In-House Car Loan and Financing

In-House FinancingSince being established in 1989, we’ve worked hard for our customers to eliminate any delays or hassles in the process of financing and insuring their dream ride. We can help applicants who have challenges with getting their loan applications rejected by local banks or financial institutions. 

Car Financing ApprovalWhether you’re looking at a new or used vehicle, we are able to provide financial support and flexible loan packages to get you going on your car ownership journey with as little hassles as possible.

Quick Approvals

Our rates are industry-competitive and fast to be approved as we manage everything through our in-house financing specialist team. Loan applications typically take less than 24 hours to be approved.

Our personalized and warm service will assure that all of your requirements and needs are met. You can call us at 6474-1119 for all loan and financing inquiries. 

Flexible Financing Packages

As one of the largest dealerships in Singapore, we’re able to offer and structure flexible financing packages (e.g. balloon financing schemes) to suit your financial requirements and needs. 

If your existing bank is unable to assist you, or is putting you on hold due to unknown reasons or factors, our financing team would be able to assist quickly and rapidly to cut short that process.

We provide the following credit facilities for the following:

  • New Car Financing 
  • Used Car Financing
  • Hire Purchase Loan
  • COE Financing
  • Private Hire (GRAB / GoJek etc.) Car Loan
  • Expat Car Loan
  • In-House Car Loan

Additional Services

On top of your vehicle loan, we’re able to assist you with the following aspects of car ownership and transfer of pre-owned vehicles.

Our team can:

  • Verify information and car ownership status of the seller.
  • Administrative support for LTA transactions (transfer of ownership)
  • Any legal documentation for loan application
  • Completion of full settlement documentation with seller’s financial institution / bank.
  • Insurance quotation from insurance institutions such as AXA, Liberty, NTUC, China Insurance etc.

Eligibility Criteria for In-House Car Financing and Loan

There are some basic criteria to consider and fulfill prior to applying for an In-House vehicle loan by VINCAR.

  • The applicant applying for the loan should be at least 21 years old and above.
  • The maximum amount of loan ranges from 60-70% depending on the vehicle valuation.
  • Your minimum income should be at least $30,000 annually or 3x than it’s loan monthly instalment.

Applying for In-House Car Loan

You can apply in 2 ways.

  1. Call Us – Call us at 6474-1119 and speak to our in-house financing specialists. They will also send you instructions and some documents to sign (e-Sign option is available).

    This can be done quickly within the day. You can scan and email all required financing documents to [email protected] or e-Sign online using a secure e-Signing provider – powered by HelloSign.

  2. Fill up this In-House-Car Loan form with all details required. Our administrative team will contact you with regards to your financing application. 
In-House Car Financing
Singapore Citizen / PR

Financing Requirements for In-House Car Loan

Car Financing Approved

For the quickest way to get your loan approved, please prepare the following.

Citizen/Local Car Loan Application

The following details are required:

Purchaser/Owner

  1. Loan application form 
  2. Photocopy of NRIC – Front and back – Must be clear.
  3. Income Documents (any of the following)
    1. CPF 6 months 
    2. Notice of Assessment (NOA) – Past 2 years
    3. Pay Slip (Computerized – last 3 months)
    4. Sales and Purchase Agreement 

Seller

  1. Vehicle Log Card 
  2. Clear Photocopy of NRIC – Front and back
  3. Authorization form to verify full settlement if vehicle is still under financing 

Guarantor

  1. Loan Application Form
  2. Clear Photocopy of NRIC – Front and back.
  3. Income Documents (any of the following)
    1. CPF 6 months 
    2. Notice of Assessment (NOA) – Past 2 years
    3. Pay Slip (Computerized – last 3 months)

Corporate Car Loan Application

Purchaser/Owner

  1. Loan application form 
  2. Copy of Acra Document (within 3 months)
  3. Photocopy of NRIC – Front and back – Must be clear.
  4. Corporate Bank Statement (3 months)
  5. Sales & Purchase Agreement

Guarantor (Director of Company)

  1. Loan Application Form
  2. Clear Photocopy of NRIC – Front and back.
  3. Income Documents (any of the following)
    1. CPF 6 months Contribution History
    2. Notice of Assessment (NOA) – Past 2 years
    3. Pay Slip (Computerized – last 3 months)

Seller

  1. Vehicle Log Card 
  2. Clear Photocopy of NRIC – Front and back
  3. Authorization form to verify full settlement if vehicle is still under financing

Foreigner/PR Car Loan Application

Purchaser/Owner

  1. Loan application form 
  2. Copy of Passport
  3. Copy of Employment Pass – front and back
  4. Employment Agreement
  5. Sales & Purchase Agreement

