UOB COE Car Loan

UOB COE Car Loan Review (2023): Best Loan for Used COE Cars

If you love your existing car and want to lock in an attractive interest rate on a car loan for an up to 7-year loan tenure, a UOB COE Car Loan might be the perfect solution. UOB car loans are always competitive, but this particular car loan offers fast processing, competitive interest rates, and a loan quantum of up to 70% of your vehicle purchase price. That said, Certificate of Entitlement COE loans in Singapore aren’t always as cheap as other car loan types.


Key Features of the UOB COE Car Loan:

Very rarely do you chance upon a bank offering COE Car Loans, and UOB is a decent backup option if you’re unable to secure one from other financial institutions. The 2.78% p.a. Interest with up to 7 years of tenure but only applies to used cars that are more than 10 years old but not exceeding 11 years old which limits the borrower’s qualification.  

1. Attractive Interest Rate

Pay an interest rate as low as 2.78 p.a with an effective interest rate of between 6.17% and 7.04% depending on loan tenure and loan period you choose.

2. Commit to the Car You Love

UOB Car Loans come in all shapes and sizes. The bank’s COE Car Loan enables you to commit to your existing car for an additional 5 to 10 years. 

3. Fast Processing Time

UOB offers fast loan approvals with a wide network of car dealers.

4. Generous Loan Quantum

Get a loan amount of up to 70% of the vehicle purchase price or the valuation price decided by the bank (whichever is lower).

5. Manageable Monthly Repayments

Pay a fixed monthly instalment amount over a maximum maturity period of anywhere up to 7 years.



  • Finance your COE vehicle for up to 7 years at competitive interest rates
  • Enjoy a long loan tenure that enables you to keep the car you love for longer
  • Get financing of up to 70% of your car’s open market value


  • Other car loans, personal loans, and financial products might be cheaper in terms of the total cost
  • Foreigner or non-resident applicants might need to list a local guarantor on their loan application form
  • COE loans can only be used for COE cars or used cars


How the UOB COE Car Loan Compares to Other Car Loans 

Let’s take a look at how this fantastic COE car loan deal compares to competitors:

Bank / Car Loan Type Best For Top Benefits Interest Rates Loan Tenure
UOB COE Car Loan  Used cars and COE cars Competitive interest rates

Fast processing time

Wide network of participating car dealers

Average of 2.78 p.a Up to 7 years for revalidated COEs
UOB Car Loan (Standard) Buyers looking for a smaller loan amount Minimum loan amount begins at just $10,000

Easy repayment schedule and attractive interest rates

Average of 2.68% p.a Up to 7 years available
OCBC Eco-Care Car Loan Electric car buyers 60-second loan approval time 

Get your loan approved before visiting any dealers in person

1.68% p.a Up to 7 years for electric car buyers
DBS Green Car Loan Green car buyers (new or used) Applies to both new and used green cars

One tree will be planted for every new DBS Green Car Loan application

1.68% p.a Up to 7 years for anyone who needs a green car loan
Standard Chartered Auto Financing Car buyers who like to shop around Available on both new and used cars

Standard Chartered has an ultra-wide network of dealers all across Singapore

2.48% p.a on new cars

2.78 p.a on used cars

Up to 7 years for all car loans
UOB Hire Purchase Car Loan Used car buyers looking for a hire purchase scheme Enjoy a hire purchase scheme from United Overseas Bank,, which enables you to eventually buy out your vehicle

Available on used cars only

2.98% p.a Up to 7 years


What We Think of UOB COE Car Loan 

In recent years, various types of electric and green car loans have emerged, offering fantastic benefits to Singaporeans who want to go green. At the same time, United Overseas Bank Limited (UOB) continues to offer standard, hire purchase, and COE loans – some of which are tailored specifically toward car owners who wish to revalidate their existing COE cars.

As you can see from Instant Loan’s comparison table, the UOB COE Car Loan is not by any means the cheapest car loan on the market, with interest rates sitting a little above average. 

That said, it remains a great option for anyone who wishes to finance a used car or COE car and needs fast loan approval. 

The fact that so many dealers are affiliated with UOB car loans also makes United Overseas Bank a great choice for buyers who like to shop around – though you might also want to consider Standard Chartered’s ultra-wide network, too.


Car Parking Lot

How To Apply for a UOB COE Car Loan 

Before you can apply for UOB COE Car refinancing, you will need to meet the following eligibility criteria:

Eligibility Requirements 

  • You must meet the minimum age limit of 21 years old
  • You must ideally be a Singapore Citizen or Singapore Permanent Resident
  • If you are applying as a foreigner, you will need to provide details of a local guarantor alongside your loan application form 

Unless you are applying for your car loan via MyInfo (i.e., through your car dealer), you will also need to provide evidence of the following ID and income documents:

Documents Required

  • Identity Card
  • Passport
  • Work permit (for foreigners only)
  • Income Tax Notice of Assessment
  • Last 6 months’ computerized payslips
  • Last 6 months’ CPF contribution statement
  • Vehicle Sales Agreement (if applicable)

Just as with personal loans and other financial products, all car loans have a fee structure that you’ll need to be aware of when you submit your application, too. Below are the main fees charged as part of this particular car loan:


  • Interest – 3.25% p.a. for 10 to 11 year COE cars (effective interest rate from 6.17% to 7.04% p.a. depending on loan length)
  • You can use the UOB Loan Calculator tool here to determine what kind of monthly repayments you can expect for a borrower in your unique situation


Frequently Asked Questions about UOB COE Car Loan

1. What Other Car Loans Does UOB Offer?

UOB offers a regular Car Loan, COE Car Loan, and UOB Go Green Car Loan to cater toward different types of car buyers. You can compare key details between each different loan type on the UOB website here.

2. Are There Any Limitations on Loan Tenures?

Yes – You are entitled to a maximum loan tenure of 5 years for any COE revalidated for 5 years and a maximum loan tenure of 7 years for any COE that has been revalidated for 10 years.

3. Where Can I Find UOB’s Full Terms and Conditions?

You can call 1800-388-2121 to speak to UOB directly or visit this webpage for all the information you need about this particular loan, as well as any other car loans currently offered by UOB.

4. Do All Loan Tenures Attract the Same Interest Rates?

With most UOB car loans, the effective interest rate you are expected to pay will vary depending on the loan tenure and/or loan period that you select. A bottom-end 1 year COE loan will see you pay a 3.25% interest rate with an EIR of 7.0%, while a maximum loan length of 7 years will attract a reduced EIR of 6.17%.


Final Thoughts – Find the Best Car Loan Interest Rates and Loan Tenure Today

If you’re interested in keeping your existing car for an extra 5 to 10 years, a UOB Car Loan geared specifically toward COE cars can help you borrow a loan amount of up to 70% of your COE car value at a competitive rate. That said before you submit your loan application to UOB, you might want to:

  • Make sure both you and your car are eligible for a COE loan – and consider green loans, hire purchase, and other types of car loans if not
  • Decide whether other financial institutions offer better interest rates and a lower total cost
  • Prepare your passport, Income Tax Notice of Assessment, and other documents before you apply
  • Familiarize yourself with UOB’s full terms and conditions – and make sure you are happy with the fee structure – before you sign up
  • Compare other COE loans and car loans before you apply, as another bank might be able to offer you a better deal

Here at Instant Loan, we like to keep our readers up to date on all things car loans, personal loans, and home loans. We also offer a quick and easy-to-use loan comparison service that enables our customers to retrieve up to 3 car loan quotes from financial institutions absolutely free and decide which loan quote is the best fit. 

Compare the market and submit your loan application today!

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