From 2.78% COE Renewal Loan - Lowest Installment for 5 & 10 Years COE

Click here to fill out our FREE and Non-Obligatory COE Renewal Loan Form to avail our 2.78% promotional rate!

COE Car Financing Has Never Been Simpler

For many car owners, once your car reaches the 10^th year mark, deciding between keeping your beloved car and buying a brand new one can be a stressful dilemma. The fluctuating Certificate of Entitlement (COE) prices and complicated COE bidding surely don’t make the choice any easier. However, there is a practical option for Singapore car COE renewals. At Speed Credit, we offer affordable COE loan interest rates where you won’t need to say goodbye to your beloved car. Look no further for a COE renewal loan in Singapore that can help you retain your car on the road.

Speed Credit is considered the #1 COE Renewal Loan Company in Singapore for both private and commercial vehicle COE loan, offering the cheapest 2.78% COE Renewal Loan Rate! With our competitive COE loan rates, we are more than confident that you’ll get the lowest monthly payment possible. We are the first company in Singapore to offer COE Renewal Loan and is considered the most trustworthy auto finance industry expert.

CLICK HERE TO VIEW OUR OVER 330 5-STAR REVIEWS ON FACEBOOK!

COE Renewal Loan Video Explainer

Choices for COE Renewal Loans

Enjoy huge savings on COE extensions with our competitive rates and flexible COE renewal installment plans of up to 84 months.

You can make an empowered choice between renewing for a 5 year COE or 10 year COE. Especially if your much-loved car is still in tip top shape and has comparatively low mileage.

Check your COE expiration date and arrange for rates & payment options today. Contact us at +65 6444 4400 for more information.

COE Renewal Loan FAQs

Do I still need to go down to LTA to renew my COE?

No, we provide free dispatch service and will assist to process all documentation for you.

What is the interest rate? Repayment period?

Interest rate varies from time to time, please fill out our online enquiry form and our loan advisors will contact you. Maximum 7 years repayment period.

Is there any admin fee?

There is a one-time admin fee and it varies from the range of loan packages we offer.

Why is Transfer of Ownership compulsory?

As the vehicle is currently under your name , you are not allowed to secure another loan under the same name.
Therefore , a double transfer where SC buys your vehicle (transfer in) and then sell it back to you (transfer out) with a renewed COE is required.

Any difference in PQP between OPC/ROPC and Normal car?

There is no difference in PQP between OPC/ROPC and Normal car.

What is the maximum financing amount for COE renewal loan?

With the recent changes in our COE Renewal rates, we do offer more than 100% PQP @ higher interest rate of 4.98% for passenger vehicles.

What are the minimum requirements in order to get a loan?

$2,000 of monthly income, no trace of bankruptcy, age not exceeding 65 years old. Having said that, we can still consider and approve on a case by case basis.

Is there any guarantor required?

Guarantor is required if Hirer (1) Age exceeded 65; (2) Annual income below $30,000; (3) Trace of bankruptcy

What will my monthly instalment likely to be?

We’ll assess and work out a quotation, and email it to you.

What are the required documents for loan application?

Application form, copy of hirer’s NRIC, income proof and vehicle log card / details.

How do I apply?

Submit online via our online enquiry form found on this page or call us and we will guide you through.

What is the procedure like?

From loan submission, loan approval, signing of agreement to COE renewal.

How long will it take to renew my COE?

Processing time takes approximately 1 week time.

How long will it take for loan approval?

Loan approval takes from 1 to 3 days.

What are the available payment modes for monthly instalment?

For monthly instalment, you can pay in cash over Speed Credit counter, cheque, interbank transfer or GIRO.

Can I apply for the loan if I’m not the car owner?

You may submit documents needed on behalf of applicant , but applicant must be the car owner.

What is the early settlement penalty?

Early redemption penalty (1) Rule of 78 (20% of interest rebate) + (2) 2% of Outstanding payable

What is the minimum loan amount and loan period?

Minimum loan amount and tenure of the loan are $10,000 and 12 months respectively.

When is the best time for me to submit the application?

4-6 weeks before COE expiry date.

Is there any difference between 5 years and 10 years COE renewal?

For 5 years renewal, your car must de-register at the end of 5 years period. As for 10 years renewal, your car is able to proceed with 2nd COE renewal.

How do I submit my application? Walk-In or via Email?

Both methods are welcome, but we prefer applications to be submitted via email.