Guarantor*

  1. Loan Application Form
  2. Clear Photocopy of NRIC – Front and back.
  3. Income Documents (any of the following)
    1. CPF 6 months Contribution History
    2. Notice of Assessment (NOA) – Past 2 years
    3. Pay Slip (Computerized Slip – last 3 months)

*Guarantor must be a Singaporean

Seller

  1. Vehicle Log Card 
  2. Clear Photocopy of NRIC – Front and back
  3. Authorization form to verify full settlement if vehicle is still under financing

 

Payment Modes

You can pay for your vehicle loan via the following:

1) Internet Banking and Mobile Banking (UOB Personal and Corporate account holders)

2) ATM, Internet Banking and Mobile Banking (DBS, POSB and Maybank Personal account holders)

3) AXS Stations, AXS m-Station (Mobile App) and AXS e-Station (Internet)

4) GIRO

5) Cheque

6) Cash / NETS / Credit Card


Frequently Asked Questions

What does COE, OMV and PARF and other related acronyms mean?

OMV – Open Market Value

This is the true purchase cost of your car excluding Singapore taxes and custom duties. This would be similar to how cars are sold at their rate in other countries where car ownership isn’t taxed as heavily as it is in Singapore.

COE – Certificate of Entitlement

This is the legal document which is a quota license that is received from the Land Transport Authority which grants the legal right of the holder to register, own and legally use a vehicle in Singapore for a period of 10 years (for new cars).

It is obtained through winning a bid through an auction that starts on the first and third Monday of the month and typically lasts for three days to the following Wednesday.

It is not uncommon that when there is heavy demand for COEs, the price of the certificate can easily exceed the OMV of the vehicle.

ARF – Additional Registration Fee

This is a tax which you need to pay when you register a new vehicle. It’s calculated based on the OMV and is at least 100% of the OMV (open market value).

PARF – Preferential Additional Registration Fee

For vehicles which are less than 10 years old, there is a PARF rebate if you want to deregister the vehicle before its COE expires (on the 10th year). This rebate is pegged to the OMV which is remaining at the point of deregistration.

Excise Duty

This is an additional tax which you need to pay on top of the vehicle at 20% of the Open Market Value.

GST – Goods and Services Tax

You are required to pay 7% GST on the Open Market Value and Excise duty.

TDSR – Total Debt Servicing Ratio

Implemented in 2013 as a financial framework that ensures borrowers aren’t overleveraged.  It’s a standard that applies to home and vehicle loans in Singapore granted by all financial institutions. To adhere to TDSR regulations, this amount cannot exceed 60% of your income.

How much can I borrow for a car loan?

Based on the Monetary Authority of Singapore (MAS)’s guidelines, here are the maximum amounts you can borrow based on your vehicle’s OMV.

Open Market Value

You can borrow up to 70% of the car’s purchase or valuation price if the OMV of a vehicle is up to S$20,000.

You can borrow up to 60% of the car’s purchase or valuation price if the OMV of a vehicle is more than S$20,000

How long can my car loan tenure be?

Typically you can borrow for up to 7 years for a new vehicle. Our in-house financing schemes do allow flexibility with regards to the tenure of your loan. We advise you to get in touch with us with regards to the latest financing promotions and loan packages.

Can my car loan be through a bank?

That’s not an issue, we can assist you with the necessary paperwork and requirements as we work closely with a number of different financial institutions and providers such as the following companies.

  • DBS / POSB
  • OCBC
  • UOB
  • Maybank
  • Standard Chartered
  • Hong Leong Finance

At times, we may also have unique tie-up promotions with certain banks with promotional rates. You can contact us at 6747-1119 for more details.

How much is your car loan’s interest?

Our typical car loan interest rates are as low as 2.28%. Interest rates of our in-house vehicle loans are adjusted on a regular basis and are subject to change. We may also run regular promotions on financing and loans.

We advise you to contact our financing specialists via 6747-1119 or email us to get the most updated interest rate sheet.

How long does the in-house loan application take?

Assuming you have passed all necessary requirements and submitted paperwork, it usually takes less than one working day to get your in-house loan approved.

We guarantee the fastest, convenient and most hassle-free service on getting your car financing approved with VINCAR Finance.

Are there any other charges I should be aware of?

Here are some charges which you should take into account when you take up a car loan.

Processing / Administration Fee

$200 – This is waived if your vehicle loan is above $20,000

Early Settlement Fee

1% of outstanding loan – This is a penalty amount if you settle or pay off the car loan early, and is pegged to the outstanding balance.

Unpaid Interest Fee

10-15% of unpaid interest – This is a penalty amount for early settlement which is charged on top of the early settlement fee.