Car Loan Interest Rate

OCBCDBSUOBMaybankTokyo Century LeasingHong Leong Finance
New Cars1.68%2.28%2.68%2.28%2.48%1.68%
Used Cars1.88%1.99%2.78%2.28%2.48%2.28%
Cars with Renewed COEN.AN.A3.25%3.18%3.25%2.88%
Used Commercial VehiclesN.AN.A3.4%3.4%N.A3.4%
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How to transfer vehicle ownership or deregister a car online through LTA
Deregistering your car and paying the vehicle transfer fee is just a few clicks (and a Singpass) away through the One Motoring website.
COE renewal: What costs can you expect?
COE renewal is not just a one-time payment. Besides your PQP, there are many other factors to consider.
Should I renew my car COE in 2020?
In the midst of a pandemic and economic recession in 2020, should you be thinking of renewing your COE? Here are six things to consider.

Frequently Asked Questions

Both seller and buyer should arrange for a meet up to view the vehicle, and to confirm the deal. A sales agreement will need to be signed, and a deposit placed to confirm the deal. We will help you to process the rest of the paperwork once you send us the signed and completed sales agreement here. The sales agreement can be downloaded here.


Not necessarily. Should you need assistance on how to fill out certain forms, or instructions on proper procedures even before signing the sales agreement, we can facilitate the signing of the sales agreement at our office. The sales agreement can be found here.


By liaising with both seller and buyer to get the necessary paperwork for processing, we can provide the full suite of transaction services:

  • Ensure all payments from buyer to seller are proper
  • Ensure proper documentation of process
  • Full settlement of seller's outstanding loan
  • Sourcing the buyer's loan and insurance
  • Seller's insurance cancellation and refund
  • Transfer of ownership
  • Provide a vehicle assessment report prior to handover
  • Vehicle number plate retention

This service is free for both the buyer and the seller for all vehicles advertised on sgCarMart.
For non-sgCarMart advertised vehicles the service fee is $300, but we will offer it free if:
  (i) The buyer's insurance and financing is applied through sgCarMart Connect;
  (ii) The buyer's loan amount is a minimum of S$20,000 over a minimum period of 2 years.
Third party costs such as dispatch charges (S$12 per trip), full settlement of outstanding loan charges (S$150 per S$50,000 block), transfer fees (S$25) and admin fees for COE loans may apply.


Preferably not. If your loan is not applied through sgCarMart Connect, we may not be able to smoothly facilitate the process. Do note that for non-sgCarMart advertised vehicles, there may be a fee for using sgCarMart Connect if your loan is not applied through us. Please contact us if you wish to use our services but prefer to source for your own car loan.


Yes. Alternatively, we can provide you with competitive quotes from various insurance companies for your comparison. Do note that for non-sgCarMart advertised vehicles, there may be a fee for using sgCarMart Connect if your insurance is not applied through us.


Car loan interest rates are 2.78% for used cars, 3.4% for commercial vehicles and 3.18% for renewed-COE vehicles. We work with most major banks and credit companies in Singapore to bring you the most competitive rates. Do let us know if you have a preferred bank.


Typically within 3 working days.


Yes. We can assist with number retention and applying your retained number to your new vehicle. We do not charge for this service, but if you require us to submit the documents to LTA on your behalf, there will be third party dispatch fees (S$12 per trip).


Yes. We will settle your outstanding loan for you once the vehicle handover is complete. This process typically takes 2 working days.


Yes. Once the vehicle is handed over, you can cancel the insurance. We can also assist with the cancellation upon vehicle handover. The refund will be issued and mailed to you by the insurance company typically within 2 months.


We can provide a vehicle assessment report if the said vehicle is brought to our office. The report will note the physical condition of the vehicle at the point of sales and we can use it to make sure that the vehicle is in the same condition at the point of handover. This report documents the physical appearance of the vehicle and does not include the mechanical components. We do not charge for this service.

We also provide COE renewal services for customers who are keen to renew the COE for their existing cars.
For more information on this service, please go to sgcarmart.com/renewcoe.