COE Car Loan

Buying a COE Car - A New Smart Way To Own a Car in Singapore

COE Car Loan at a Glance

From*
2.78%
Interest Rate
Since 2000
100%
Approval Rate
As Fast As*
1-2 Days
Loan Approval
Up To*
7 Years
Loan Tenure
Up To*
70%
Financing

*Terms & Conditions apply.

Car loan interest rate offers at Speed Credit ranges from 1.68% – 6.68% and may vary based on vehicle type, loan type, loan amount, repayment period, past and present financial or credit status and other eligibility criteria. We cover various vehicle types such as normal cars, sports and exotic cars, commercial vehicles, Private Hire Vehicles (PHV), rental vehicles, COE cars, vans, lorries, trucks and buses — from light to heavy industry vehicles.

Your Dream To Own a Car, Now More Reachable Through COE Car Financing

At Speed Credit, we can help guide you through all the considerations and steps needed for purchasing a COE Car in Singapore. Once you’re decided, we can finance the COE Car of your choice and offer you the lowest possible interest rate. We’ll guide you, assist you, handle all the LTA transactions and paperwork, and get you the best car loan for your COE car – less work and no hassle on your end but more savings for you.

Found the Right COE Car? Get It Financed To Enjoy Cash Savings

Out with the new, in with the old? Well, why not. If the COE Car’s condition is good enough and the model is to your liking, and it has been inspected thoroughly and evaluated as safe and reliable, and when you do the math you are sure to save a significant amount of money when you total all the costs – the old does become a better option than the new, most especially when you only want to spend less.

A Practical Car Ownership Option

Buying a COE Car has now emerged as one of the few practical (and smart) options available for aspiring car owners in Singapore as well as for those who want to change their car or do an upgrade but are not keen to buy a new car or a few-years-old used car due to the high upfront costs and the heavy future financial commitment (large monthly instalment) that they entail.

Finding the Right COE Vehicle

Does buying a COE Car sound odd to you? It surely does for some. However, when you start looking around for good COE Cars in Singapore, you’d realise that there are lots of good options in the market and you can even get an upgrade for less due to their affordability. It’s a matter of finding the right vehicle for you, doing initial calculations, learning more about the car and its history, and getting it inspected or evaluated before you seal the deal with the owner or the car dealer.

Why Get an COE Car Loan From Speed Credit?

Company Competence​

$1.7 Billion in Car Loan Transactions
50+ Years of Combined Industry Experience
Largest Network of Banks & Financial Institutions
Most-Reviewed Financing Company (650+ 5-Star Reviews)

Competitive Distinction

Lowest & Exclusive Car Loan Interest Rates
Direct, No Middleman & Mark-up Free Interest Rates
Highest Loan Approval Rate in Singapore
Fast, Transparent & Hassle-Free Serviced

Free Assistance & Services

Free Handling of LTA & Bank Transactions
Free Financing Advice & Paperwork Assistance
Free Full Settlement & Car Ownership Transfer Assistance
100% No Hidden/Additional Charges

Awards & Accreditations

SVTA
SVTA Accredited
SOE Awardee
Spirit of Enterprise (SOE) Awardee
HPFLAS Member
Member of the Hire Purchase Association, Finance & Leasing Association of Singapore (HPFLAS)
AEIA Member
Member of the Automobile Importer & Exporter Association Singapore (AIEA)

What Are the Advantages of Buying a COE Car in Singapore?

Cheapest Price

COE Cars are the cheapest used cars that you can find in Singapore, so if you want the cheapest possible price that you can get from a car, buying a COE Car is the way to go.

Lower Cost

The cost of owning a COE car is undeniably much lower, even after you factor in road tax surcharges, higher insurance premiums, and maintenance costs.

Saleable

A 10-year-renewed COE car is usually more saleable. Hence, if you wish to replace it midway, it would be easy for you to find a buyer. Letting go is much easier too as you know that you spent less on it. Cheap and easy to replace, easy to let go, and easy to sell - sounds practical and good, right?

Cash Preservation

If you need to own a car for work and essential purposes but would like to preserve cash for something more important, buying a COE car can help you achieve both. Spend less and keep more cash - you’ll never know when you’ll need it, most especially during uncertain times.

Lower Downpayment & Monthly Instalment

With a cheaper car price, you don’t have to fork out a hefty downpayment. With the price of a COE Car being more or less half the price of a brand new car and 25%-35% cheaper than a few-years-old used car, you get to enjoy a lower downpayment, and of course, a lower monthly instalment.

Peace of Mind

With a 7-year loan tenure, a lower downpayment, and a cheaper monthly instalment, and the cheapest possible interest rate that you can exclusively get from Speed Credit, you don’t have to worry much about any unexpected downturns. Enjoy the peace of mind that comes with not being subjected to a high monthly instalment during your repayment period.

Car Upgrade for Less

If you shop around and do some calculations, you’ll be surprised to know that an Audi or a BMW / Mercedes-Benz COE Car can possibly have the same price or perhaps cost a little less than buying a brand new Toyota Camry. So yes, the car that you wanted so badly 5-10 years ago can now be yours, only now it’s way much cheaper.

