The 5 Best Car Loans in Singapore

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 loans 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.

Highlights

  • Reasonable interest rates
  • Fixed monthly rates
  • Easy application

 

2.  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!

Highlights

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

 

3.  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

 

4.  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

 

5.  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

 

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.

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