Excellent! ROSHI has found 9 Car Loans that suit your criteria.

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

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

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

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

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

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
Apply Now

on OCBC'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

UOB Hire Purchase Car Loan (New car purchases)

4.1Good to Excellent
  • Minimum annual income: $30,000
  • Not Applicable For OPC & China Made Cars
Apply Now

on UOB'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.

Best Car Loans in Singapore (2020)

Car LoanPerks
Maybank Car LoanAttractive Interest RatesApply Now
POSB Car LoanBorrowing and InsuranceApply Now
DBS Car LoanTransparent RatesApply Now
CreditMaster Car LoanResidents and ForeignersApply Now
HLF New Car LoanNew and Old CarsApply Now

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.

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