Car loan products come in different shapes and sizes depending on the type of car you intend to buy, with electric vehicle car loans becoming increasingly commonplace since the Singapore Green Plan was unveiled.
The cheapest car loans on the market offer interest rates of between 2% and 4.5%, with any financial institutions offering a car loan of 3% or less considered to be offering a good deal.
As car loan products are frequently rotated, it’s hard to determine which bank offers the lowest interest rate at any one time, but Hong Leong Finance and UOB COE Car Loan are certainly advertising some attractive deals right now. Let’s compare the best car loans currently available.
Best Car Loans in Singapore with Competitive Car Loan Interest Rates
The best car loans in Singapore are offered by Hong Leong Finance, OCBC, DBS, UOB, Standard Chartered Bank and Motorist. That said, while some banks specialize in new car loans or products usable only with a COE car, others target their products exclusively at electric vehicle owners. Here are some of our favorites.
Best New Car Loans
1. Hong Leong Finance New Car Loan – Best Budget Loan for New Cars
Hong Leong Finance boasts a trusted reputation dating way back to 1963 and frequently offers attractive interest rates across its car loan products. Hong Leong Finance’s specialist loan product for new cars really stands out, with a 2.78% interest rate that can be fixed in advance, offering greater certainty for cost-conscious or distressed borrowers. New car buyers can borrow up to 70% financing and lock-in a loan tenure of anywhere between 1-7 years, too.
Highlights
- 1-7 year loan tenure
- Up to 70% financing
- Fixed interest rate of 2.78%
Interest Rate
- 2.78% p.a. (fixed)
Contact Info
- Phone
- +65 6579 6777
- Address
- 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581
- Operating Hours
- Weekdays: 9:00 am to 4:30 pm
- Weekends: 9:00 am to 12:00 pm Saturday
Reviews
“Polite staff.” – Athena
“Nice.” – Candice
2. UOB Car Loan – Best for Outstanding Loan Flexibility
When you think of a bank or financial institution in Singapore, UOB is often the first that comes to mind. This provider offers several tailored car loans targeted at different kinds of buyers. Their regular UOB Car Loan product offers attractive interest rates and fast approval on financing that can be used to purchase both new and used cars, giving ultimate flexibility.
Highlights
- Get your loan approved quickly with a wide car dealer network
- Borrow up to 70% of your car’s purchase price
- Maximum loan repayment period of 7 years
Interest Rate
- 2.78% p.a.
Contact Info
- Phone
- +65 1800 2222
- Address
- 80 Raffles Pl, Singapore 048624
- Operating Hours
- Weekdays: 9:30 am to 4:30 pm
- Weekends: 9:30 am to 12:30 pm Saturday
Reviews
“Helpful and professional.” – JW
“Good and polite experience.” – Jesyn Ong
3. Standard Chartered Bank Auto Financing – Best for Choice of Car Dealerships
Standard Chartered Bank is yet another household name when it comes to bank loans. With interest rates starting from 3.08%, this provider might not offer the most affordable car loans in Singapore, but their customers get tons of flexibility when it comes to car dealers, making SC a superb choice for buyers of new cars who like to shop around. You can also get your loan approved super-fast online.
Highlights
- Tons of car dealerships across the city-state
- Flexible repayment plans from 12-84 months
- Fixed interest rates available
Interest Rate
- 3.08% p.a. (fixed available)
Contact Info
- Phone
- +65 6747 7000
- Address
- 6 Battery Rd, Singapore 049909
- Operating Hours
- Weekdays: 10:00 am to 5:00 pm
- Weekends: Closed
Reviews
“Very impressed.” – Rosalynn Tang
“Service was impeccable to say the least.” – Ryan Ong
4. OCBC Bank New Car Loan – Best for Faster Approval Than Most Banks
OCBC frequently wins awards for its state-of-the-art car loans and easy-to-use online lending platform. If you’re looking for affordable monthly car loan instalments on a new car loan, OCBC offers a competitive interest rate of 2.78% on petrol or diesel car loans with a loan duration of anywhere from 1-7 years. You can even get early confirmation of your maximum car loan amount ahead of visiting your local car dealership.
