Best Car Loans in Singapore
| # | Name | Best for |
|---|---|---|
| 1 | 1 Auto Cars | Competitive Rates |
| 2 | Capitall | Attractive Rates |
| 3 | DBS Bank | Low Rates |
| 4 | Maybank | Quick Approval |
| 5 | OCBC Bank | Transparent Terms |
| 6 | OneShift | Fast Approval |
| 7 | SG Cash N Cars | No Early Fees |
| 8 | Sgcarmart | Wide Range of Loans |
| 9 | Speed Credit | Competitive Rates |
| 10 | UOB Bank | — |
What should you look for in the best car loans in Singapore?
When looking for the best car loans in Singapore, it’s important to compare several key factors across different banks. Start by reviewing the interest rates, loan tenure, and any early repayment fees, ensuring they fit your financial situation. Check if the loan is suitable for the type of vehicle you plan to purchase, whether it’s for personal or commercial use. If you’re applying for a commercial car loan, ensure that the financing option provides flexibility for business needs. Additionally, make sure the lender adheres to the guidelines set by the Monetary Authority of Singapore to ensure you’re working with a reputable institution. Finally, review whether the lender offers bundle deals, such as combining a home loan with a car loan for more favourable terms.
Let’s now shift focus and look at car loans you can consider.
1 Auto Cars
Best for
- Competitive Rates
- Flexible Tenure
- Fast Approval
Contact Details:
Website:
Services:
+65 8688 6888
New and Used Car Loans, Car Loan Refinancing, Commercial Car Loans
1 Auto Cars is one of the top financial institutions providing car loans in Singapore, offering an ideal car loan solution for customers looking for competitive interest rates and flexible loan tenures. Whether you are purchasing a new car or refinancing an outstanding loan, Auto Cars provides attractive financing options with quick loan approval. The flexibility of their loan tenure options makes it easier for borrowers to find the right financing plan for their needs, especially if you need a loan for personal or business use. However, borrowers should be aware of early repayment fees and a minimum loan amount that could affect monthly repayments. With limited online tools, it might be more convenient to visit them directly or consult a car dealer for your financing needs. Nonetheless, Auto Cars is a great choice for those looking for fast approval on a car loan in Singapore.
Capitall
Best for
- Attractive Rates
- High Loan Amount
- No Early Fees
Contact Details:
Website:
Services:
+65 8780 9645
Car Loans, Commercial Car Loans, Refinancing Services
Capitall offers one of the best car loan interest rates in Singapore, making it an attractive option for those looking to finance a new or used car. With a high maximum loan amount and no early repayment fees, this financial institution is an excellent choice for individuals with good credit scores who seek flexible financing solutions. Capitall’s high loan ceilings also make it a preferred choice for those purchasing higher-end vehicles, such as electric vehicles or company cars. However, their strict eligibility criteria and limited loan tenure options mean that not all customers may qualify. It’s essential to have a good credit score and meet the minimum income requirements for approval. Despite these challenges, Capitall stands out as a top contender for those who meet the eligibility criteria and need a car loan in Singapore with competitive interest rates and a high loan amount.
DBS Bank
Best for
- Low Rates
- Flexible Terms
- Trusted Bank
Contact Details:
Website:
Services:
1800 111 1111
New and Used Car Loans, Loan Refinancing, Hire Purchase Agreements, Commercial Car Loans
DBS Bank is a highly reputable institution offering some of the lowest car loan interest rates in Singapore, making them a popular choice for individuals looking for reliable car loans. Whether you’re planning a new car purchase or seeking refinancing options for an outstanding loan, DBS provides flexible loan tenures that cater to a wide range of customers. Their competitive interest rates, coupled with their status as a trusted financial institution, ensure peace of mind for borrowers. However, borrowers should take note that the minimum loan amount can sometimes be higher than expected, and there may be early repayment fees involved if you decide to clear the loan ahead of schedule. Additionally, the processing times for loan approval can be slower compared to other lenders, so it’s essential to factor that into your decision-making process. Nevertheless, DBS remains one of the best car loan providers in Singapore for those looking for low rates and flexible terms.
