans from all lenders to match your needs.

3
Upload all your docs

Easily upload all required docs online. This means less paperwork!

4
Settle your loan

Once you submit your application our team will keep you regularly updated on its progress.

Car Loans in 2023

When you don’t have the funds to pay for a new or used car, a car loan can provide you with the necessary funds to buy it. Car loans are secured against the vehicle you intend to purchase, which means your vehicle serves as a collateral for your loan. SImilar to home loans, the lender will retain ownership over the vehicle until the final payment has been made. Before deciding on a car loan it is best to experiment with an auto loan calculator and determine what interest rate and loan term suites best.

Car loan contracts are broken down into principal, interest, optional add-ins and fees. While longer repayment tenures can make monthly payments lower, such loans could also end up more expensive due to the add up on the interest.

Personal Loan Total Interest Payments Overview ($10,000)

Personal Loan Total Interest Payments Overview Singapore
Don’t be a fool
馬鹿なことはやめろ

Review Personal Loans from All Major Banks & Moneylenders

Excellent! ROSHI has found 11 Loans that suit your criteria.

Standard Chartered Auto Financing (Used car purchases)

4.0Good to Excellent
  • Choose from a variety of repayment plans, ranging from 12 to 84 months to lower your instalment payments
  • Purchase the car of your choice from our wide network of dealers across the islan
Apply Now

on Standard Chartered's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Standard Chartered Auto Financing (New car purchases)

4.0Good to Excellent
  • Choose from a variety of repayment plans, ranging from 12 to 84 months to lower your instalment payments
  • Purchase the car of your choice from our wide network of dealers across the islan
Apply Now

on Standard Chartered's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Tokyo Centure Leasing Car Finance

4.0Good to Excellent
  • Buying a new or used car and to trade-in my existing car
  • Flexible financing plan
Apply Now

on Tokyo Century Leasing's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

Maybank Car Loan

3.9Good to Excellent
  • Up to 70% financing
    Ease your mind with affordable instalments
  • Up to 7 years loan tenure options available for your needs
Apply Now

on Maybank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

Hong Leong New Car Loan

4.2Good to Excellent
  • Up to 70% financing
    Ease your mind with affordable instalments
  • Up to 7 years loan tenure options available for your needs
Apply Now

on Hong Leong Finance's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

DBS Car Loan

4.5Good to Excellent
  • Hassle-free application when you log in via digibank and / or MyInfo
  • Up to 7 years loan tenure options available for your needs
Apply Now

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

OCBC Car Loan (New car purchases)

4.0Good to Excellent
  • Minimum Loan: S$15,000
  • For applicants who purchase new cars from car distributors/parallel importers

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

MYHP (Auto Loan)

4.0Good to Excellent
  • Easy Paymentr
  • Easy Application
Apply Now

on Hitachi's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

OCBC Car Loan (Used car purchases)

3.8Good to Excellent
  • Minimum Loan: S$15,000
  • For applicants who purchase used cars from car dealers/direct owners
Apply Now

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

UOB Hire Purchase Car Loan (Used car purchases)

3.8Good to Excellent
  • Not Applicable For OPC & China Made Cars
Apply Now

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

  • Car Loans Basics

  • Tips and Hints

  • FAQs

  • Ask Away

Choosing a Car Loan

You need to check the terms and conditions for every car loan that you look into. We’ve taken the liberty of preparing some of that data for you below:

New Car Loan
When buying a brand-new car, you can get a new car loan from a dealer or bank. These loans are usually repaid over seven years or less. You generally need quite a good credit score for this type of car loan.
Used Car Loan
You can also get a used car loan via a dealer or bank. Your loan offer will vary depending on how old the used car is. The interest rate will also be higher than that of a new car loan.
Commercial Car Loan
If your vehicle is for commercial use rather than personal use, you can apply for a commercial car loan. Business vehicles, such as taxis, company cars, etc., would fall under this category.
Car Loan Refinancing
Refinancing a car loan works just like refinancing a home loan. You’re basically swapping from your current lender to a new one with a better interest rate or some other advantage. The new lender pays off your old loan and then gives you a better one.

Lowest Car Loan Rates in Singapore (updated June 2023)

Car LoanPerks
Maybank Car LoanAttractive Interest Rates
POSB Car LoanBorrowing and Insurance
DBS Car LoanTransparent Rates
CreditMaster Car LoanResidents and Foreigners
HLF New Car LoanNew and Old Cars
What are PARF and COE?

A car that has yet to reach 10 years of age is a PARF car. You can get both PARF and COE rebates with a PARF car. Your received PARF will vary based on the model and engine capacity that your car has. (between 50% and 75%).

A car that is over ten years old is not eligible for PARF. These cars are referred to as COE cars. This occurs when you renew your COE. You can only claim a COE rebate after having de-registered your car.

Car Loan Eligibility

In Singapore you can get anywhere up to 70% of your car’s value as a car loan. You will have to meet the following eligibility criteria:

  • • You must be a Singapore national or permanent resident.
    • Some foreigners can acquire a car loan so long as they have a work permit with a
    • year or more of validity.
    • You must be at least 21 years old.
    • You must have a good credit score.
    • You’ll also need an annual income of at least $20,000. Your monthly income needs to
    • be above the allowable total debt servicing ratio or TDSR
Borrow Less

Never borrow more than you need. The more you borrow, the more interest you will need to pay over time. Borrowing less allows you to avoid that extra interest.

Utilize a Residual Balloon Payment

A residual balloon payment allows you to hold off paying the vast majority of your interest fees until the very end of your repayment period. For example, if you borrow $30,000 and leave a residual balloon payment of $5,000, your interest payments will be calculated based on $25,000 instead. This is beneficial so long as you plan for the upcoming balloon payment ahead of time.

Look for a Long Loan Term

The longer your loan term, the less you need to repay at each period. You will need to pay more interest this way, but it does make it easier to manage your repayments.

Who Can Apply for a Car Loan in Singapore?

Assuming you are eligible, anyone can apply for a car loan. You must be above 21 as well as a citizen or permanent resident of Singapore. On top of that, you need proof that you earn a reasonable income and have a valid work permit.

Will I Need to Leave a Deposit for My Car Loan?

Most car loan deposits require at least 30% to 40% of the total cost as a deposit. Generally, you need to pay 30% for cars worth less than $20,000 and 40% for cars worth more than $20,000.

What Car Loan Interest Rates Can I Expect?

There is a limit to how much you can borrow for financing your car. The limit varies depending on your car’s Open Market Value, or OMV. Your car’s OMV is how much you could get for it if you ignore taxes and other expenses that you will need to go through.

If your OMW is above $20,000, you can borrow up to 60%. If the OMW is below $20,000, you will be able to borrow up to 70%.

Can I Apply for a Car Loan When I Have Bad Credit?

It is much more difficult to get a car loan when you have bad credit. Some lenders will decline your application simply because of this factor.

That being said, other lenders would be more likely to accept an application from you. You may want to talk with a car finance specialist first. This way, you can find the most suitable lenders based on your financial situation and have a higher chance of getting your loan approved.

Will I Need to Find My Own Car Insurance?

Some dealers will help sort out an insurance for you. They’ll help you apply for one to make things easier for you. Typically, they will link you with companies that they are affiliated with.

There may be better deals out there, so it may pay off to look for your own insurance. This will help make an informed decision.

Have a question? Ask us about anything!

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