Highlights
- Borrow a loan amount of 60-70% of the purchase price
- Pay no processing fees until your car loan is finalized
- Fast and straightforward online applications
Interest Rate
- 2.78% p.a.
Contact Info
- Phone
- +65 6363 3333
- Address
- 2 Orchard Turn, B2-57 ION Orchard Mall, Singapore 238801
- Operating Hours
- Weekdays: 11:00 am to 7:00 pm
- Weekends: 11:00 am to 7:00 pm Saturday and Sunday
Reviews
“So friendly and helpful.” – AO
“Efficient and full of initiative.” – Zahureen Aman
Best Used Car Loans
5. Hong Leong Finance Used Car Loan – Best for Used Car Buyers
Hong Leong Finance’s specialist Used Car Loan product offers a competitive interest rate of 3.08% p.a. which can be fixed at the point you apply for and get a car loan. You can access a loan quantum of up to 70% of your car’s open market value and extend your loan tenure for anywhere up to 7 years. Hong Leong Finance’s website also makes it super-easy to calculate how much your payments will be, the minimum monthly income required, and more.
Highlights
- Enjoy flexible repayment periods up to 7 years
- Get up to 70% financing
- Lock-in a fixed interest rate
Interest Rate
- 3.08% p.a. (fixed)
Contact Info
- Phone:
- +65 6579 6777
- Address
- 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581
- Operating Hours
- Weekdays: 9:00 am to 4:30 pm
- Weekends: 9:00 am to 12:00 pm Saturday
Reviews
“Patient and helpful.” – Athena
6. UOB COE Car Loan – Best for COE Loan Rates
If you already own a car that you absolutely adore, UOB will help you hang onto it for many more happy years using their UOB COE Car Loan. You can get financing for up to 7 years in total, with some of the best interest rates available on the market for this type of loan, as well as fast approval.
Highlights
- Maximum repayment period of 7 years
- Competitive interest rate with UOB COE Car Loan
- Fast processing and fixed instalments
Interest Rate
- 3.18% p.a.
Contact Info
- Phone
- +65 1800 2222
- Address
- 80 Raffles Pl, Singapore 048624
- Operating Hours
- Weekdays: 9:30 am to 4:30 pm
- Weekends: 9:30 am to 12:30 pm Saturday
Reviews
“Polite and helpful.” – Madeleine Peng
7. Motorist COE Renewal Car Loan – Best for Quick-and-Easy COE Renewal
If you want to renew your COE car in the quickest way possible with minimum hassle, Motorist can help. They offer a free COE loan calculator and consultation service to walk you through the process, as well as a free COE car inspection and a lowest interest rate guarantee.
Highlights
- Lowest interest rate guarantee
- 4.9/5 on Facebook and Google Reviews
- Free COE loan calculator and consultation
Interest Rate
- Enquire here
Contact Info
- Phone
- +65 6589 8800
- Address
- 12 Tai Seng Link #06-02 Singapore 534233
- Operating Hours
- Weekdays: 10:00 am to 6:00 pm
- Weekends: 10:00 am to 6:00 pm Saturday and Sunday
Reviews
“Fast and efficient service.” – Suranga Paranawithana
Best Electric Car Loans
8. Hong Leong Finance’s Motor Vehicle Green Loan – Best Electric Vehicle Interest Rate
Hong Leong Finance offers some of the best car loans in Singapore, including an incredibly competitive Vehicle Green Loan package aimed at those who plan on buying an electric vehicle from local car dealers. Customers who apply for their loan early can lock-in an interest rate of just 2.48% and the minimum loan amount starts at just $10,000.
