Car FinancingIn-House Car Loan and Financing ServicesSince 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. Show
 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 or WhatsAppus at 9698-1119 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, high loan) 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 can also provide solutions with no impact to your TDSR. We provide the following credit facilities for the following:
Additional ServicesOn 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:
Eligibility Criteria for In-House Car Financing and LoanThere are some basic criteria to consider and fulfill prior to applying for an In-House vehicle loan by VINCAR.
Applying for In-House Car LoanYou can apply in 2 ways.
Financing Requirements for In-House Car Loan
Citizen/Local Car Loan ApplicationThe following details are required: Purchaser/Owner
Seller
Guarantor
Corporate Car Loan ApplicationPurchaser/Owner
Guarantor (Director of Company)
Seller
Foreigner/PR Car Loan ApplicationPurchaser/Owner
* Pass validity should be more than 6 months from date of application Guarantor*
*Guarantor must be a Singaporean Seller
Payment ModesYou 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 QuestionsWhat 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 ValueYou 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.
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 / Administrative Fee Our processing / administrative fees start from $535. Early Settlement Fee 2% 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 20% of unpaid interest – This is a penalty amount for early settlement which is charged on top of the early settlement fee. Can you purchase a car without a downpayment?A zero-down payment Car Loan is when the bank offers to pay the entire value of the car as part of the loan. For example, HDFC Bank offers up to 100% finance on its Car Loans. That essentially is a zero-down payment Car Loan.
How much is a downpayment on a car in Singapore?Cars with an Open Market Value (OMV) of less than or equal to $20,000, will need to have a downpayment sum of 30%. Those that have OMVs north of $20,000 will be subject to an upfront payment of 40%. There are ways around these restrictions of course, but they will incur hefty monetary penalties.
What does 0 driveaway mean?A number of dealers are even offering “zero dollar drive away” deals, which means that buyers need not fork out a single cent when they sign on the dotted line.
How much should a down payment be for a car?In general, you should strive to make a down payment of at least 20% of a new car's purchase price. For used cars, try for at least 10% down. If you can't afford the recommended amount, put down as much as you can without draining your savings or emergency funds.
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