Last updated 9 August 2026. This page was reviewed on that date. Prices, rates and opening hours change often in Singapore — confirm anything that matters directly with the business before you travel or spend.
Quick answer: OCBC Bank leads with a 2.48% p.a. Eco-Care Car Loan if you are buying an electric vehicle, while DBS Bank plants a tree per approved green loan at 2.88%. For used‑car buyers and foreigners, Hong Leong Finance is a practical pick. Speed Credit suits anyone who wants a fast, in‑house deal with high approval odds.
When you are actually seeking an unsecured personal loan, start with our Personal Loans guide.
The rate on the flyer is not the whole story. A car loan is really about three things: how the approval works, who the lender is built to serve and what the deal quietly says yes to that another might not. If you walk into the showroom without knowing these mechanics, you are buying someone else’s margin, not your own deal.
Best Loans & Financing in Singapore is the parent list here, with 12 guides covering everything in this area.
DBS Bank
DBS Bank gives the car‑buying journey a small but real green nudge. Their car loan starts at 2.88% p.a. for electric and hybrid vehicles, and every approved green loan means a tree gets planted. You can finance up to 70% of the car’s value over as long as seven years, so the monthly sums don’t have to feel jialat.
This fits the driver who already tracks their own carbon output and wants the financing to mirror that choice. The green rate is the headline, but the real quiet value is the seven‑year window matched to a car class that tends to hold its resale logic longer, which changes how you read the monthly sum.
Address: 712A Ang Mo Kio Ave 6, #01-4066, Singapore 561712
Phone: 1800 111 1111
Hours: 8:30am – 8:30pm (Mon‑Fri, closed public holidays)
Website: DBS Bank
If you are already shopping for a Tesla or an Ioniq, this loan makes the whole thing feel a little more meaningful. The rate is not the absolute lowest on the list, but the eco angle is steady and the application process is as painless as you would expect from a bank that runs half the island’s digital wallets.
OCBC Bank
OCBC Bank’s Eco‑Care Car Loan is the one that makes people do a double take – 2.48% p.a. and a 60‑second approval that actually works. They throw in free charging credits for electric vehicle owners, which is shiok if you are doing your bit and still want a deal that feels like a reward. Loans go up to 70% of the car price with tenures from one to seven years, and they cover new, used, and even COE cars.
The 60‑second approval changes the tempo of a showroom visit. Instead of waiting days and feeling the deal go cold, you get certainty fast. The free charging credits land best when your daily route already passes a station in their network, so check the map before you assume shiok savings.
OCBC has branches all over the island, so finding one near you is easy through their branch locator on the website.
Phone: +65 6538 1111
Hours: 9:30am – 4:30pm (Mon‑Fri), 9:30am – 12:00pm (Sat), closed public holidays
Website: OCBC Bank
This is the go‑to for anyone who wants the lowest headline rate and a process fast enough to match the excitement of booking a new car. The charging credits are a nice little bonus, especially if you are early in your EV journey and still figuring out where the nearest charger is.
Should you want to compare other borrowing options, head to our Types of Loans guide.
UOB Bank
UOB Bank keeps things straightforward. Their car loan starts at 3.18% p.a. for new and used cars, and 3.25% p.a. if you are renewing your COE. The minimum loan amount is just S$10,000, which makes sense when you are buying something modest or topping up. They cover up to 70% financing and stretch the tenure to seven years. What really matters is the sprawling dealer network – most showrooms you walk into already have a UOB desk.
The low minimum loan amount is the sleeper here. It suits the buyer who is topping up after trading in a vehicle or choosing something unfancy from the used lot. The real spread is in that dealer network: it means the loan officer already knows the paperwork rhythm, so you kena less back‑and‑forth.
UOB has branches across Singapore; check their website for the one nearest you.
Phone: 1800 222 2121
Hours: 9:30am – 4:00pm (Mon‑Fri), 9:30am – 12:30pm (Sat), closed public holidays
Website: UOB Bank
If you are the sort who likes to settle everything at the dealership and not run around, UOB is a solid kaki. The low minimum loan amount also means you can borrow just enough without feeling over‑leveraged. Good for first‑time buyers who want a name they already bank with.
Nobody paid to appear here. If you think there is a gap in this list, we would rather hear about it than not.
While you’re figuring out the car, a home loan might be on your mind too – we’ve put together a list of Home Loan Providers in Singapore that breaks down offers in a similar way.
