Motorcycle COE Renewal Loan
Why Get a COE Renewal Loan From Speed Credit?
Due to increased taxes and skyrocketing COE premiums for motorcycles, motorcyclists in Singapore have not had an easy time of things recently. For some, especially those who use their motorcycles for dispatch and deliveries, the high taxes and charges make purchasing a brand new motorcycle impossible, which leaves them no choice but to renew the COE of their existing bike.
Since 2000, Speed Credit has been offering the lowest possible interest rate for COE Renewal Loan for private cars and commercial vehicles in Singapore. We understand the importance of transportation during these hard times, most especially for riders, thus, we have extended our COE Renewal Loan Service for motorcycles too.
On top of our low interest rate for our Motorcycle COE Renewal Loan, we’ve also made sure that all our processes are seamless and hassle-free so you can save time and money.
Enjoy the convenience of not having to queue at LTA, or jump through hoops in OneMotoring. Allow us to answer all your COE loan-related questions for your motorcycle, and let us do all the work for you.
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Motorcycle COE Renewal Loan Options
Should I renew my Motorcycle's COE for 5 or 10 years?
Motorcycle owners interested in renewing COE can opt for a 5 or 10-year renewal. Considering the motorcycle’s current performance and condition, as well as its overall value, the owner needs to decide how long he/she intends to drive it.
For those who aren’t ready to commit to another full 10-year COE cycle, a 5-year COE renewal is recommended. With a 5-year COE renewal, you will only have to pay half 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 motorcycle’s COE again and will have to deregister it.
Procedure & Online Application for Motorcycle COE Renewal Loan
Get a Motorcycle COE Renewal Loan in 3 Easy Steps!
Step 1
Fill out our 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 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 Motorcycle COE Renewal Loan
- Applicants should be between 21 – 65 years of age
- Singaporeans, Singapore PRs, Foreigners
Requirements for Motorcycle COE Renewal Loan
Individual (Local)
- Page 1 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of NRIC (Front & Back)
- 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
- Vehicle Log Card
Individual (Foreigner)
- Page 1 of Loan Application Form (1 Copy – Signed, Filled & Completed)
- Clear Copy of Passport
- Clear Copy of Employment Pass
- 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
- Vehicle Log Card
Company
- Page 1 of Loan Application Form (1 Copy With Company Chop – Signed, Filled & Completed)
- Clear Copy of ACRA Document (Within 3 Months)
- Latest 3 Months Bank Statement
- Vehicle Log Card
Motorcycle COE Renewal Loan Interest Rate
Speed Credit
Motorcycle 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 motorcycle.
Motorcycle COE Renewal Loan FAQ
Do I still need to go down to LTA to renew my motorcycle's COE?
What is the interest rate and the repayment period for Motorcycle COE Renewal Loan?
Get a special interest rate of 5.98% when you renew your motorcycle’s COE this April!
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).
Is there any admin fee?
Yes, there is a one-time admin fee for Motorcycle COE Renewal Loan.
What is the maximum financing amount for Motorcycle COE Renewal Loan?
We provide 100% financing based on the PQP amount.
What will my monthly instalment likely be?
What are the required documents for loan application?
How do I apply for a Motorcycle COE Renewal Loan?
What is the procedure like?
Loan submission ➜ loan approval ➜ signing of agreement ➜ COE renewal.
How long will it take to renew my Motorcycle's COE?
How long will it take for loan approval?
What are the available payment modes for monthly instalment?
Can I apply for the loan if I’m not the motorcycle owner?
Yes, you can. However, the applicant must still be the motorcycle owner and all documents should be approved and signed by him/her.
When is the best time for me to submit the application?
The best time is 4-6 weeks before your motorcycle’s COE expiry date.
Any difference between 5 years and 10 years COE renewal?
Yes, for a 5-year COE renewal, your motorcycle must be deregistered at the end of the 5-year period. As for a10-year COE renewal, your motorcycle is eligible for a second COE renewal.
How do I submit my Motorcycle COE Renewal Loan application? Do I need to walk-in or can I just send it via email?
Can I do the early renewal?
Yes, but please take note that if you renew your COE early, LTA will forfeit the remaining PARF & COE rebate of your motorcycle. 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.
Will you bid the COE for me?
COE bidding is only required for new motorcycles. 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.