*Terms & Conditions apply.
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 more than 2 decades, 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!
Cheapest Interest Rate
Consultation, LTA & Paperwork Assistance
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!
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.
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.
For Category A, B & C Vehicles(5 Years Repayment Period)
For Category A, B & C Vehicles(7 Years Repayment Period)
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.
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.
Submit all the requirements and/or signed documents needed via email at [email protected]. You will also be advised on the next steps and/or other necessary instructions related to your application.
You will be notified by our car finance expert via email and/or call regarding the status of your application.
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.
Loan submission ➜ loan approval ➜ signing of agreement ➜ COE renewal.
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.
With the largest network of banks, financial institutions, and insurance partners, Speed Credit has been offering tailored car financing and car insurance solutions for all types of cars in Singapore.
Having over 50 years of combined industry experience, Speed Credit has underwritten more than 1.2 billion car loans and has served more than twenty thousand car owners in Singapore.
We have always been committed to offering the lowest car interest rates, with the most flexible and comprehensive financing packages as we want to ensure that all our customers get the most value for their car and loan.