Singapore is notorious for extremely high car prices, making car loans quite popular. Our analysts reviewed every car loan from more than 10 of Singapore's top lenders in order to help you find the cheapest loan for your new or used vehicle. Our calculator tool will help you compare different car loans based on the latest rates, expected monthly payments and the total interest cost. Show
Our Picks for the Best Car Loans in Singapore
Loans for Used CarsCOE LoansLoans for New CarsHow to Choose
Our Picks for the Best Car Loans in Singapore
Cheapest Car Loans: Car Loan Cost ComparisonBelow, we have featured a chart comparing the cost of different car loans in Singapore. We have grouped them by new car, used car and COE loans.  Cost Comparison of Car Loans in Singapore Best Car Loans for Used Cars: DBS Car LoansPROMO: Get 1.68% interest for green cars Check Rates Check Rates Consider this if you require a car loan to purchase a used car Read Review more details less details
Promotions: DBS offers the cheapest car loans in Singapore for used cars, due to their market leading interest rate of 1.99% and current 6 months interest free promotion. While car loans from other banks may not seem significantly more expensive (typically about 2.5-3%), these small differences result in hundreds of dollars in terms of total interest costs. Finally, DBS offers the same maximum principal and duration as other banks, with loans of up to 70% of the car's purchase price and up to 7 years in tenure. Read Our Full Review DBS Used Car Loans: Interest Rates & Details Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost11.99%3.67%S$5,949S$1,39321.99%3.78%S$3,033S$2,78631.99%3.82%S$2,061S$3,48341.99%3.82%S$1,574S$4,87651.99%3.81%S$1,283S$6,26961.99%3.81%S$1,089S$7,66271.99%3.79%S$949S$9,055 Assuming loan of S$70,000, total cost includes impact of promotion Best Car Loans for New Cars in Singapore: OCBC New Car LoansCheck Rates Check Rates Consider this if you need a car loan to purchase a new vehicle Read Review more details less details
Promotions:
OCBC offers the most affordable car loans in Singapore for new cars, charging just 2.28% p.a. on loans for new vehicles. Like other lenders, OCBC covers up to 70% of your car’s price and is available for 1-7 years. However, OCBC also offers quick, one-minute approvals and the ability to get approved for the loan before or after you decide on the car. The early settlement fee is 1% of the outstanding loan amount and 20% on interest rebate. Read Our Full Review OCBC New Car Loans: Interest Rates & Details Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost12.28%4.18%S$5,966.33S$1,596.0022.28%4.32%S$3,049.67S$3,192.0032.28%4.35%S$2,077/44S$4,788.0042.28%4.34%S$1,591.33S$6,384.0052.28%4.33%S$1,299.67S$7,980.0062.28%4.31%SS$1,105.22S$9,567.0072.28%4.29%S$966.33S$11,172.00 Assuming loan of S$70,000 Best COE Renewal Loans: MotoristCheck Rates Check Rates Consider this if you require a COE renewal loan Promotions:
Renewing your vehicle's COE (Certificate of Entitlement) can be costly, and comparing COE loan rates can be difficult as bank's don't always publish their rates online. With Motorist, individuals can find affordable COE renewal loans based on their PQP and loan preferences. Motorist also guarantees that they will find the lowest interest rate in Singapore available—if you find a better rate they will give you S$50. Not only that, Motorist arranges a pre-COE inspection for free. Motorist COE Loan Details
How to Choose a Car LoanFind the Cheapest Car Loans in Singapore$ {"defaultValue":"30000","clearOnFocus":true,"label":"Loan Amount","name":"loanAmount","symbol":"$","symbolLocation":"left","showLabel":false} Find Loans To determine the best car loan options, we examined the terms and conditions of every car loan available in Singapore. Below, we provide a table summary of the data we collected. To calculate cost, we assume the loan is for S$70,000 and is taken out for 5 years. You can use our free car loan calculator to see which option yields the best result for your needs. Car Loans in SingaporeInterest RateTenureMax PrincipalMonthly InstalmentTotal costDBS Used Car Loan1.99%1-7 Years60%/70% of car priceS$1,283S$6,965DBS New Car Loan2.28%1-7 Years60%/70% of car priceS$1,329S$9,730Hong Leong Finance Used Car Loan2.78%1-7 Years60%/70% of car priceS$1,329S$9,730Hong Leong Finance New Car Loan2.48%1-7 Years60%/70% of car priceS$1,312S$8,680Maybank New Car Loan2.78%1-5 Years60%/70% of car PriceS$1,329S$9,730OCBC Used Car Financing2.28%1-7 Years60%/70% of car priceS$1,329S$9,730OCBC New Car Loan2.28%1-7 Years60%/70% of car priceS$1,329S$9,730Tokyo Century2.78%1-7 Years60%/70% of car priceS$1,329S$9,730Sing Investments & Finance2.78%1-7 Years60%/70% of car priceS$1,329S$9,730Singapura Finance2.99%1-7 Years60% of car priceS$1,341S$10,465Standard Chartered2.78%1-7 Years60%/70% of car priceN/AN/AUOB Used Car Loan2.98%1-7 Years60%/70% of car priceS$1,341S$10,430UOB New Car Loan2.68%1-7 Years60%/70% of car priceS$1,323S$9,380 Frequently Asked QuestionsWhat is the Maximum Amount I Can Borrow? The maximum amount you can borrow