Best Car Loan in Singapore 2024

Make smart decision with Instant Loan

If you’re buying a new or used car, you could save big on loans by shopping around instead of accepting the first car loan your dealership offers. Here at Instant Loan, our quick and easy loan comparison service could save you considerable time and money.

Whether you’re looking for super-low interest rates of 2.78%, longer tenure of up to 7 years, or just the best deal on the market with the lowest monthly payments, we’re here to help. Our loan matchmaking service will calculate car loan costs from all of Singapore’s top banks by analyzing the market for the best deal to suit you.

Best Car Loan in Singapore 2024

Trying to pin down the best car loan Singapore has to offer can be a headache, so why not let Instant Loan take the pain away? Our calculator for car loans will help you understand how much you can realistically afford to borrow, and our loan comparison service will put you in touch with the best deals available.

By choosing us, you can expect:

  • The best car loan quotes in 3 easy steps

    We compare the best car loans in Singapore lightning fast. Just fill in a simple form and let us do the rest!

  • Intelligent affordability calculator car loan style

    Our loan calculator for car loans will help you better understand what loan amount and interest rates are right for you.

  • Incredible time savings

    New car or used car? Low loan interest or longer tenures? Tell us what you need, and we’ll find you the best car loans in Singapore in seconds.

Top Features of Car Loans in Singapore

  • Tenures you can tailor

    Whether you’re shopping for used cars or a new car, most banks in Singapore will grant car loans of anywhere up to 7 years. Find a loan long enough to suit you.

  • Lower loan interest

    Interest rates on car loans can range from 2.78 to 4%. Looking for big savings? Compare banks with Instant Loan to get the best rates.

  • Loan amounts appropriate to the purchase price

    You can expect to borrow up to 60-70% of a new car’s purchase price with most Singaporean banks. Find the right loan amount for you with Instant Loan.

Compare the Best Car Loans from Singapore’s Top Banks

Check out the latest car loans, interest rates, and application information from Singapore’s top banks below. When you’re ready, submit a simple form to apply for your car loan today.

DBS Car Loan
2.28% Interest Rate (p.a)
$10,000 Min Loan Amount
7 Years Max Loan Tenure
Hong Leong Finance
Hong Leong Finance Car Loan
2.28% Interest Rate (p.a)
$10,000 Min Loan Amount
7 Years Max Loan Tenure
Maybank Car Loan
2.28% Interest Rate (p.a)
$10,000 Min Loan Amount
7 Years Max Loan Tenure
OCBC Car Loan
2.28% Interest Rate (p.a)
$15,000 Min Loan Amount
7 Years Max Loan Tenure
Standard Chartered
Standard Chartered Auto Financing
2.28% Interest Rate (p.a)
$10,000 Min Loan Amount
7 Years Max Loan Tenure
UOB Car Loan
2.28% Interest Rate (p.a)
$10,000 Min Loan Amount
7 Years Max Loan Tenure
Tokyo Century
Tokyo Century Leasing Car Loan
2.78% Interest Rate (p.a)
$20,000 Min Loan Amount
7 Years Max Loan Tenure
Hitachi Capital MYHP (Auto Loan)
2.78% Interest Rate (p.a)
$15,000 Min Loan Amount
7 Years Max Loan Tenure

Disclaimer: Instant Loan is a loan comparison site dedicated to compare cost of financial products and other services in Singapore. This will enable you to make an informed decision before proceeding to your chosen loan provider. The results of our comparison facility are based on our up-to-date objective analysis.

Note that all financial products and services are presented without warranty and may differ from other loan comparison sites. Additionally, this site may post paid advertisements marked as sponsored. Rest assured that we provide unbiased and independent comparison and our results are ranked accordingly.

Secure a Low Interest Rate Car Loan in 3 Easy Steps

Here’s how to find the best car loan in Singapore today:

Step 1

1. Submit a quick and easy form

Step 2

2. Receive quotes and application information from top Singaporean banks

Step 3

3. Select the best car loan for you, then visit the financial institutions

Get the Best Car Loans Today !

Whether you need a quick, low-value car loan to put towards a used car, or a sizeable loan to help you purchase the new car of your dreams, Instant Loan is here to help.

Car Loan Affordability Calculator

Loan Amount ($)



Loan Duration (years)

1 year

7 years

Your monthly payment will be =
$ -

Enjoy Easier Loan Applications

Here at Instant Loan, we pride ourselves on connecting customers with the best car loans in Singapore in 3 quick and easy steps – taking the hassle out of the loan hunting process.

From saving valuable time, finding better interest rates and securing lower monthly repayments than if you approached a car dealership directly, we can think of hundreds of reasons you should choose us for your next loan.

Still not convinced? It takes only a matter of seconds to complete a quick form and find out what car loans you could get today. Try out Instant Loan now.

Top Tips on Finding the Best Car Loan

Every person is different – and so is every car ! Nevertheless, here’s our top tips on finding the best car loan :

  • Discover deals lending out 60-70% of a car’s purchase price

  • Lock-in interest rates as low as 2.78%

  • Find banks that offer tenures of 1-7 years

Shift Your Car Loan Search Up a Gear

Sick of shopping around for that can loan up to 7 years? Just enter your details with Instant Loan now and we’ll find you the best car loan quotes in Singapore in seconds.

Frequently Asked Questions (FAQs)

Most banks will expect you to pay anywhere up to 40% of the vehicle’s purchase price as a deposit – so be prepared.

Some banks might treat a lower credit rating more kindly than others. Otherwise, you may have to work to improve your rating – e.g. by paying off credit cards in a timely manner.

Singaporean’s can borrow up to 60% of a car’s open market value (OMV) if the vehicle’s purchase price is $20,000 or more, up to 7 years. For used cars less than $20,000, it is sometimes possible to borrow up to 70%.

The process typically follows 5 steps, which range from submitting an application form (1), receiving conditional approval (2) and providing supporting documents (3), to signing your application (4) and collecting your new car (5). This may differ between banks.

Most banks will need to see proof of your income and NRIC information. You might also need to provide a vehicle sales agreement and signed application form.

Interest rates can range from 2.78% to 4%. Shop wisely – the 2.78% deals don’t always stick around for long!

Borrowers can usually choose between New Car Loans of 1 to 7 years, Used Car loans with tenures dependent on the vehicle’s age, or Commercial Car Loans which apply to business vehicles only. Customers can also refinance existing car deals by shopping around for a better interest rate.

Sometimes you can – but this may depend under rights reserved by your bank of choice.

Again, this is up to the bank. Early repayment fees of around 1% may sometimes apply.

Regardless of the purchase price, loan amount or interest rates that suit you, our loan comparison service can find you a car loan deal in a matter of seconds.

Just fill in a simple form, then we’ll compare the best car loans of 1 to 7 years in Singapore and send you the 3 most suitable quotes absolutely free! Try Instant Loan today.

Get Your Tailored Personal Loan Quotes

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