Is it compulsory for me to renew my insurance from your company?

No, you can renew on your own but if it is renewed through us, we can match or lower whatever quotation you received.

Can I do the early renewal?

Please kindly note that if you renew your COE early , LTA will forfeit the remaining PARF & COE rebate of your vehicle.
For example, your COE is expiring on 12/05/19, but you choose to do an early COE renewal in March:
You will be taking MARCH PQP amount
– Your New COE will start 01/04/19 (first day of April) and expire on 31/03/29 (last day of March) instead of 12/05/29
– You will have to inform us by the 3rd week of March that you are taking MARCH PQP
– You will have to arrange & drop by our office within the next 3 working days to renew your COE before the month ends

Application Process

- - Call us at 6444-4400 to speak to our car finance representative. Alternatively, you can simply fill out our online COE enquiry form here for a much faster processing.
  - Wait for our car finance specialists’ reply or instructions.
  - Submit all the required documents via fax (6444-4455) or email (loan@speedcredit.com.sg)
  - Once all documents are completed, we will submit your In-house COE Renewal Loan Application immediately.
  - We will notify you within 1 working day regarding the status of your application.
  - Once your used car loan application is approved, our car finance specialist will contact you for further instructions.

Requirements for Loan Submission

For Local Loan Application

Buyer

- 1. Loan Application Form (Preferred 2 Signed , At least 1 is filled & signed)
  2. Clear Copy Of NRIC (Front & Back)
  3. Income Documents (Any of the following)
    - Latest 6 Months CPF
    - 2 Years Notice Of Assesement
    - Latest 3 Months Computerized Payslip
  4. Sales & Purchase Agreement (If Applicable)

Seller

- 1. Vehicle Log Card / Acknowledgement
  2. Clear Copy Of NRIC (Front & Back)
  3. Authorization Form To Check Full Settlement (If Vehicle is still under Finance)

Guarantor

- 1. Loan Application Form (Preferred 2 Signed , At least 1 is filled & signed)
  2. Clear Copy Of NRIC (Front & Back)
  3. Income Documents (Any of the following )
    - Latest 6 Months CPF
    - 2 Years Notice Of Assesement
    - Latest 3 Months Computerized Payslip

Company Loan Application

Buyer

- 1. Loan Application Form (Preferred 2 chop & Signed , At least 1 is filled , chop & signed )
  2. Clear Copy Of Acra (Printed Within 3 Months )
  3. Latest 3 Months Bank Statement
  4. Sales & Purchase Agreement (If Applicable)

Guarantor (Director of Company)

- 1. Loan Application Form (Preferred 2 Signed , At least 1 is filled & signed)
  2. Clear Copy Of NRIC (Front & Back)
  3. Income Documents (Any of the following )
    - Latest 6 Months CPF
    - 2 Years Notice Of Assesement
    - Latest 3 Months Computerized Payslip

Seller

- 1. Vehicle Log Card / Acknowledgement
  2. Clear Copy Of NRIC (Front & Back)
  3. Authorization Form To Check Full Settlement (If Vehicle is still under Finance)

Employment Pass Loan Application

Buyer

- 1. Loan Application Form (Preferred 2 Signed , At least 1 is filled & signed)
  2. Clear Copy Of Passport
  3. Income Documents (Any of the following)
    - Latest 6 Months CPF
    - 2 Years Notice Of Assesement
    - Latest 3 Months Computerized Payslip
  4. Clear Copy Of Employment Pass (Front & Back)
  5. Full Set Employment Agreement
  6. Sales & Purchase Agreement (If Applicable)

Seller

- 1. Vehicle Log Card / Acknowledgement
  2. Clear Copy Of NRIC (Front & Back)
  3. Authorization Form To Check Full Settlement (If Vehicle is still under Finance)

Guarantor (Must be a Singaporean)

- 1. Loan Application Form (Preferred 2 Signed , At least 1 is filled & signed)
  2. Clear Copy Of NRIC (Front & Back)
  3. Income Documents (Any of the following )
    - Latest 6 Months CPF
    - 2 Years Notice Of Assesement
    - Latest 3 Months Computerized Payslip

COE Renewal Loan Form

Fill out our COE Renewal Loan Form below to avail our 2.78% Promotional Rate! Get a FREE and non-obligatory quotation from us. Let us help you with all your COE Finance needs! All it takes is a few seconds to fill out our online enquiry form.

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