COE Renewal Loan

Hassle-free COE renewal for used and new car financing

What is a COE Renewal Loan

COE Renewal Loan (aka COE Car Loan) is financing you apply for if you need help with your COE renewal. To renew your car’s COE in Singapore, there is no need to bid for a new COE. You just need to pay the COE Prevailing Quota Premium (PQP).

Why Take a COE Car Renewal Loan with QV Credit?

Get fast loan approval for your new and used cars.

Easy and Quick Application

With our online loan application, getting a COE car loan has never been easier

Manufacturer loans

Loans from manufacturers are an ideal choice for those who have built a good relationship with the manufacturers.

Bank motorcycle loans

These are great for borrowers looking for a long-term loan with slightly lower interest rates. You just have to show a good credit rating and be prepared for a longer application process.

Personal loans from money lenders

Financing from licensed moneylenders is suited for borrowers who do not have a good credit rating and have no chance of getting financing from banks and other lenders.

Apply for a COE Car Loan with QV Credit

Get An Instant In-Principle Approval And Collect Your Money On The Spot!

Apply now

How to Get a COE Renewal Loan?

Apply Online

Borrow just the right amount! Not too little that you’ll be short of cash again, but not too much so that you can keep your debt as light as possible for emergencies.

Prepare Your Documents

At QV Credit, we aim to provide hassle free service so we’ll send you a list of documents you need to bring for our basic checks. Just so we can disburse you the funds sooner.

Schedule An Appointment

Submit your documents at our office, sign the loan agreement and the full loan amount on the spot. Bank transfer or cash, your choice!

COE Renewal Loan FAQs

Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!

How many years can I take a loan for?

The duration of a loan varies with the loan amount. We may provide customized loan tenure periods for you to make repayments comfortably.

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.

Money Loans Offered in Singapore

We offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the best money lender for you is QV Credit!

How to find us

Bus Services to Opposite Burlington Square 64 / 65 / 131 / 139 / 147 / 166 / 857
Near Fortune Centre 56 / 980
Downtown Line DT13 at Rochor MRT Station, Exit A one minute walk to Burlington Square
From Novena MRT Station take Bus Services 56 / 131 / 166 / 980

Phone number

6835 7666

enquiry@qvcredit.sg