Durability

With all the advanced specs, safety features, and technologies, cars have been made more reliable than before and are expected to last between 10-20 years. It all boils down to choosing the right car and knowing its history.

Procedure & Online Application for COE Car Loan

Get a COE Car Loan in 3 Easy Steps!

Step 1

Fill out our online application form or contact us at (+65) 6444 4400 or (+65) 9851 8281. Instructions and other requirements will be sent to you via email by our car finance expert. Please check your inbox or spam mail.

Step 2

Submit all the requirements and/or signed documents needed via email at loan@speedcredit.com.sg. You will also be advised on the next steps and/or other necessary instructions related to your application.

Step 3

You will be notified by our car finance expert via email and/or call regarding the status of your application.

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Eligibility Criteria for COE Car Loan

  • Applicants should be between 21 – 65 years of age
  • Singaporeans, Singapore PRs, Foreigners

Requirements for COE Car Loan

Buyer

  1. Page 1 of Loan Application Form (1 Copy – Signed, Filled & Completed)
  2. Clear Copy of NRIC (Front & Back)
  3. Income Documents (Any of the Following):
    • Latest 12 Months CPF Contribution Assessment
    • Last 2 Years Notice of Assessment (NOA)
    • Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
  4. Sales & Purchase Agreement of Purchased Vehicle
  5. Copy of Enquire PARF / COE Rebate for Registered Vehicle

Seller

  1. Vehicle Log Card / Acknowledgement
  2. Clear Copy of NRIC (Front & Back)
  3. Authorization Form To Check Full Settlement (if Vehicle Is Still Under Financing)

Guarantor

  1. Page 2 of Loan Application Form (1 Copy – Signed, Filled & Completed)
  2. Clear Copy of NRIC (Front & Back)
  3. Income Documents (Any of the Following):
    • Latest 12 Months CPF Contribution Assessment
    • Last 2 Years Notice of Assessment (NOA)
    • Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed

Buyer

  1. Page 1 of Loan Application Form (1 Copy – Signed, Filled & Completed)
  2. Clear Copy of Passport
  3. Clear Copy of Employment Pass
  4. Income Documents (Any of the Following):
    • Latest 12 Months CPF Contribution Assessment
    • Last 2 Years Notice of Assessment (NOA)
    • Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
  5. Sales & Purchase Agreement of Purchased Vehicle
  6. Copy of Enquire PARF / COE Rebate for Registered Vehicle

Seller

  1. Vehicle Log Card / Acknowledgement
  2. Clear Copy of NRIC (Front & Back)
  3. Authorization Form To Check Full Settlement (if Vehicle Is Still Under Financing)

Guarantor (Must be a Singaporean)

  1. Page 2 of Loan Application Form (1 Copy – Signed, Filled & Completed)
  2. Clear Copy of NRIC (Front & Back)
  3. Income Documents (Any of the Following):
    • Latest 12 Months CPF Contribution Assessment
    • Last 2 Years Notice of Assessment (NOA)
    • Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed

Buyer

  1. Page 1 of Loan Application Form (1 Copy With Company Chop – Signed, Filled & Completed)
  2. Clear Copy of ACRA Document (Within 3 Months)
  3. Latest 3 Months Bank Statement
  4. Sales & Purchase Agreement of Purchased Vehicle

Seller

  1. Vehicle Log Card / Acknowledgement
  2. Clear Copy of NRIC (Front & Back)
  3. Authorisation Form To Check Full Settlement (if Vehicle Is Still Under Financing)

Guarantor (Director of Company)

  1. Page 2 of Loan Application Form (1 Copy – Signed, Filled & Completed)
  2. Clear Copy of NRIC (Front & Back)
  3. Income Documents (Any of the Following):
    • Latest 12 Months CPF Contribution Assessment
    • Last 2 Years Notice of Assessment (NOA)
    • Latest 6 Months Computerised Payslip or Latest 3 Months Bank Statement if Self-Employed
Apply Now
Enquire Now

COE Car Loan Interest Rates

Exclusive at
Speed Credit
From*
2.78%
Interest Rate
Other
Companies
From
3.28%
Interest Rate

*Terms & Conditions apply.

Car loan interest rate offers at Speed Credit ranges from 1.68% – 6.68% and may vary based on vehicle type, loan type, loan amount, repayment period, past and present financial or credit status and other eligibility criteria. We cover various vehicle types such as normal cars, sports and exotic cars, commercial vehicles, Private Hire Vehicles (PHV), rental vehicles, COE cars, vans, lorries, trucks and buses — from light to heavy industry vehicles.

COE Car Loan Calculator (Monthly Repayment)

Use our COE Car Loan Calculator to calculate or get an estimate of your monthly instalment repayments for your car.

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Sample Computation
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Monthly Repayment
Disclaimer: Interest rates are estimated and may differ based on credit evaluation and loan amount from banks and financial institutions. This Car Loan Calculator can only be used as a guide to help you to get a better sense of your potential monthly repayment commitments. It does not warrant the accuracy, adequacy or completeness of the figures presented. Speed Credit Pte Ltd explicitly disclaims liability for any possible errors or omissions.

COE Car Loan FAQ

Yes, you can. However, please check first with your car dealer if you are allowed to source for or secure a car loan from a different company.
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