Best Vehicle Financing Options in Singapore
When looking for the best car loan in Singapore, it’s essential to understand the various vehicle financing options available. Whether you’re financing a new car, a used car, or need vehicle finance for your business, comparing interest rates, loan tenure, and unique benefits can help you find the most suitable loan.
Explore the top car loan options in Singapore to make an informed decision.
Best for: Buyers of electric vehicles (EVs).
Interest Rate: From 1.68% p.a. (for electric vehicles only).
Key Features:
Free charging for up to 12 months (location-dependent).
No processing fee.
Loan tenure: Up to 7 years.
Why Choose OCBC? For vehicle financing tailored to EVs, OCBC offers competitive rates and exclusive perks.
Best for: Buyers of green vehicles or electric cars.
Interest Rate: From 2.88% p.a. (for electric vehicles).
Key Features:
DBS contributes to environmental initiatives for each loan.
Flexible loan tenure: Up to 7 years.
Why Choose DBS? A great choice for those seeking vehicle finance that also supports sustainability.
Best for: First-time car buyers looking for a straightforward car loan.
Interest Rate: Up to 3.38% p.a. (for both new and used cars).
Key Features:
Quick and easy online application.
Loan available for new and used cars.
Fast approval.
Why Choose UOB? If you need a simple, no-hassle auto financing option, UOB is an excellent choice.
Best for: Used car buyers, including foreigners.
Interest Rate: Up to 2.78% p.a. (for used cars only).
Key Features:
Specializes in vehicle financing for used cars.
Available for foreigners with an Employment Pass.
Loan tenure: Up to 7 years.
Why Choose Hong Leong Finance? Ideal if you’re seeking auto financing for a pre-owned vehicle.
Best for: Business owners and private-hire drivers.
Interest Rate: Up to 4.28% p.a. (for used cars).
Key Features:
Fleet financing available for businesses.
Flexible repayment plans.
Loan tenure: Up to 7 years.
Why Choose GB Helios? Best for managing business vehicle finance and long-term vehicle financing for fleets.
Best for: Those facing challenges securing car loans from traditional banks.
Interest Rate: 3.98% p.a. (for both new and used cars).
Key Features:
In-house vehicle financing solutions.
Flexible loan amounts and repayment terms.
Fast loan approval.
Why Choose Index Credit? A solid alternative for those who need quick auto financing but may not qualify for traditional bank loans.
Best for: Quick and straightforward auto financing.
Interest Rate: Up to 3.98% p.a. (for both new and used cars).
Key Features:
Fast processing and approval.
Trusted for its efficient loan system.
Loan tenure: Up to 7 years.
Why Choose MoneyMax? If you need fast, reliable vehicle finance with minimal hassle, MoneyMax is an excellent choice.
Best for: Custom and tailored financial solutions for car buyers.
Interest Rate: Up to 3.98% p.a. (for both new and used cars).
Key Features:
AI-powered approval for efficient loan processing.
Flexible vehicle financing options.
Loan tenure: Up to 7 years.
Why Choose XStar? For those seeking tailored vehicle finance packages with advanced technology for a seamless experience.
Best for: Those who want quick loan approval.
Interest Rate: 2.78% p.a. (for both new and used cars).
Key Features:
Instant approval using MyInfo.
Fixed monthly installments.
Loan tenure: Up to 7 years.
Why Choose HL Bank? Perfect for those seeking a hassle-free auto financing process with fast approval.
Best for: Foreigners with a local guarantor or locals.
Interest Rate: 2.78% p.a. (for both new and used cars).
Key Features:
Available for locals and foreigners with a guarantor.
Loan tenure: Up to 7 years.
Why Choose Maybank? Great for those needing affordable and flexible vehicle finance options.
Best for: Flexible car loan and dealership options.
Interest Rate: Up to 3.98% p.a. (for used cars).
Key Features:
Best for: Luxury car buyers.
Interest Rate: 2.99% p.a. (for both new and used cars).
Key Features:
Financing up to 70% of the car’s value.
Fixed monthly repayments.
Loan tenure: Up to 7 years.
Why Choose Sing Investment? Perfect for those looking for luxury auto financing or fixed repayments for a more predictable financial plan.
Best for: Fast and flexible loan processing.
Interest Rate: Up to 3.38% p.a. (for both new and used cars).
Key Features:
Quick approval using MyInfo.
Flexible loan amounts and terms.
Loan tenure: Up to 7 years.
Why Choose Tokyo Century? Excellent for fast and flexible car loan with minimal documentation required.
Choosing the Right Auto Financing in Singapore
When comparing vehicle financing options in Singapore, consider these key factors:
Interest Rates – Lower interest rates save you money over the loan term.
Loan Tenure – Longer tenures reduce monthly payments but increase total interest costs.
Eligibility Criteria – Some lenders may have stricter requirements.
Loan Processing Time – If you need fast approval, some lenders offer quicker loan decisions.