Car Loan FAQs
Used Car Loan
- Singaporeans, Singapore PRs, Foreigners
- Applicants should be between 21 – 65 years of age
Direct Car Buyer - Seller Loan Program
- Car loan application and processing
- Verification of information and rightful ownership of car seller
- Full administrative support for the transfer of car ownership
- Act as a neutral third-party witness to all loan transactions
- Act as a neutral party for monetary transaction
- Buyer’s income proof (NOA – notice of assessment, and/or 3 months payslips
- Buyer’s I/C & driving license front & back
- Sales & Purchase agreement
- Seller’s I/C
Vehicle details (Log book, or Log card, or Assets Acknowledgement)
What is the difference between applying directly to banks for a car loan vs. doing the loan application through Speed Credit?
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
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.
How do I submit my COE Renewal Loan application? Do I need to walk-in or can I just send it via email?
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:
The COE expiring is on 15 April 2021 and you wish to renew your COE early in January 2021.
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.