Standard Chartered Bank
Standard Chartered Bank offers a car loan that leans heavily on convenience and a vast dealer network. Their rates start from 3.08% p.a. for new and used cars, with the same 70% financing and seven‑year tenure you would expect. The application process is built around the idea that you are probably at the showroom already and just want the paperwork to move.
Walk‑in finance starts here. The infrastructure is built around you being on a dealer’s sofa, phone in hand, ready to commit. The network coverage means the rate you are quoted often reflects a pre‑negotiated dealer tie‑up, so the convenience cost is already baked into what you see on screen.
Address: Marina Bay Financial Centre, Tower 1, 8 Marina Blvd, #01-01, Singapore 018981
Phone: +65 6747 7000
Hours: 10:00am – 5:00pm (Mon‑Fri), 10:00am – 2:00pm (Sat), closed public holidays
Website: Standard Chartered Bank
This one suits the cosmopolitan buyer who already has a relationship with Standard Chartered or values the international backing. The dealer connections mean you rarely have to chase anything yourself, which can be a blessing when you just want to collect the keys and drive off.
Hong Leong Finance
Hong Leong Finance is a name that keeps popping up when you talk about used cars and buyers who might not fit the standard mould. Their car loan comes in at 3.08% p.a., specifically for used vehicles, and they are one of the few that explicitly welcome foreigners and even cover commercial vehicles. The tenure stretches up to seven years, and repayments are flexible enough that you can breathe a little.
They operate more like a specialist workshop than a bank counter. If you are a foreigner or buying a commercial vehicle, the usual automated scoring engine might not see you clearly, but here a human underwriter looks at the full picture. Used‑car buyers often find the paper‑trail logic more forgiving.
Address: 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581
Phone: 6415 9118
Hours: 9:00am – 4:30pm (Mon‑Fri), 9:00am – 12:00pm (Sat), closed public holidays
Website: Hong Leong Finance
If you have been scrolling Carousell for a five‑year‑old continental and wondering who would finance it, Hong Leong is likely your answer. Expats and business owners who need a van or lorry will also find a desk that actually understands what they are asking for. The process is known for being direct and not kiasu about small things.
Maybank Singapore
Maybank Singapore pitches its car loan at a rate around 3.00% p.a., covering both new and used cars with up to 70% financing over seven years. What sets them apart is the option to go with Islamic financing if that matters to you – they have a full shariah‑compliant alternative built in. Their digital application is smooth, so you can do most of it while queuing for kopi.
The Islamic financing option runs on a different cost structure, which means the pricing logic is not just a parallel product. For someone who needs the shariah‑compliant paper trail, this avoids the agak‑agak of asking a conventional bank to make an exception. The digital application is built for the kopi queue, not the desktop.
Address: 2 Battery Road, Maybank Tower, Singapore 049907
Phone: 1800 629 2265
Hours: 9:15am – 4:45pm (Mon‑Fri), 9:15am – 12:15pm (Sat), closed public holidays
Website: Maybank Singapore
If your family prefers Islamic banking or you simply want an all‑digital journey with a bank that has deep roots in the region, Maybank is a natural fit. The rate is competitive, and the experience feels modern without being gimmicky.
Nobody paid to appear here. If you think there is a gap in this list, we would rather hear about it than not.
And once the car loan is settled, don’t skip over insurance – take a look at Elite Choices Car Insurance Providers in Singapore for a shield that suits your new wheels.
Speed Credit
Speed Credit lives up to its name. As a licensed finance company, they offer in‑house car loans with some of the lowest rates in the market and a high approval rate that can save you from the anxiety of waiting for a bank to say yes. They handle new and used cars and can bundle your insurance into the package, all through partnerships with major banks behind the scenes.
Speed Credit works like the in‑house team a dealer keeps for stock that needs to move today. The high approval rate is the real product; they are pricing for the risk conventional banks filter out. The insurance bundling turns two admin headaches into one paperwork set, which matters when you want the car on the road by evening.
Address: 50 Ubi Avenue 3, #01-01/02 Frontier, Singapore 408866
Phone: +65 6444 4400
Hours: 9:00am – 6:00pm (Mon‑Fri, closed public holidays)
Website: Speed Credit
If you are the type who hates waiting and just wants a human to look at your profile and say “can one”, Speed Credit is worth a short drive to Ubi. The approval process is tailored rather than robotic, so even if your credit history has a few dings, there is a decent chance they will work something out. Insurance bundling makes it a one‑stop stop.
