Personal Loans
· Run Master News Editorial Team

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October's Top Car Loans for Every Buyer

Explore the best car financing options this October with rates as low as 2.48% for new vehicles. Find the right loan for your needs.

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Quick Picks

Best overall: OCBC Car Loan.
Best budget: Hong Leong Finance Car Loan.
Best for fixed payments: Maybank Car Loan.

Reviewing car loan options

Lowest Rate Car Loan

For those prioritizing the lowest possible interest rate, OCBC offers a starting flat rate of 2.48% for new cars, the lowest in Singapore according to their website. This makes it a standout choice for new vehicle buyers who have a strong credit profile. The loan is available for amounts up to S$200,000 and terms up to 84 months, offering flexibility in repayment. However, the best rates are reserved for those purchasing new vehicles, and additional documentation may be required to secure these rates. If your credit is solid and you're buying a new car, this could be your best bet.

OCBC Car Loan

OCBC offers the lowest starting rate for new cars at 2.48% flat, appealing to buyers with strong credit seeking minimal interest costs.

Lowest APR

OCBC Car Loan

2.48%
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But if you're open to slightly higher rates for used vehicles, the next options offer solid value.

Value Car Loans for Used Vehicles

These options cater to used vehicle buyers who are looking for a balance between low rates and flexible payment terms.

Hong Leong Finance Car Loan

Hong Leong Finance offers competitive fixed rates starting at 2.68% p.a., ideal for those wanting predictable costs without rate hikes.

Hong Leong Finance Car Loan

5.24%
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Maybank Car Loan

Maybank provides fixed monthly payments with a flat rate of 2.78%, suitable for buyers preferring stability and a major bank's backing.

Editor's Pick

Maybank Car Loan

5.24%
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UOB Car Loan: Flexible Financing for Your Vehicle

UOB's 2.78% p.a. rate is competitive, especially for new cars, with flexible terms up to 7 years for a manageable repayment plan.

Most Flexible

UOB Car Loan: Flexible Financing for Your Vehicle

2.78%
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Each of these loans has its strengths, but understanding your personal financial situation and vehicle choice will guide you to the right pick. If you value low rates above all, OCBC is the leader. For predictable payments, Maybank and Hong Leong offer reliable choices. Use this guide as you navigate your car financing options this October.

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APR Range

5.24–5.81%

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Maybank Singapore

Maybank Car Loan

Best Value · It's best for Singaporeans seeking straightforward financing with manageable monthly payments.
Loan Amount
S$10k–S$150k
Term
12–84 months
Approval
Quick digital application

Maybank's Car Loan provides competitive rates for those looking to finance their vehicle purchase.

Age 21+Singapore citizen, PR, or foreigner
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APR Range

5.24–5.81%

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Hong Leong Finance

Hong Leong Finance Car Loan

Best Value · Best for those looking for a straightforward car loan with quick approval and significant financing options.
Loan Amount
S$20k–S$150k
Term
12–84 months
Approval
Fast approval with dedicated specialist

Hong Leong Finance offers a competitive starting rate, making it a solid option for new car buyers in Singapore.

Age 21+Singaporean, PR, or foreigner
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APR Range

2.78–3.5%

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DBS Bank

DBS Car Loan

Best Value · Best suited for Singapore citizens or PRs with a stable income seeking a reliable car financing option.
Loan Amount
S$10k–S$200k
Term
12–84 months
Approval
In-principle approval within 1 hour

DBS Car Loan is a solid choice for those looking to finance a vehicle with flexible repayment terms and swift approval.

Singapore citizen or PRMinimum age 21
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APR Range

2.48–3.5%

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OCBC Bank

OCBC Car Loan

Best Value · Best for Singapore citizens or PRs earning at least SGD 30,000 annually looking for a reliable car loan.
Loan Amount
S$10k–S$200k
Term
12–84 months
Approval
Within 1 business day

This loan is a solid choice for those seeking flexible financing options for a new vehicle.

Singapore citizen or PRMinimum age 21
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APR Range

2.78–3.88%

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UOB

UOB Car Loan: Flexible Financing for Your Vehicle

Best Value · Ideal for those seeking a straightforward loan with a quick approval process and additional perks like cashback on car purchases.
Loan Amount
S$10k–S$500k
Term
12–84 months
Approval
In-principle approval within 1 business day

The UOB Car Loan offers competitive interest rates and flexible repayment options, making it a solid choice for car buyers in Singapore.

Singapore citizen or PRAge 21+
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