Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

UOB Car Loans

Find out about the competitive loan options from UOB that can help you get on the road.


Fact checked

Founded in 1935, UOB (United Overseas Bank Limited) is a multinational banking organisation based in Singapore, with branches in most Southeast Asian countries. UOB provides a myriad of services ranging from personal financial, private and corporate banking, asset management and more. With an extensive global network spanning 19 countries, UOB is a leading bank and is also one of the most trusted in Asia.

If you’re in need of vehicle finance, you can consider the competitive options available from UOB. UOB is also one of the few financial institutions in Singapore that offers COE car loans. Find out more about these below.

What kind of car loans can you apply for?

UOB Car Loan

Available for both new and used cars, the UOB Car Loan is a conventional auto-financing scheme based on a flat interest rate. The maximum loan tenure is seven years, so if you’re buying a used car that’s five years old, your loan tenure can only be up to a maximum of five years. If you’re looking to purchase a used car that’s over ten years of age, you can consider the UOB COE Car Loan.

Due to Monetary Authority of Singapore (MAS) regulations, the loan amount for the vehicle is dependent on the vehicle’s Open Market Value (OMV). If the OMV of the vehicle is less than S$20,000, UOB may finance up to a maximum of 70% of the vehicle price. If the OMV of the vehicle is more than S$20,000, the maximum loan amount will be capped at 60% of the vehicle cost.

You may use the UOB online calculator to calculate your monthly instalments and total interest. Make sure you are financially able to pay the projected monthly instalments before committing to the loan.

Interest rates for UOB New Car Loan:

Loan TenureApplied Interest Rate (AIR)Effective interest rate (EIR)
1 year2.68% p.a.4.91% p.a.
2 years2.68% p.a.5.06% p.a.
3 years2.68% p.a.5.09% p.a.
4 years2.68% p.a.5.08% p.a.
5 years2.68% p.a.5.06% p.a.
6 years2.68% p.a.5.04% p.a.
7 years2.68% p.a.5.01% p.a.

*Interest rates stated are accurate as of 04 August 2020. Bear in mind that the interest rates may be subjected to change, so check with the bank for the latest rates.

Interest rates for UOB Used Car Loan:

Loan TenureApplied Interest Rate (AIR)Effective interest rate (EIR)
1 year2.78% p.a.6.03% p.a.
2 years2.78% p.a.5.72% p.a.
3 years2.78% p.a.5.59% p.a.
4 years2.78% p.a.5.50% p.a.
5 years2.78% p.a.5.43% p.a.
6 years2.78% p.a.5.37% p.a.
7 years2.78% p.a.5.32% p.a.

*Interest rates stated are accurate as of 04 August 2020. Bear in mind that the interest rates may be subjected to change, so check with the bank for the latest rates.

UOB COE Car Loan

In Singapore, cars are due to be scrapped at 10 years of age and owners will receive a Preferential Additional Registration Fee (PARF) rebate upon de-registration. However, if the owner wishes to continue using the car after 10 years, the owner will have to renew the COE of the car for either 5 or 10 years, and will no longer be entitled to the PARF rebate. Instead, only the COE rebate will be available upon de-registration. Therefore, these cars are known as “COE cars”.

Not all banks or financial institutions offer loans for COE cars. However, UOB COE Car Loan provides up to 70% financing for used cars that are more than 10 years old, but not exceeding 11 years old. The maximum tenure is 7 years for revalidated COE of 10 years and 5 years tenure for revalidated COE of 5 years. Also, take note that the tenure must not exceed the maturity period of the COE.

Interest rates for a UOB COE Car Loan:

Loan TenureApplied Interest Rate (AIR)Effective interest rate (EIR)
1 year3.25% p.a.7.04% p.a.
2 years3.25% p.a.6.67% p.a.
3 years3.25% p.a.6.51% p.a.
4 years3.25% p.a.6.40% p.a.
5 years3.25% p.a.6.31% p.a.
6 years3.25% p.a.6.23% p.a.
7 years3.25% p.a.6.17% p.a.

*Interest rates stated are accurate as of 04 August 2020. Bear in mind that the interest rates may be subjected to change, so check with the bank for the latest rates.

How to apply for a car loan from UOB

If you’re ready to apply for this loan, you can click on the links below and complete the application form to get started.

Before you do, make sure you meet the following criteria:

  • Age. You must be at least 21 years of age.
  • Residency. You need to be a Singaporean citizen, a permanent resident or a foreigner (requires a local guarantor).
  • Income. UOB does not publish the minimum income requirement or whether foreign applicants are required to have a higher income. However, you should have a minimum annual income of $20,000 to be eligible for a car loan from most of the banks or financial institutions in Singapore.
  • Financial standing. Your credit score should meet the bank’s minimum criteria.

Bear in mind that every loan application will be listed on your credit file and rejections can have a negative impact on your credit score. If you’re unsure about your eligibility, it’s best to check with UOB directly before applying. You can contact UOB on their toll-free hotline at 1800 388 2121.

You will also be required to provide the following:

  • Identification. Your NRIC (front and back) or passport and work permit (for foreigners).
  • Application form. Make sure that the application form you submit is complete and accurate.
  • Income documents. These may include computerised payslips, IR8A Form, latest six-month CPF contribution or your Income Tax Notice of Assessment.
  • Car details. If you’re purchasing a new car, you will need to provide the sales/purchase order from the supplier. For used cars, make sure that you have a copy of the registration/COE card.

If you’re looking to finance a new or used car, you can consider the various loan options from UOB that best suit your needs. Compare and apply today.

More guides on Finder

  • UOB Uniplus Savings Account review

    The UOB Uniplus Savings account is ideal for everyday transactional banking. Find out if it suits your needs and apply securely.

  • Singaporean personal loan statistics 2020

    Finder surveyed 1,008 Singaporeans aged 16 and above and found that nearly 1 in 3 have taken out a loan in the past 12 months.

  • DBS Multiplier vs OCBC 360 account

    Looking for the best high-yield savings account? Compare between the DBS Multiplier and OCBC 360 accounts and learn how each one works.

  • Bonus saver accounts in Singapore

    If you need help getting your savings back on track, a bonus saver account with competitive interest may provide you with the incentive and features you need.

  • 10 tips for buying a new car

    In the market for a new car? Before you head to the dealership, find out the tips that will help you get the price down and help you find the car that’s right for you.

  • Car Buying Guide: How to Buy a Car

    Looking to purchase a new or used car in Singapore? Read our comprehensive guide for all the info and a range of loans that you may want to consider.

  • OCBC Home Loans

    What you need to know to find a home loan package with one of Singapore’s leading banks.

  • Using a credit card for gambling

    Find out about the risks of using a credit card for gambling transactions and how much it’ll cost in our guide.

  • UOB Personal Loan Review Singapore

    The UOB Personal Loan offers a range of benefits, including quick funds disbursal and flexible repayment terms.

  • Education Loans in Singapore (2020)

    Guide to getting an Education Loan in Singapore – Education loans can help cover your course fees while you’re still studying.

Go to site