Highlights
- Fixed interest rate available
- Borrow up to 70% for up to 7 years
- Buy a new or used car (electric only)
Interest Rate
- 2.48% p.a. (fixed)
Contact Info
- Phone
- +65 6579 6777
- Address
- 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581
- Operating Hours
- Weekdays: 9:00 am to 4:30 pm
- Weekends: 9:00 am to 12:00 pm Saturday
Reviews
“Nice.” – Candice
9. DBS Green Car Loan – Best for New and Used Electric Cars
Not all specialist electric vehicle loans can be used on both new and used cars, but the DBS Green Car Loan bucks the trend. A DBS Green Loan can be secured with a minimum loan amount of just $10,000 on a loan duration of 1 year or more. Rates start from just 2.88% and your loan will come packed full of amazing benefits. You can borrow up to 60% of your car’s open market value and apply quickly and easily via SingPass, too.
Highlights
- Loan tenure of 1-7 years
- Buy a new or used car with your loan
- Fast applications via SingPass
Interest Rate
- 2.88% p.a.
Contact Info
- Phone
- +65 6222 2200
- Address
- 3 Temasek Blvd, #02 – 709 710 / 711, Singapore 038983
- Operating Hours
- Weekdays: 10:00 am to 5:30 pm
- Weekends: 10:00 am to 2:00 pm Saturday
Reviews
“Amazing customer focus and professionalism.” – Jayant Gusain
“The experience was hassle-free.” – Roy Koh
10. OCBC Eco Care Car Loan – Best for Tesla Electric Car Buyers
If you’re looking to buy a brand-new electric vehicle from Tesla, Nissan, Audi or other OCBC partners, look no further than the OCBC Eco Care Car Loan. While all OCBC Eco Care Car loan borrowers get three months or 1140kWH worth of free charging credits and a great interest rate, buyers of certain car models can claim an additional three months of charging, too, as well as free charging station installation if you are a landed property resident.
Highlights
- 1140kWh free charging credits
- Competitive interest rate
- Extra benefits for Tesla buyers
Interest Rate
- 2.48% p.a.
Contact Info
- Phone
- +65 6363 3333
- Address
- 2 Orchard Turn, B2-57 ION Orchard Mall, Singapore 238801
- Operating Hours
- Weekdays: 11:00 am to 7:00 pm
- Weekends: 11:00 am to 7:00 pm Saturday and Sunday
Reviews
“Great service and help.” – Troy P. Teo
“Absolutely amazing staff.” – Jae Ou
Summary
Are you looking for the best car loans in Singapore? We have compared the best options available on the market to meet your needs. Make your smart decisions easily by comparing the best car loan companies in the table below.
Best New Car Loans Providers
|
Best For |
Car Loan Features |
Interest Rate (p.a.) |
|
|
Budget loan for new cars |
|
2.78% |
|
|
Outstanding loan flexibility |
|
2.78% |
|
|
Choice of car dealerships |
|
3.08% |
|
|
Faster approval than other banks |
|
2.78% |
Best Used Car Loan Providers
|
Best For |
Car Loan Features |
Interest Rate (p.a.) |
|
|
Used car buyers |
|
3.08% |
|
|
COE loan rates |
|
3.18% |
|
|
Quick-and-easy COE renewal |
|
Enquire here |
Best Electric Car Loans Providers
|
Best For |
Car Loan Features |
Interest Rate (p.a.) |
|
|
Electric vehicle loan interest rate |
|
2.48% |
|
|
New and used electric cars |
|
2.88% |
|
|
Tesla electric car buyers |
|
2.48% |
Closing
Whether you need an electric, new or used car loan, Singaporeans have ample choice when it comes to car financing in the city-state. When comparing loans, you should:
- Consider whether an electric, new or used car loan is most appropriate for your situation.
- Look carefully at what interest rate, fees, loan tenure and loan quantum your lender can offer.
- Consider licensed moneylenders as well as banks – as a licensed lender like A1 Credit can disburse your full car loan amount faster than a traditional bank.
Need cash for your car purchase or any personal needs fast? Apply with A1 Credit today to get a personal loan with quick approval now.
