CAR FINANCING & LOANS
Whether you are buying a pre-owned car, refinancing your car or renewing your COE, we have flexible financing solutions available tailored to your needs.
100% COE RENEWAL LOAN PROMOTION
Get a FREE IPAD when you obtain 100% COE renewal loan through Carzane!
Continue driving your beloved car without stretching your cash flow. Apply for your COE renewal loan with Carzane today and receive a complimentary iPad upon successful COE renewal and loan disbursement.
COE Renewal Promo Rate: 2.78% p.a.
Terms and conditions apply. Click here to learn more.
WHY CHOOSE CARZANE?
Low Interest Rate
Enjoy the lowest interest rates from major local banks for your car loan refinancing and COE renewal loan.
Hassle-Free
Enjoy a seamless process without stepping into our office while we sort everything for you.
Expert Support
Our dedicated consultant is always happy to assist you with your car's financing needs. Ask and we answer!
Frequently Asked Questions
What is the COE Prevailing Quota Premium (PQP)?
The PQP is the cost to renew your COE. LTA calculates it using the moving average of COE bidding results from the preceding three months. The PQP amount changes on the first day of every month.
Should I renew my COE for 5 years or 10 years?
It depends on how long you plan to keep the car. With a 5-year renewal, you pay 50% of the PQP, but you can only do this once and must deregister the car when it ends. With a 10-year renewal, you pay 100% of the PQP and can renew the COE again in the future.
Can I get a 100% loan for my COE renewal? What are the repayment terms?
Yes, you can apply for up to 100% PQP financing, subject to approval. For a 10-year COE renewal, the maximum loan tenure is 7 years. For a 5-year COE renewal, the maximum loan tenure is 5 years.
Can I apply for a COE renewal loan directly from a bank?
Banks in Singapore do not accept direct walk-in loan applications for COE renewals from individuals. You can renew directly via OneMotoring only if you pay in full with cash. If you need financing, you must submit your application through authorised auto-finance partners like Carzane.
What happens to my PARF rebate and road tax when I renew my COE?
You forfeit your car's PARF (Preferential Additional Registration Fee) rebate once you renew its COE. For road tax, vehicles over 10 years old incur an annual surcharge starting at an extra 10% on the 11th year, increasing by 10% each year up to a maximum 50% surcharge from the 15th year onwards.
Which month's PQP should I use for my renewal?
You can use the PQP rate from either the month your COE expires or the month immediately before it. If you choose to renew earlier than your expiry month, your new COE starts on the first day of the following month, and you forfeit any remaining balance on your current COE.
What if my COE has already expired?
You can still renew your COE within one calendar month after its expiry date. However, LTA will charge a late renewal fee ranging between $50 and $250, depending on your vehicle's engine capacity. Note that you must not drive the vehicle on public roads once the COE has lapsed.
What is car refinancing and how does it work?
Car refinancing replaces your existing vehicle loan with a new loan package. Car owners usually refinance to lower their monthly instalments, extend their repayment period, or cash out equity from their car's current valuation.
Can I get a 100% loan for car refinancing?
Yes. While bank loans in Singapore cap financing limits based on vehicle OMV, we offer in-house loan packages that provide up to 100% financing on your car's market value.
Will car refinancing affect my Total Debt Servicing Ratio (TDSR)?
We have both bank and non-bank financing solutions available. Our non-bank loan options are not subject to bank TDSR limits, meaning your refinancing loan will not impact your borrowing capacity for home mortgages or bank loans.
What is the difference between bank refinancing and in-house refinancing?
Bank refinancing is strictly regulated by MAS guidelines, which cap borrowing limits at 60% or 70% of the car's value and factor into your TDSR. In-house refinancing offers greater flexibility, allowing up to 100% financing without affecting your bank TDSR limits or requiring extensive documentation.
Can I cash out funds when refinancing my car?
Yes. If your car's market value is higher than your remaining outstanding loan balance, you can refinance to clear the existing loan and cash out the remaining difference for personal use.
