Car Refinancing

Restart Your Car Finance To Save More

Car Refinancing at a Glance

From*
1.68%
Interest Rate
Since 2000
100%
Approval Rate
As Fast As*
1-2 Days
Loan Approval
Up To*
7 Years
Loan Tenure
Up To*
90%
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.

Save Money Through Car Refinancing​

Whether you’re looking to get a better interest rate, release some equity or get a longer repayment period, it might be the best time to take advantage of the benefits that car refinancing can bring to you.

Through our vast network of bank and financial partners, we can offer car refinancing deals for different car types. Depending on your circumstances or on some eligibility criteria, we can offer you a much favourable interest rate or a longer repayment period, making your repayments easier to manage.

Stop Stalling! Refinance To Get a Better and Cheaper Car Loan

Let us work with you to get a better deal on your car loan. Our car refinance expert will compare refinancing loan options for you and help get you a more flexible loan term, a reduced repayment or a better interest rate for you.

How Does Car Refinancing Work?

To refinance your car loan, you simply need to get approved for a new car loan that covers the amount you still owe on your existing car loan. You use the funds from the new loan to pay off your existing car loan, then make repayments on the new car loan. Speed Credit will get a loan with a lower interest rate or better terms, so you can save on interest or make your repayments more manageable.

Why Refinance Your Car Through Speed Credit?

Company Competence​

$1.2 Billion Car Loans Underwritten
50+ Years of Combined Industry Experience
Largest Network of Banks & Financial Institutions
Most-Reviewed Financing Company (400+ 5-Star Reviews)

Competitive Distinction

Lowest & Exclusive Car Loan Interest Rates
No Middlemen & No Mark-ups on Interest Rates
Highest Loan Approval Rate in Singapore
Fast, Transparent & Hassle-Free Service

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

What Are the Usual Steps Involved for Car Refinancing?

  1. Eligibility check. We need to make sure that you meet the eligibility criteria and are aware of the fees and terms and conditions of your new car loan. To check your eligibility, please fill out our car refinancing form.
  2. Refinance loan option comparison. If you are eligible to refinance your car, we’ll compare refinancing loan options for you and send them to you for your review and consideration.
  3. Requirements and information submission. This will include information about you, your car, current lender and all other details about your car.
  4. New car loan application. Speed Credit will proceed to submit a new car loan application based on your chosen car refinance package.
  5. Loan approval and settlement of current car loan. Once the new car loan is approved, you will have to make a trip down to our office to sign the agreement for it. Speed Credit will then proceed to settle your current financing/car loan, if any, on your behalf.
  6. Getting started with your new loan. Your new car loan will take effect immediately or within 1 to 5 working days after settlement of your current loan by Speed Credit, if any.

Why Should You Refinance?

The cost of car loans in Singapore can vary wildly, which means that getting the right car loan can be just as important as getting the best deal on the car itself.
  • Many aspiring car owners take out a high-cost car loan at the dealership when they buy their car, just because they want the car now – this is exactly when they forget to plan, explore better options (lower interest rate, flexible loan terms, etc.) or perhaps fully assess or sort out their finances before deciding to close their car purchase and car loan deals.
  • Even if you think you’ve compared enough or have done enough shopping around and probably got a good value car loan a few years ago, the market constantly changes and your current car loan may no longer suit your current financial needs.
  • If you are stuck with a high-interest car loan for some reason, you may be able to cut your repayments with a lower interest car loan refinance from a lender.
  • You can cut the size of your regular repayments either by getting a lower interest rate or by extending the term of the loan.
So should you refinance? Well, you should if it would mean getting more savings on your part.

What Are The Key Benefits of Car Refinancing?

Lower interest rate
A new lender can give you a much lower interest rate on the new car loan compared to your original car loan. A lower interest rate will reduce your regular monthly loan repayments and leave more money in your pocket.

Longer loan tenure
You can cut your regular car loan repayments by extending your loan tenure. Each monthly instalment repayment will be lower because the repayment of the loan principal is divided by more months.

Add or remove a co-signer
You may want to remove a co-signer from the loan or to add a new one, which can get you a better interest rate if in any case you have bad credit.

Get a new lender
Is your current lender difficult to deal with? You can probably improve this situation with a new lender.

Example on How Much You Can Save Through Car Refinancing

Sample Scenario: Your current car loan amount is $60,000 with an interest rate of 3.50%. You have already paid off 2 years of your loan, leaving you with $39,200 left to pay.

You choose to refinance your loan with us offering an interest rate of 1.68%. You apply for a $39,200 loan with the new lender and use the funds to pay off the remaining amount on your original loan.

You then continue to make repayments on the new loan but are now paying 1.68% interest, instead of 3.50%, saving ~ $300/month while stretching your loan over a longer period.

Current
Car Loan

$1,175
Monthy Instalment
$60,000
Financing Amount
3.50%
Interest Rate

New Car Loan
(Once Refinanced)

$872
Monthy Instalment
$39,200
Financing Amount
1.68%
Interest Rate
$303
Monthly Savings

Disclaimer: The displayed values in the projection above are only estimated. The actual interest rate may differ based on certain criteria like credit evaluation, loan amount, vehicle type, etc. This projection can only be used as a guide to help estimate potential monthly repayment savings once the car has been refinanced. Speed Credit Pte Ltd explicitly disclaims liability for any possible errors or omissions.

Procedure & Online Application for Car Refinancing

Get a Car Refinancing Loan in 4 Easy Steps!

Step 1

Kindly contact your current bank or finance company first to get your outstanding balance amount. If they ask for the full settlement date, it should be one day before your instalment is due.

Step 2

Once you already have the full settlement amount, 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 3

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 4

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

Eligibility Criteria for Car Refinancing

  • Applicants should be between 21 – 65 years of age
  • Your current loan interest rate must be at least 3%
  • Loan period + age of vehicle not exceeding 84 months

Requirements for Car Refinancing

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

Car Refinancing Interest Rate

Exclusive at
Speed Credit
From*
1.68%
Interest Rate
Other
Companies
From
3.98%
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.

Car Refinancing Calculator (Monthly Repayment)

Use our Car Refinancing Calculator to calculate or get an estimate of your monthly instalment repayments for your car.
$0
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.
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