COE Renewal Loan

COE Expiring Soon? Renew Your Car’s COE From 1.80% Interest Rate

COE Renewal Loan at a Glance

From*
1.80%
Interest Rate
Since 2000
100%
Approval Rate
As Fast As*
3 Minutes
Loan Approval
Up To*
7 Years
Loan Tenure
Up To*
100%
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.

Cheapest COE Renewal Car Loan Rate in Singapore + A Hassle-Free Renewal Experience

Way back in 2000, Speed Credit was the first financing company in Singapore to offer a COE Renewal Car Loan. It was conceptualised and introduced in the car market to help lessen the financial burden of those car owners who find COE Renewal a much more practical option than buying a new or used car. For 20 years, we have been offering the lowest interest rate for COE Renewal Car Loans to help people save more cash or keep their cash flow for personal and business needs. We’ve also made sure that all our COE renewal car loan processes are seamless and hassle-free to help you save time and money.

Enjoy the convenience of not needing to queue at LTA too, or jumping through hoops in OneMotoring. Allow us to answer all your COE car loan-related questions and let us do all the work for you!

Over 8,200+ COE Renewed and 400 5-Star Reviews!

COE Renewal Loan Key Highlights

From 1.80%

Cheapest Interest Rate

From $300+

Monthly Instalment

8,200+

Renewed COEs

100%

Loan Approval

Instant

Approval Period

$0

Downpayment

100%

Financing

Free

Consultation, LTA & Paperwork Assistance

More About COE Renewal

In Singapore, once your car reaches the 10th year mark, you’ll have to decide between keeping your current car or buying a new car as a replacement for it. A stressful dilemma where you either lose your car or fork out a huge amount of money just to get a replacement for it. With this in mind, Speed Credit tailored a smart and practical way to solve this dilemma – the COE Renewal Car Loan.

With high car prices, the decision to own a COE car (with renewed COE) makes great financial sense as the cost and depreciation are much lower when compared to the costs involved for buying a new car. With all the advanced specs, safety features and technologies, cars are now more reliable than before and are expected to last over 10 years!

What is Certificate of Entitlement (COE) & Prevailing Quota Premium (PQP)?

COE or “Certificate of Entitlement” represents the ownership rights to a vehicle and the use of it on the road for 10 years. At the end of the 10-year COE period, car owners can either choose to scrap their vehicle or revalidate their COEs for another 5 or 10 years by paying a premium, also known as Prevailing Quota Premium (PQP).

The PQP moves with the average COE prices within a 3-month window. This applies to various car classification categories namely A, B, C, D & E. The premium varies from month to month, where the most current premium is published by LTA every end of a COE Bidding Exercise. Refer to the latest figures here.

What are the usual considerations for a COE Renewal?

There’s no need to bid for a new COE if you wish to renew your car’s COE. You just need to pay the COE Prevailing Quota Premium (PQP), and for this, we can help you to get a 100% loan and an interest rate from as low as 1.80%.

You will lose the PARF rebate for your car once you renew the COE of your car.

You must also renew your car’s COE before it expires, we recommend that you submit a loan application at least 4-6 weeks before the COE expiry date. You may also renew it within 1 month after expiry, but you will need to pay a late renewal fee.

Why Get a COE Renewal Loan From 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)

COE Renewal for All Types of Car Owners

COE Renewal for
Personal Use

  • COE Renewal for Existing Vehicle
  • COE Renewal for a Used Car Purchase With COE Renewal Requirement

COE Renewal for Commercial & Private Hire Use

  • COE Renewal for Existing Commercial Vehicle
  • COE Renewal for Existing Vehicle for Private Hire (Grab / Gojek Use)

COE Renewal Loan Options

5 Years COE Renewal

For Category A, B & C Vehicles
(5 Years Repayment Period)

10 Years COE Renewal

For Category A, B & C Vehicles
(7 Years Repayment Period)

Should I renew COE for 5 or 10 years?

Car owners interested in renewing COE can opt for a 5 or 10-year renewal. At this stage, the owner needs to consider how much longer would he/she intend to drive the vehicle, taking into account its current performance and condition as well as its overall value.

A 5-year COE renewal is recommended for those who are not prepared to commit to another full 10-year COE cycle. With a 5-year COE Renewal, you’ll only need to pay 50% of the PQP.

The downside of a 5-year COE renewal is that you can only do this once. At the end of the 5-year renewal period, you won’t be able to renew your car’s COE again and will have to deregister it, except for Commercial Vehicles where owners are eligible to renew their COE for 5 more years, maximum.

Procedure & Online Application for COE Renewal Loan

Get a COE Renewal 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.

Eligibility Criteria for COE Renewal Loan

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

Requirements for COE Renewal Loan

  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. Vehicle Log Card
  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. Vehicle Log Card
  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. Vehicle Log Card

COE Renewal Loan Interest Rate

Exclusive at
Speed Credit
From*
1.80%
Interest Rate
Other
Companies
From
2.88%
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 Renewal Loan Calculator (Monthly Repayment)

Use our COE Renewal Loan 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.

FAQs for 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 1.80% – 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 of 3.18% 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.
Get a Callback

Choose Your Next Step

Apply Online
Enquire Online
Get a Callback
Apply Online
1Contact Details
2Vehicle Details
3Message / Remarks
Contact Details
Enquire Online