Explore All About Car Loan Interest Rates in Singapore

Dreaming about owning your favorite car is easy, but how easy is it to make it a reality? With a car loan from a reliable source, it is possible now. Your Facebook status says, ‘I want to buy my favorite car’, and the comments say ‘please buy my car’. All are very memorable these days.

Are you excited about buying a car? 

Excitement and enthusiasm last if you support them with research. 

Get car loans at a reasonable rate of interest

What is the first thing you need to buy a car? 

It’s money! Yes, you should know the budget you stand on, and everything else is just a follow-up. Think about it, would you enter a luxury car showroom with a budget for a used car?

Though there is no harm in reviewing. You can now buy the car you wish with the best car loans in Singapore. Check the loan interest for car in Singapore and find several financial institutions offering options for buying your favorite car at a reasonable car loan interest rate.

However, you must know where and when to look and keep searching until you find the right car loan in your budget. Keeping just the basics in mind, you can easily find the most suitable deal for your car at the best interest rate in Singapore.  

Some benefits of taking car loans 

People dream about a car of their own, for they can spend their time riding peacefully with family. Some are lucky enough to have their car without any loan or liability, whereas others must work hard to gather the finance to get their dreams fulfilled. Such people can apply for car loans from the best financial institutions like DBS to fulfil their aspirations. Here are a few benefits of taking car loans:

  • Stress-free application when you log in via the mobile app and/or Singpass
  • Minimum time to complete the application
  • Maximum car loan tenure option of up to 7 years
  • More than 60% or 70% Loan-to-value 
  • Loan-to-value is calculated based on the Open Market Value (OMV)
  • Best loan interest for cars

All about loan interest for cars 

The loan interest rates are competitive in Singapore; hence, getting a car loan is easy and hassle-free. You can apply for a car loan in many ways:

  • In-house car loan package

If you are approaching car dealers for an in-house car loan, it is the most convenient way. However, the loan interest for cars is not competitive in this scheme. 

  • Approach a bank

If you apply for a car loan through a bank like DBS, the processing is easy, and the interest rate will be competitive. 

  • Go for a green car loan

If you are concerned about the environment, you can get green car loans. Shifting to low carbon emissions is the key to realizing that vision. With this car loan, you can enjoy a loan interest rate for cars at 2.08% p.a., which is EIR 3.93% p.a. based on 7-year loan tenure. The minimum amount of S$10,000 and 1-year tenure are mandatory.  You can now choose the best car loan and c

Dylan Miller

I am a Chicago native and regular contributor to "Locar Deals" and "Cars Cache". I have a master's degree in English, am an automobile content creation specialist, and have written professionally for a variety of automotive companies over the past few years. I write on a variety of vehicles, from high-end luxury cars to ten-year-old gas guzzlers and everything in between. And I love sharing valuable car buying tips with consumers from all walks of life.

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