COE Renewal Loan
Hassle-free COE renewal for used and new car financing
What is a COE Renewal Loan
Why Take a COE Car Renewal Loan with QV Credit?
Easy and Quick Application
With our online loan application, getting a COE car loan has never been easier
Bank motorcycle loans
Personal loans from money lenders
Apply for a COE Car Loan with QV Credit
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
How to Get a COE Renewal Loan?
Prepare Your Documents
Schedule An Appointment
COE Renewal Loan FAQs
How many years can I take a loan for?
For 5-year COE renewal loans, the maximum repayment period is 5 years. For 10-year COE renewal loans, the maximum repayment term is 7 years.
A higher interest rate is imposed for a 7-year tenure compared to a 5 year one.
What is the interest rate for COE renewal loan?
COE renewal loan rates range from 1%-3%, depending on the lender, prevailing interest rates, loan tenure and loan amount. Generally, the shorter the loan tenure and amount required, the lower the interest rate for your COE loan.
Is COE worth renewing?
In Singapore, all vehicles (both passenger vehicles and commercial vehicles) must have a corresponding Certificate of Entitlement (COE) that expires every 5 or 10 years. By law, you have to renew it if you wish to continue your car ownership or your vehicle registered. Otherwise, the vehicle must be deregistered and disposed of.
You must renew your COE before it expires, or within 1 month after its expiry date with payment of a late renewal fee. For some older vehicles, it makes great financial sense to purchase a new one rather than continue renewing COE. It is up to you, the vehicle/car owner, to decide which is better in your specific situation.
For big cars, COE prices would be higher than that or a normal car.
What happens if you don't renew COE?
If you don't continue renewing your COE within 1 month from which your car reaches its COE expiry date, you will have to dispose of your vehicle immediately.
Can I renew my COE early?
If you deregister your vehicle before its COE expires, you may be granted a COE rebate based on the amount you paid for the Quota Premium (QP), or the Prevailing Quota Premium (PQP) in the case of a car that needs to renew COE.
For more information about COE renewal, head to the OneMotoring website by LTA.
What are the minimum requirements in getting a COE Renewal Loan?
You must be between 21 and 65 years of age with a minimum annual income of $30,000 for salaried and self-employed Singapore Citizens and Permanent Residents.
The requirements for loan approval of COE renewal loans are more stringent if you approach financial institutions compared to other lenders like licensed moneylenders.
When applying for a bank loan, borrowers typically need to have a good credit score and submit multiple documents. The application process can also be longer and more complex.
What are the documents required for submission?
For a licensed money lender:
- Photocopy of identity card / passport / driving license
- Vehicle Log Card (LTA)
- Latest Income Documents for proof of income
- CPF Statement for the last 12 months, or
- Income Tax Notice of Assessment for last 1 year, or
- Payslip for last 3 months
For bank loans, regardless of loan packages or loan amount, you will need to furnish the following as well:
- Details of existing financial commitments e.g. housing, credit card, or personal loans
- Authorization form to check full settlement (for cars still under financing)
- Some may ask for your vehicle's purchase agreement and other documents along with the loan application form
Are there any other charges involved?
For most lenders, there is a one-time admin fee for the renewal process. Since you are at a point where you need to renew your COE for your car, we always recommend car owners to conduct a pre-COE inspection or general inspection for your car, just to make sure your car is still working fine.
While it is not related to COE directly, note that you have to factor in road tax and car insurance into your monthly repayments.
If you need help with repaying your existing loans, we have a debt consolidation loan to make life a little easier for you.
Do I need to place any security and how will payment be like?
No security is needed for this. However, a guarantor is required if the Hirer (1) Age exceeded 65; (2) Annual income below $30,000; (3) Trace of bankruptcy
As for monthly instalments, you can pay in cash over the counter at our QV Credit branch, send us a cheque, make an interbank transfer or pay by GIRO. Monthly payments include the principle amount plus the agreed-upon interest rate.