About the figures on this page. Rates, bonuses and qualifying spends were checked against the issuers’ own sites on 5 August 2026. Singapore banks revise these frequently — several cut their headline savings rates more than once in 2026 alone — so treat every number here as correct on that date rather than a standing promise, and confirm on the issuer’s page before you apply or move money.
How to choose
Picking a car loan in Singapore really comes down to three things: what kind of car you are buying, how fast you need the money, and whether any green or Islamic features matter to you.
Rate or perks? If you are buying an EV, OCBC’s 2.48% and charging credits are hard to beat. If the environment is top of mind, DBS’s tree‑planting and 2.88% hit a sweet spot. For everyone else, rates between 3.00% and 3.18% are common, so the decision shifts to other factors.
Used car or COE? Many banks cover used cars, but Hong Leong Finance specialises in it and is comfortable with foreign buyers and commercial vehicles. UOB and OCBC also handle COE renewals if you plan to keep your current ride.
Approval speed and network. If you are sitting in a dealership right now, UOB and Standard Chartered have huge dealer networks so the paperwork moves fast. OCBC’s 60‑second online approval is a real number – a few taps on your phone and you are done. Speed Credit fills the gap when banks might be too slow or too strict.
Loan amount and tenure. All providers here offer up to 70% financing of the car value and tenures up to seven years. UOB is the one with a minimum loan amount of just S$10,000, which is useful when you only need a small top‑up. Make sure the monthly repayment leaves you room for parking, petrol and the occasional summons.
A fair price range for car loan interest rates in Singapore currently sits between about 2.48% and 3.25% per annum, depending on the vehicle type and bank. Always ask for a full repayment schedule and check for early settlement fees before you sign.
| Provider | Financing Quantum | Max Tenure | Perks | Best For |
|---|---|---|---|---|
| DBS Bank | Up to 70% | 7 years | Tree planted per loan, eco incentives | Eco‑conscious EV/hybrid buyers |
| OCBC Bank | Up to 70% | 7 years | Free charging credits, 60‑sec approval | EV owners wanting low rate and speed |
| UOB Bank | Up to 70% | 7 years | Min. loan S$10,000, wide dealer network | Small loan amounts and dealer convenience |
| Standard Chartered Bank | Up to 70% | 7 years | Vast dealer network, hassle‑free process | Buyers who want dealer‑side settlement |
| Hong Leong Finance | Up to 70% | 7 years | Foreigners eligible, commercial vehicles covered | Used‑car buyers and expats |
| Maybank Singapore | Up to 70% | 7 years | Islamic financing option, digital application | Those needing Islamic banking or a smooth app |
| Speed Credit | Up to 70% | 7 years | High approval, insurance bundling | Fast approval and flexible in‑house terms |
Summary
Whether you are after the lowest rate (OCBC) or a green‑themed loan that plants a tree (DBS), there is a provider here that fits your driving life. Used‑car hunters and foreigners will find a straightforward path with Hong Leong, while UOB and Standard Chartered keep the dealer experience fuss‑free. Speed Credit handles the cases where a fast yes matters more than a famous name.
Disclaimer: All information provided here has been compiled from publicly available sources. While we have made every effort to ensure accuracy, details can change. Please confirm with the business directly before making a commitment.
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Frequently asked questions
What are the typical interest rates for car loans in Singapore right now?
Rates generally range from about 2.48% p.a. for the most competitive green loans (like OCBC’s Eco‑Care) up to around 3.25% p.a. for COE renewals. Most standard new‑car loans sit between 2.88% and 3.18%.
Can I get a car loan for a used car or a COE car?
Yes. OCBC, UOB, and Maybank all cover used cars, and UOB and OCBC also finance COE renewals. Hong Leong Finance specialises in used‑car loans and is open to foreigners and commercial vehicles too.
How much of the car price can I borrow?
Across this list, the financing quantum is typically up to 70% of the car’s value, with loan tenures stretching up to seven years. That is standard for most banks and finance companies.
Are there any car loan incentives for electric vehicles?
DBS offers a lower green‑car rate and plants a tree for every approved loan. OCBC provides free charging credits for EV owners alongside their Eco‑Care rate. Both reward the switch to electric.
How fast can I get a car loan approved?
OCBC advertises a 60‑second approval for eligible online applications. Other banks, especially those with large dealer networks like UOB and Standard Chartered, often process loans on the spot at showrooms. Speed Credit also focuses on quick, tailored approvals.
Is there an Islamic car financing option in Singapore?
Maybank Singapore offers an Islamic financing alternative that complies with shariah principles. It runs alongside their conventional car loan with a competitive rate and a fully digital application.
