Car Loan FAQs

Used Car Loan

Loan Applicants should be:
  • Singaporeans, Singapore PRs, Foreigners
  • Applicants should be between 21 – 65 years of age
Used car loan approval usually takes 1-2 working days. Our car finance expert will inform you about the status of your application via phone/WhatsApp/email.
For used car loan application follow-ups, please contact us at +65 6444 4400 or +65 9851 8281.
Yes, we will do the car ownership transfer for you at no charge.
At Speed Credit, we do not charge any application fee for used car loans.
Processing time depends on several factors. However, at Speed Credit, it usually takes 1-2 working days.

Direct Car Buyer - Seller Loan Program

Both car buyers and sellers will find this program useful.
The checklist is long especially when buying pre-owned cars. This is why many car buyers turn to our professional service to verify the rightful car ownership and to seek car financing assistance. Car sellers will also benefit from this program as the car resale process is more convenient and time-efficient.
  1. Car loan application and processing
  2. Verification of information and rightful ownership of car seller
  3. Full administrative support for the transfer of car ownership
  4. Act as a neutral third-party witness to all loan transactions
  5. Act as a neutral party for monetary transaction
  1. Buyer’s income proof (NOA – notice of assessment, and/or 3 months payslips
  2. Buyer’s I/C & driving license front & back
  3. Sales & Purchase agreement
  4. Seller’s I/C
    Vehicle details (Log book, or Log card, or Assets Acknowledgement)
The minimum downpayment is 30% of the car’s purchase price if its OMV is $20,000 or less – otherwise, it would be 40%.
You do not need to immediately pay your outstanding loan. Our direct buyer-seller loan program includes free outstanding loan settlement assistance as this is a part of the car buying and selling process. This will be done by us once the loan is approved.
Yes, we do provide such services. Do send in your enquiry for us to contact you.
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.

Most banks do not take in direct individual loan applications, they usually prefer to assign loan processing to financing companies to save time and simplify the process even further.

At Speed Credit, we do not only do loan submission. We’ll advise and guide you through the entire process, compare and find you the best bank offer or most suited financing package, and get you the lowest possible interest rate. In addition, we’ll do all the necessary LTA and bank transactions and paperwork for you, and if applicable, assist you on your current loan’s full settlement and on the car ownership transfer too.

COE Renewal Loan

There’s no need for you to go down to LTA as the COE will be renewed by us. We will also assist to process all the necessary LTA documents or paperwork for you.

At the moment, our COE Renewal Loan interest rate starts from 2.78% – this interest rate may vary from time to time. To check our current interest rate offer(s) please fill out our enquiry form and our car finance and COE expert will then contact and advise you on this.

As for the repayment period, it depends if you are opting for a 5-year (4 years repayment) or a 10-year COE renewal (7 years repayment).

There is a one-time admin fee and it varies from the range of loan packages we offer.

There is no difference in PQP between OPC/ROPC and Normal car.

We provide 100% financing based on the PQP amount. However, on a case-by-case basis, we do offer more than 100% PQP at a higher interest rate for passenger vehicles.

The monthly instalment would depend on the PQP, interest rate, and loan tenure. Based on these factors, we’ll assess, work out a quotation for you and send it to you through email. If you only want to get an indicative monthly instalment figure, please feel free to use our Monthly Repayment Calculator.
Signed & filled loan application form, clear copy of NRIC (front & back), income documents (any of the following) – 2-year notice of assessment (NOA), latest 12 months CPF contribution assessment, 6 months computerised payslip or latest 3 months bank statement if self-employed, and vehicle log card.
To apply, please submit an online application or an enquiry. One of our car financing and COE experts will then contact you, guide you and do all the necessary paperwork and loan processing for you.

Loan submission ➜ loan approval ➜ signing of agreement ➜ COE renewal.

Processing time depends on several factors. However, at Speed Credit, it usually takes 1-2 working days.
For COE Renewal, we offer instant in-principle approval which only takes 3 minutes. For non-instant approval, it takes 1-3 days.
For monthly instalment payments, we accept bank transfer, PayNow, GIRO, cash or cheque deposit.
Yes, you can. However, the applicant must still be the car owner and all documents should be approved and signed by him/her.
The best time is 4-6 weeks before your car’s COE expiry date.
Yes, for a 5-year COE renewal, your car must be deregistered at the end of the 5-year period. As for a10-year COE renewal, your car is eligible for a second COE renewal.
Either is fine. However, we prefer loan applications to be submitted via our website or through our corporate email (loan@speedcredit.com.sg).
No, you can renew your car insurance on your own but if it is renewed through us, we can match or lower whatever insurance quotation you received as we are partnered with several major insurance companies in Singapore.

Yes, but please take note that if you renew your COE early, LTA will forfeit the remaining PARF & COE rebate of your vehicle. Below is an example for your reference:

Situation:
The COE expiring is on 15 April 2021 and you wish to renew your COE early in January 2021.

Renewal Process:
The COE will be renewed using January’s PQP, and the COE expiry will then change from 15 April 2031 to 31 January 2031.

Please submit your application as early as possible as the COE has to be renewed before the end of January.

COE bidding is only required for new cars. For COE Renewal, we only need to pay the Prevailing Quota Premium (PQP) for your vehicle category to renew your COE Certificate. Speed Credit will also do the COE Renewal for you.
PARF rebate is only eligible if you deregister your vehicle within the first 10 years. Any PARF rebate will be forfeited by LTA should you renew your vehicle’s COE. PARF rebate will be forfeited if you opted for COE renewal with the intention of extending your vehicle’s lifespan beyond 10 years. However, you’ll get the PARF rebates if you deregister your vehicle within the first 10 years.
Yes, we can still renew the COE if it is still within 1 month of its expiry date. However, please take note that you will have to pay a late renewal fee. For more info, please refer to https://onemotoring.lta.gov.sg/content/onemotoring/home/owning/coe-renewal.html#Late_Renewal.

COE Car Loan

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.

Car Refinancing

Yes, you can.
Yes, you can.
Yes, you can.
Yes, we do.
The interest rate usually depends on the car age, car market value, car conditions, loan amount, and loan period.
Yes, you can.
Yes, you can.

In-House Car Loan

In-house car financing is more flexible and the processing and approval is much faster even when you have had past credit issues, you may still be eligible for financing a vehicle. In addition, an in-house loan will not affect your TDSR.

PHV Car Loan

With effect from 01 January 2021, inspection at any LTA-authorised inspection centre is required before conversion of scheme. Online conversion and PHV decals must be affixed within 3 calendar days.
$100 per conversion.
PHV cars are on the road a lot more than normal cars, thus are exposed to higher risks. Car conditions also deteriorate quicker due to wear and tear. Thus, interest rates are higher due to the higher risks and lower value of the car body.
Yes, the insurance premiums and excess are higher for PHV vehicles as compared to normal vehicles for the same reasons above.

New Car Loan

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.
The minimum downpayment is 30% of the car’s purchase price if its OMV is $20,000 or less – otherwise, it would be 40%.