Best Car Loans in Singapore

The 9 Best Car Loans in Singapore

Have you been dreaming of buying your own car but don’t have enough money for it? If so, then we highly recommend that you get your hands on the best car loans in Singapore that will help you purchase your dream car!

Applying for the best car loan in Singapore isn’t always an easy and smooth process, but we’re here to make it easier for you with our list of the best car loans in Singapore.

None of these options will give you a complicated time applying for a car loan. They should make the process fairly smooth and simple, in fact.

So, without further ado, here are the ones we found to be worth your attention. Try these lenders whenever you want the best car loans in Singapore!

1.  Maybank

Maybank's Homepage

BEST FOR  Attractive Interest Rates
SERVICES Car Loans, Personal Loans, and Property Loans
WEBSITE maybank2u.com.sg/en/personal/loans/car-loan/car-loan.page
ADDRESS 2 Battery Rd, Maybank Tower, Singapore 049907
CONTACT DETAILS +65 1800 629 2265
OPERATING HOURS Monday – Friday, 10:00 AM – 6:30 PM

If you’re looking for a car loan with low interest rates, then look no further than Maybank’s Car Loan! It can help you purchase the car of your dreams without draining all your financial resources.

Unlike other car loans, this one doesn’t have a complicated application process. As long as you’re at least 21 years old and earn a monthly income of $1,500, your application is pretty much accepted, which is why we call it one of the best car loans in Singapore.

What’s more, Maybank’s car loan has fixed rates for monthly installments, giving you an idea of how you are to budget your monthly expenses in order to settle the payment. Its loan period usually lasts up to 7 years, depending on the agreement. If you want to know about their car loan rates in Singapore, contact them now.

Highlights

  • Reasonable interest rates
  • Fixed monthly rates
  • Easy application

2. Lendela

Lendela's Homepage

BEST FOR  Multiple Personalised Offers
SERVICES Debt consolidation
Cash loan
Wedding loan
Student loan
Quick loan
WEBSITE https://sg.lendela.com/
ADDRESS Lendela Pte. Ltd. (UEN: 201801220D)
Funan
109 North Bridge Rd, #07-21
179097 Singapore
CONTACT DETAILS +65 9154 1705
[email protected]
OPERATING HOURS (Mon-Fri 9 a.m. – 6 p.m.)

One of the hardest parts of getting a loan is finding the right lender, as well as monitoring the progress of your application. Fortunately, Lendela solves those problems, ensuring that your loan is not only accepted, but also processed as fast as possible.

Lendela takes pride in their unique Fintech platform– which allows clients to find the best loan offers for them without any hassle. Transparency is part and parcel of their services, where they ensure that you are immediately informed of any prospective offers from their partnered lenders. They also take in consideration every case so if you can contact them soon to know about their car loan in Singapore’s interest rate.

Best of all, you can count on them to be with you every step of the way. They will make sure that you not only know all of your choices, but also end up with a loan that suits your lifestyle and budget. No matter the type of loan you need, Lendela is sure to find the right one for you.

The requirements so you can apply include:

  • 18 – 70 years old
  • Minimum monthly income of $1,200
  • Salaried Singaporean / PR / EP holder

Highlights

  • Personalised offers
  • Multiple Lenders
  • Full Customer Support
  • Easy Online Comparison

Customer Reviews

Here’s what a few of Lendela’s satisfied customers had to say:

“My experience was excellent. Staff by name Ben helped me through the process patiently and promptly that made my loan process easy. Appreciate!”

“Very proactive following up on the status and outcome of the application. Prompt and friendly sales rep. who shares best available solution to aid your application needs.”

 

3. POSB

POSB's Homepage

BEST FOR  Borrowing and insurance
SERVICES Car Loans, Personal Loans, Home Loans, and Education Loans
WEBSITE https://www.posb.com.sg/personal/loans/car-loans/carloan
ADDRESS 107 Lor 1 Toa Payoh, # 01-266, Singapore 310107
CONTACT DETAILS +65 6339 6666
OPERATING HOURS Monday – Friday, 11:00 AM – 7:00 PM

POSB offers one of the most affordable car loans available in Singapore today. If you avail of this car loan, you have the option to choose how long you want to pay for the loan, starting from 1 year to 7 years.

POSB is also open to lending loans for used cars, as long as the car isn’t more than 10 years old since the date of its registration. It’s also been noted as one of the best car loans in Singapore given the low interest rates, flexible payment method, and fast and easy application.

