COE Renewal Car Loan Service

COE Renewal Car Loan Overview

With the ever increasing COE prices, renewing your used car’s COE is a much more practical option than buying a new car. Since 2000, Speed Credit has helped hundreds of used car owners in retaining their cars through our COE Renewal Car Loan Service.

At Speed Credit, you can choose to renew the COE of your vehicle for either another 10 years or 5 years, whichever you think is suitable to your needs. Should you wish to renew your vehicle for another 10 years, you will need to pay the full Prevailing Quota Premium (PQP) as listed by LTA (https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquirePQPRates)

However, if you wish to go for a 5 year renewal term, you will need to pay only 50% of the Prevailing Quota Premium (PQP). Please take note that if you choose this option, your certificate could not be renewed again, thus your car will be de-registered once it expires.

Contact us today at +65 6444 4400 for more information about our COE Renewal Car Loan Service

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.

2.98%

PROMOTIONAL
COE LOAN RATE

100%

FINANCE
AMOUNT

7 YEARS

REPAYMENT
PERIOD

$0

DOWNPAYMENT

100%

APPROVAL
RATE

17 YEARS

EXPERIENCE IN THE
AUTO FINANCE INDUSTRY

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How to Renew Your COE / Speed Credit’s COE Renewal Application Process

  • Call us at +65 6444 4400 to speak to our car finance representative.
  • Wait for our car finance specialists’ reply or instructions.
  • Submit all the required documents via fax (+65 6444 4455) or email ([email protected])
  • We will notify you within 1 working day regarding the status of your COE Renewal Car Loan Application.
  • Once your COE Renewal Car Loan Application is approved, our car finance specialist will contact you for further instructions.

 

Eligibility

  • Loan applicant should be 21 years old and above.
  • Maximum loan amount is 100% of PQP.
  • Loan applicant’s minimum income should be at least S$20,000 p.a. or 3x higher than its monthly loan installment.
  • For vehicle that is renewed for 5 years, maximum loan is only 4 years.
  • For vehicle that is renewed for 10 years, maximum loan is only 7 years.

 

Requirements for COE Renewal Car Loan

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 (Used Attached or Own Agreement)

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

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 (Used Attached or Own Agreement)

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)

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 (Used Attached or Own Agreement)

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

Interest Rates

Interest Rate for our COE Renewal Car Loan depends on the age of the vehicle and loan tenure.
For more information about our COE Renewal Car Loan Service and interest rates, you can contact our friendly car finance specialist, Lynn Chai at +65 9851 8281.