FunEmpire Singapore Blog

7 Best Car Loans in Singapore [2023]

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Best Car Loan Singapore
Best Car Loan Singapore

Car Loan Singapore

Looking for the best car loans in Singapore? You have come to the right place!

In this blog post, we will discuss 7 of the Best Car Loan options available in Singapore.

We will provide information on interest rates, repayment periods, and other important factors to consider when choosing a car loan. Also, information about what to look for when choosing a car loan provider

So whether you are buying your first car or you are looking to refinance your current car loan, we have you covered!

1. UOB COE Car Loan

Key ServicesUOB Car Loan
UOB COE Car Loan
UOB Go Green Car Loan
AddressBranch Locators
EmailContact Form
Operating HoursMonday to Friday: 9:30AM–4:30PM
Saturday: 9:30AM–12:30PM

If you’re adding a new COE to an existing car and the age is 10 or 11 years, UOB COE Car Loan may be suitable.

UOB COE Car Loan offers car owners who aren’t ready to give up their workhorse vehicle just yet a ten-year loan with a loan amount of up to 70% of the purchase price or the bank’s valuation, whichever is lower.

UOB COE Car Loan has a fixed rate of 3.25% p.a. across the different maturities available to customers.

Key Differentiators

  • Attractive interest rates
  • Fast processing and approval with a wide network of dealers
  • Loan quantum of up to 70% of the purchase price
  • Easy repayment

2. Motorist COE Renewal Loan 

Key ServicesAuto Deals
COE Renewal
Loan & Paperwork
Motor Directory
Road & Valet Assistance
Address12 Tai Seng Link #06-02 Singapore 534233
Phone+65 6589 8800
Operating HoursDaily: 10:00 am – 6:00 pm

Motorist is not a bank or financial institution, but it serves as the connection between drivers wanting to renew their COE and banks and financial institutions like UOB, Maybank, and Hong Leong Finance.

Apart from advising you on how to make the most of your COE by comparing the Prevailing Quota Premium (PQP) and interest rates, Motorist is delighted to recommend when it’s best for you to renew your COE.

There’s also a free COE loan calculator that you can use to get an idea of how much your loan will cost based on the PQP, amount, and duration.

That’s not all. To guarantee your vehicle is COE-legal, Motorist provides a free Pre-COE check at one of their partner workshops.

Another great advantage of using Motorist? It’s guaranteed to have the lowest COE loan interest rate.

Key Differentiators

  • Free Consultation
  • Trusted Platform
  • Full 100% PQP Financing

Client’s Testimony

Jezelle service is very prompt and efficient. She assisted to check on my vehicle and my family vehicle pricing and got a very good quote as compared to other platform. She even follow up promptly on every matter. Selling car on Motorist is such an easy thing!


3. OCBC Eco-Care Car Loan 

Key ServicesHelp the earth
Enjoy benefits
Address65 Chulia Street
OCBC Centre
Singapore 049513
Phone+65 6363 3333
Operating Hours24-hours hotline

If you want to buy an electric car and don’t want to finance it, the OCBC Eco-Care Car Car Loan is a wonderful alternative. They offer great perks for those who want to go greener!

You can obtain an in-principle approval within 60 seconds, so you know how much you may borrow from the bank to finance your automobile, and save money on interest by borrowing at 1.68% p.a.

To entice more car owners to go green, OCBC Eco-Care Car Loans provides customers with six months of free charging for their electric vehicle if they live in an HDB flat. Those who live in a condominium or privately owned property will get 12 months of complimentary charging.

Key Differentiators

  • Promotional loan rate
  • Up to 12 months of free charging
  • Online application with 60-second approval before you visit the showroom

4. QuickLoan

Key ServicesIndividual and Business Loans
Address10 Anson Road
01-15 International Plaza
Singapore 079903
Phone+65 6223 1788
Operating HoursMon – Fri: 11am – 8pm
Sat: 12pm – 5pm

QuickLoan Pte Ltd is a Singapore-based licensed moneylender that offers customers fast loans and low-interest rates.

QuickLoan’s team is friendly and attentive to every client that comes their way, going above and above to find the best loan plan for their customers. With their understanding of current rates and finance trends, they’ll be able to give you the best rate possible.

QuickLoan users love their wide range of loan options, fast funding, and cost-effective repayment terms. Given their excellent loan alternatives and courteous staff, individuals and businesses alike count on QuickLoan time and again.

If you’re interested in applying for a personal loan from them, feel free to book a free consultation!