What’s more, if you apply for the car loan online, you can be entitled to a free QVIA dash cam worth $580! Call them now to know more about their car loan interest rates in Singapore for 2021.

Highlights

  • Low interest rates
  • Free dashcam
  • Open to used cars

 

4.  DBS

DBS's Homepage

BEST FOR  Transparent Rates
SERVICES Car Loans, Home Loans, Personal Loans, and Education Loans
WEBSITE https://www.dbs.com.sg/personal/marketplace/car/promotion/car-loan
ADDRESS Singapore
CONTACT DETAILS 1800 111 1111
OPERATING HOURS Monday – Friday, 8:00 AM – 5:00 PM

DBS’s car loan is one of the most in-demand options for young professionals who want to purchase their own car but don’t have sufficient funds. It also comes with reasonable and low interest rates that won’t feel like you’re paying more than just a car, unlike other car loans.

Another reason we consider it one of the best car loans in Singapore is the hassle-free and easy application. All you need to do is sign up online, submit the requirements, and wait for the application to be approved!

As long as you meet the basic criteria such as age and monthly income, you’re pretty much accepted for the car loan.

Highlights

  • Low interest rates
  • Frequent promotions
  • 1-7 years of tenure

 

5.  Credit Master

Credit Master's Homepage

BEST FOR  Residents and Foreigners
SERVICES Car Loans, Renovation Loans, Personal Loans, Wedding Loans, Education Loans, and Health Loans
WEBSITE https://www.creditmaster.sg/
ADDRESS #01-50 Park Rd, People’s Park Complex, Singapore 059108
CONTACT DETAILS +65 6748 1338
OPERATING HOURS Monday – Sunday, 11:00 AM – 8:00 PM

Credit Master has been one of the most dependable money lenders in Singapore, and we believe that it also offers one of the best car loans in Singapore. If you’re hesitant about borrowing money from banks, then this one’s the perfect option for you.

What’s more, applying for its car loan is extremely easy and hassle-free! All you need to do is go online, submit the requirements, and wait for the confirmation stating the status of your application.

Once your application has been approved, it will disburse the money to your account right away! No need to wait for multiple days to receive the money, unlike the case with most banks.

Credit Master will ensure that you will be able to drive your dream car as soon as possible, with the least amount of hassle!

Highlights

  • Fast disbursement
  • Easy application

 

6.  Hong Leong Finance

Hong Leong Finance's Homepage

BEST FOR  New and Old Cars
SERVICES Car Loans and Property Loans
WEBSITE hlf.com.sg/personal/loans/new-car-loans.html
ADDRESS 16 Raffles Quay, #01-05, Hong Leong Building, Singapore 048581
CONTACT DETAILS 6579 6777
OPERATING HOURS Monday – Sunday, 9:00 AM – 4:30 PM

If you’re not sure if you can carry the burden of paying for a new car, then you can opt for Hong Leong Finance’s used car loan, which is significantly cheaper compared to the former. You can even personalise the loan to make it easier and more affordable on your end.

One of the reasons we consider it one of the best car loans in Singapore is the affordable monthly payment. You will never have to struggle paying for your monthly dues.

Lastly, both of Hong Leong Finance’s car loans have fast and hassle-free application processes.

Highlights

  • Personalised loan
  • 1-7 years of tenure
  • Affordable monthly dues

7. SG Cash N Cars

SG Cash N Cars' Homepage

BEST FOR  Vehicle financing and leasing
SERVICES Car loan and refinancing, Rental & leasing, Car insurance
WEBSITE https://www.sgcashncars.com/car-loan-financing/
ADDRESS 11 Sin Ming Road Thomson V Two, #B3-09 Unit 1, 575629
CONTACT DETAILS 9278 2880 | https://www.sgcashncars.com/contact/
OPERATING HOURS 10:00 am – 6:00 pm (Mondays to Fridays)

SG Cash N Cars understands the convenience that private vehicles bring to the average adult. This is why they made it a point to have their business focused on this concept. They offer services regarding financing, rental and leasing, as well as insurance.

For their financing services, they focus on one thing– finding the lowest offered interest rate. They work with numerous financing institutions in order to find the best rates and packages for you. Once you’ve decided on a loan, they will do their best to have it approved.

SG Cash N Cars has a high approval rate when it comes to loans, so you can rest assured that they will handle your case seriously. Whether you’re buying a new or used car, make sure to go immediately to SG Cash N Cars.