Maybank
Best for
- Quick Approval
- High Loan Amount
- Tailored Packages
Contact Details:
Website:
Services:
+65 6533 5229
New and Used Car Loans, Refinancing, Commercial Car Loans
Maybank offers fast and efficient car loan approval with high maximum loan amounts, making it one of the best car loans for individuals looking for tailored packages in Singapore. Whether you’re purchasing a new or used car, Maybank’s financing options are flexible enough to meet various personal and business needs, including commercial car loans. They are also known for their competitive interest rates, particularly for customers with high monthly incomes. However, Maybank’s eligibility criteria can be more stringent, which may exclude individuals with lower credit scores or those who do not meet the minimum loan eligibility. Additionally, early repayment penalties can be a drawback for customers who want more flexibility in managing their loans. Despite these considerations, Maybank remains a top choice for customers looking for a quick loan approval process and competitive loan packages tailored to individual financial circumstances.
OCBC Bank
Best for
- Transparent Terms
- Flexible Repayment
- Trusted Institution
Contact Details:
Website:
Services:
+65 6538 1111
Car Loans, Refinancing Services, Hire Purchase Agreements, Commercial Car Loans
OCBC Bank is one of Singapore’s leading financial institutions, offering transparent and flexible car loan solutions that cater to a wide range of car purchase needs. Whether you’re buying a new or used car or looking for refinancing options, OCBC provides competitive financing packages with well-defined loan terms. Their flexible repayment options are ideal for customers who want to manage their monthly instalments in a way that aligns with their financial goals. However, OCBC’s interest rates may be slightly higher than some of its competitors, and there are additional fees involved in the loan process, including early repayment penalties. The minimum loan criteria may also restrict some borrowers, depending on the valuation price of the car’s OMV (open market value). Nevertheless, OCBC’s reputation as a trusted bank makes it a reliable choice for those seeking a car loan in Singapore, especially for individuals looking for structured and transparent loan terms.
OneShift
Best for
- Fast Approval
- Simple Application
- Flexible Loan Tenure
Contact Details:
Website:
Services:
+65 6533 5878
New and Used Car Loans, Commercial Car Loans, Car Loan Refinancing
OneShift is a rising player in the car loans Singapore market, offering a fast and streamlined loan application process. Customers benefit from flexible loan tenure options that allow them to customise their monthly payments based on their financial situation. OneShift is ideal for individuals looking for quick loan approval and minimal paperwork, making it easier to get a car loan, whether for a new car or a used vehicle. However, the higher car loan interest rates might be a drawback for some, especially when compared to other financial institutions offering more attractive interest rates. OneShift also has fewer refinancing options, limiting flexibility for those looking to manage an outstanding loan or switch to a different lender. Despite these limitations, OneShift’s speed and simplicity make it a viable option for customers in need of fast financing for their car purchase in Singapore.
SG Cash N Cars
Best for
- No Early Fees
- Good for Bad Credit
- Fast Approval
Contact Details:
Website:
Services:
+65 9278 2880
Car Loans for Bad Credit, Commercial Car Loans, Car Loan Refinancing
SG Cash N Cars is a go-to lender for individuals who may face financial challenges or have bad credit. Offering car loans even for those with low credit scores, SG Cash N Cars makes it easier for customers to get a car loan in Singapore without the usual high credit requirements. Their quick loan approval process is another plus, especially for individuals who need a car loan fast. What sets SG Cash N Cars apart is their policy of no early repayment fees, which offers flexibility for those looking to pay off their loans early. However, higher car loan interest rates and shorter loan tenor options may deter some borrowers. Additionally, there are fees involved during the car loan application process that can increase the total cost of financing. Despite these drawbacks, SG Cash N Cars remains a solid choice for individuals with bad credit who need flexible and fast loan solutions.