is up to 70% of the car loan's value if the car costs less than S$20,000. For cars worth more than S$20,000, you can only borrow up to 60% of the total value. Is It Better to Get a Loan From a Bank or a Dealership? There are a few things you should consider prior to deciding if a bank or dealership loan is better for you. First, you should consider the total cost of the loan. This means you should pay attention to the interest rate and loan duration. Car dealerships, on average, can charge around 3.70%-4.50% in interest for a car loan, while banks typically charge 1.99-3.00%. The duration of the loan is important to compare as well, as you will generally pay more with a "cheaper" loan over a longer period of time. In addition to interest rates, dealerships tend to charge higher administrative and processing fees than most banks. Moreover, many dealerships charge customers who want to repay their loan early. While some banks do as well, it is worth comparing the miscellaneous fees when choosing a lender. You should also keep in mind the ease of obtaining either loan. For example, those with poor credit might have an easier time accessing a loan from a dealership rather than a bank. Be wary, however, since they might charge higher interest rates given the situation. Moreover, some dealerships might not check credit score, and instead rely exclusively on your previous bank statements. Can I Get a Car Loan With Bad Credit? Yes. You can still get a car loan with poor credit. While you may first wish to apply for a loan from a bank, licensed money lenders in Singapore can loan you the amount you need to purchase a car. Furthermore, since Singapore's Credit Bureau calculates your credit score from the previous twelve months until now, you should begin taking steps to Why Your Credit Score Is Holding You Back & How to Fix It prior to applying for any loan. Should I Refinance My Car Loan? There are certain times when it might be beneficial to refinance your car loan. For example, if your credit score has improved, interest rates are low, your car is worth more than what you currently owe on it, or you want to change the loan terms and conditions, refinancing can help you spend less or save more on your loan. However, if your car is 10 years old or more it might be difficult to refinance. Moreover, if you currently owe money on your car loan and are looking to refinance with a new lender, the new lender could charge you higher interest rates over a longer period of time to offset the risk of lending you money. Therefore, while it may be beneficial to refinance your car loan, it is important to consider the terms and conditions of the new loan you wish to acquire. MethodologyTo find out the best car loans available in Singapore, we've analysed data of twenty-one different car loans on the market. Specifically, we've compared interest rates, additional fees, minimum amounts you can borrow, loan tenors, eligibility requirements and more to determine which bank loans are best to buy a car depending on your circumstance. The following table below lists the different banks whose car loans we analyzed in our research. Summary of Car Loan LendersDBSHong Leong FinanceMaybankOCBCUOBHitachi CapitalTokyo CenturySingapura FinanceSing Investments & FinanceStandard Chartered Additionally, we compared in-house car loan financing with bank loans to help readers ultimately decide the most cost-effective loan for them. If you're still unsure about whether to purchase a new or used vehicle, it might be worth your time to familiarize yourself with the benefits of both prior to choosing a loan to help finance your purchase. Read More:
Stephen Lee Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific. Top Financial Products for Drivers
Keep up with our news and analysis. Stay up to date. Subscribe{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"} What banks have the best auto refinance rates?Compare the Best Auto Refinance Loans. Which Bank is Best for refinancing a car?Best Auto Loan Refinance Banks of 2022. Best for Great Credit: LightStream.. Best for Checking Rates Without Impacting Your Credit: Capital One.. Best Trusted Name: Bank of America.. Best for The Most Options: AutoPay.. Best for Members of the Military: USAA.. Best for Peer-to-Peer Loans: LendingClub.. Does refinancing hurt your credit?Refinancing will hurt your credit score a bit initially, but might actually help in the long run. Refinancing can significantly lower your debt amount and/or your monthly payment, and lenders like to see both of those. Your score will typically dip a few points, but it can bounce back within a few months.
Is it better to refinance with your current lender?It's best to refinance with your current mortgage lender if it can offer you a better deal than the other ones you've looked at. You won't know if this is the case until you've put in the work to compare rates from at least a couple other mortgage brokers or companies.
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Best rates for refinancing a car loan
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