Highlights

  • High Chance of Loan Approval
  • Low Interest Rates

8. COE Car Loan

SERVICESCar loan application, car loan renewal, car refinancing
WEBSITEhttp://coecarloan.com.sg/
ADDRESS18 Sin Ming Ln, #05-13 Midview City, Singapore 573960
CONTACT DETAILS+65 9321 9933
OPERATING HOURSMonday – Friday: 9:00 AM – 7:00 PMSaturday: 9:00 AM – 1:00 PM

COE Car Loan handles new loans for new and used cars, COE renewals, and car refinancing. 

All clients need to do is to fill out its online forms and upload the necessary documents. COE Car Loan then sends this information to potential lenders to help make the search and application for loans hassle-free. 

That said, if you aren’t comfortable with uploading your documents online, this feature may not be your best bet. Luckily, COE Car Loan still has a location that you can visit. 

Its network of lenders includes Maybank, Standard Chartered Bank, HL Bank and other financing institutions. With these many lenders, COE Car Loan can provide transparent and competitive loan interest rates and flexible payment options. 

COE Car Loan also partners with premium auto services providers like Accord Insurance Agency and Car Workshop Accord. This makes Accord a good one-stop-shop for all your auto needs. 

Highlights

  • Convenient online forms for car loan applications
  • Connections with numerous lenders
  • Flexible payment options
  • Access to car insurance and workshop services

9. Accredit

SERVICESCar loans, gadget loans, debt consolidation, business financing, short-term credit
WEBSITEhttps://www.accreditloan.com/
ADDRESSPeace Centre: 1 Sophia Rd, #01-14 Peace Centre, Singapore 228149
Tampines: 503 Tampines Central 1, #01-315, Singapore 520503
The Midtown: 1187 Upper Serangoon Rd, #01-15 The Midtown, Singapore 533971
Yishun: 743 Yishun Ave 5, #01-548, Singapore 760743
CONTACT DETAILSPeace Centre: +65 6261 2662Tampines: +65 6226 2662The Midtown: +65 6245 2662Yishun: +65 6219 2662
OPERATING HOURSPeace Centre:Monday – Friday: 11:00 AM – 9:00 PMSaturday – Sunday: 12:00 PM – 5:00 PM
Tampines:Monday – Friday: 11:00 AM – 9:00 PMSaturday – Sunday: 10:00 AM – 5:00 PM
The Midtown: Monday – Friday: 10:00 AM – 8:00 PMSaturday – Sunday: 10:00 AM – 5:00 PM
Yishun: Monday – Friday: 11:00 AM – 9:00 PMSaturday – Sunday: 10:00 AM – 5:00 PM

With almost 20 years of service in the loaning industry, Accredit has helped the funding of over 200,000 clients in Singapore. Its services cover short-term credit, debt consolidation, personal loans for gadgets and cars, and business financing.

What we like the most about Accredit is that it has a convenient online calculator to help you. For this calculator, you’ll have to specify the duration of the tenure and the value of the car loan.

In addition to this, Accredit also has convenient online application forms. So, clients can apply for loans wherever they may be and simply wait for the fast approval of their applications.

After approval, clients can then proceed to submit other necessary documents by visiting an Accredit office. And luckily, Accredit has four locations scattered around Singapore for added accessibility.

But what really makes Accredit unique as a loaning boutique is that it has connections with Voluntary Welfare Organisations. These organisations then help distressed borrowers by providing support and teaching good loaning practices.

Highlights

  • Convenient online calculator
  • Online application with speedy approval
  • Connections with organisations for lending support and practices
  • 4 locations in Singapore

Customer Reviews

Read these reviews to know what to expect should you choose Accredit for getting the best car loans in Singapore:

“I am extremely happy with the work and overall experience..they took with my needs. I’m happy to say 1d go back again for all my cars needs..”—Mila BatianCila

“Thanks to Accredit, i manage to get loan to solve my problem. Need to get loan to fix my car, they helped me.”—Felesisimo Ibatuan

And that’s the end of our list of the top options for the best car loans in Singapore. Driving the car of your dreams has become easier with the help of these banks and money lenders!

If you know other options for car loans in Singapore, tell us their names and we’ll check if we can add them to our list.

Anyway, after purchasing your dream car, the next step would have to be protecting it with the best car insurance in Singapore. If you want to save more money, we highly recommend that you check out our list of the cheapest car insurance in Singapore.