Sgcarmart
Best for
- Wide Range of Loans
- Easy Online Application
- Transparent Fees
Contact Details:
Website:
Services:
+65 6744 1514
New and Used Car Loans, Car Loan Refinancing, Hire Purchase Agreements
Sgcarmart offers a variety of financing options for both new and used car loans, making them a versatile option for car buyers. Their online car loan application process is straightforward, and they offer transparent fees, so there are no surprises during the loan approval process. Sgcarmart caters to both personal and business car loan needs, offering flexible repayment plans and competitive loan terms. However, customers should be aware that the minimum loan amount may not suit all needs, and higher car loan eligibility criteria may limit accessibility for individuals with a lower credit score or annual income. Additionally, their early repayment fee can be a drawback for borrowers who want more control over their loan payments. Despite these potential drawbacks, Sgcarmart remains a trusted car dealer for those looking to get a car loan with transparency and ease.
Speed Credit
Best for
- Competitive Rates
- High Loan Amount
- Long Tenure Options
Contact Details:
Website:
Services:
+65 6444 4400
New and Used Car Loans, Commercial Car Loans, Loan Refinancing
Speed Credit is one of the leading providers of car loans in Singapore, offering competitive interest rates and flexible loan tenure options for both new and used car loans. Their high maximum loan amount makes them an excellent choice for those looking to finance luxury or commercial vehicles. Speed Credit also offers long loan tenures, allowing borrowers to spread their monthly payments over a more extended period, making it easier to manage monthly repayments. However, Speed Credit has strict eligibility criteria, which might make it more difficult for individuals with lower credit scores or annual income to get a loan approved. Additionally, their loan processing time can be longer compared to other financial institutions, which may delay your car purchase. Despite these challenges, Speed Credit remains one of the best car loan providers in Singapore for individuals looking for flexible and competitive financing options.
UOB Bank
Contact Details:
Website:
Services:
1800 222 2121
New and Used Car Loans, Car Loan Refinancing, Commercial Car Loans
UOB is one of the most trusted financial institutions in Singapore, offering flexible car loan options with some of the lowest car loan interest rates in the market. Their loan packages cater to both personal and business use, making UOB a versatile option for financing both new and used cars. UOB offers flexible loan tenures, allowing borrowers to choose the loan tenor that best fits their monthly income and financial situation. However, customers should be aware that there is a minimum loan amount requirement, and early repayment fees may apply, limiting flexibility for those who want to pay off their loans early. Additionally, UOB’s processing time can sometimes be longer than other banks, which could delay the loan approval process. Despite these factors, UOB remains a top choice for car loans in Singapore due to its competitive interest rates and trusted reputation in the financial sector.
HIGHLY RECOMMENDED FOR
- Trusted Bank
- Flexible Loan Tenure
- Low Rates
FAQs
What is the difference between a new car loan and a used car loan?A new car loan typically comes with a lower interest rate compared to a used car loan, as new cars depreciate more slowly than used ones. The total car price for a new vehicle is generally higher, but you may get better financing options from car dealers. On the other hand, used car loans might have higher car loan interest rates due to the car’s age and condition. It’s essential to provide all necessary car details, including the open market value (OMV), to make an informed decision about your loan.
How does the open market value (OMV) affect my car loan?The open market value (OMV) represents the car’s valuation price set by the Singapore government, impacting the purchase price and additional registration fee. It plays a significant role in determining the total car price and the maximum loan amount you can borrow. Car dealers often use the OMV to set the car loan interest rate and financing options, especially for commercial car loans or electric vehicles.
Can I refinance my current car loan with a different lender?Yes, you can refinance your outstanding loan with a different lender to potentially get a better interest rate or more favourable loan term. However, you must meet the new lender’s credit limit and eligibility criteria. Be sure to check your current lender’s terms, as some may charge fees for switching or refinancing your loan.
What is a hire purchase agreement?A hire purchase agreement allows you to make monthly repayments for your car over an agreed loan term while the car remains the property of the lender until the final payment is made. This financing option is popular with both commercial car loans and personal car loans in Singapore.
Do I need my own insurance when applying for a car loan?Yes, most financial institutions require you to have your own insurance when taking out a car loan. The loan covers the car’s purchase price or open market value, but it doesn’t cover insurance. Insurance is necessary to protect your car in Singapore and is usually a requirement before loan approval.