Key Differentiators

  • Approval within 30 minutes
  • Get cash on the spot
  • Low monthly interest
  • Customized to your needs

Client’s Testimony

very good service. I have been with them for many years and they always provide me professional advices. thank you for your help whenever i need money to settle urgent bills. will definitely come back again.

Yau Soon Tin

5. Hong Leong Finance

Key ServicesVehicle-Green Loan
New Car Loan
Used Car Loan
AddressBranch Locators
PhonePhone Numbers
Operating HoursMondays to Fridays: 9 am to 4.30 pm

If you’re not sure whether you can afford to buy a new vehicle, Hong Leong Finance’s used car loan might be a good alternative. It’s significantly less expensive than others in the market.

You can even customize the loan to make it more convenient and affordable for you.

One of the reasons it is considered one of the finest vehicle loans in Singapore is because it has a low monthly payment. You will never have to worry about paying your bills on a monthly basis.

Finally, both of Hong Leong Finance’s automobile loans have rapid and simple application procedures.

Key Differentiators

  • Award-Winning Financial Partner
  • Fast loan approval process
  • Commercial Vehicle Financing is also available

6. Accredit

Key ServicesLicensed Money Lender
AddressBranch Locators
Phone+65 6226 2662
Operating HoursMonday-Friday: 11 am to 9 pm
Saturday-Sunday: 10 am to 5 pm

Accredit has helped finance the funding of over 200,000 clients in Singapore since it was established two decades ago.

They also offer a variety of loans at various rates, including short-term credit, debt consolidation, personal loans for gadgets and automobiles, and corporate funding.

Accredit offers a user-friendly online application process in addition to downloadable applications. Clients may apply for loans from anywhere and simply wait for the approval of their applications.

Clients can submit further documents after approval by going to an Accredit office. And, thanks to the presence of four offices around Singapore, it’s easy to find one.

Accredit, on the other hand, stands out as a lending store because of its ties to Voluntary Welfare Organisations. These organizations then assist distressed borrowers by offering assistance and teaching good loaning habits.

Key Differentiators

  • Fast Cash
  • Secure
  • No Hidden Fee
  • Easy Application

Client’s Testimony

The service staff are extremely and helpful and the interests competitive.The staff who helped me is very professional and polite and extremely detailed.

Very good experience. Will recommend to my friends if they need.

Alan Tan

7. Lendela

Key ServicesReceive offers from multiple lenders
Compare offers and select online
109 North Bridge Rd, #07-21
179097 Singapore
Phone+65 9154 1705
Operating HoursMonday to Friday: 9AM–6PM
Saturday: 10AM–3PM

Finding the correct lender and tracking the progress of your application are two of the most difficult aspects of obtaining a loan.

Thankfully, Lendela eliminates those issues by ensuring that your loan is accepted and processed as quickly as feasible.

Lendela is an innovative Fintech platform that ensures that customers may discover the finest loan offers for them without any trouble. Transparency is an important element of their services, as they make sure you are immediately informed of any potential lender offers.

Finally, you can trust them to be there for you every step of the way. They will make sure that you understand all of your alternatives and end up with a loan that fits your needs and budget.

Whatever your financial need, Lendela will undoubtedly provide you with the right loan.

Key Differentiators

  • One Application – Multiple Offers
  • Application process is quicker and simpler
  • Transparent transactions

Client’s Testimony

Simply Wow!Tip top service! Professionalism at its best.No more stress! I would certainly recommend to my friends and to those who needs advices and help with their finances.Especially to Fadilah and of course the rest of the team from Lendela!Keep up the good work and excellent services!You have my support indeed!Awesome!


Car Loan Singapore

There you have it! We have listed 7 of the Best Car Loans in Singapore today!

We know that loans for automobiles are a fantastic method to finance the purchase of a vehicle and there are numerous distinct kinds of automobile loans available in Singapore, and it might be difficult to choose the best option for you.

We’ve covered the ins and outs of interest rates, repayment durations, and other crucial factors to think about when selecting a vehicle loan. We hope that this list will help you get an excellent deal on your vehicle, whether you’re buying your first car or refinancing a current loan.

Looking for more interesting articles to read? Check out some more of our blog posts down below!

Rachel Tan - FunEmpire

Article by

Rachel Tan is the editor at FunEmpire Media Singapore. She has over 8 years of experience in the media industry discovering the best local businesses, places and things to do in Singapore. From lifestyle, entertainment, food, travel, education and more, Rachel is a trusted source to curate the very best Singapore has to offer.