How hire purchase works
With hire purchase, we pay for the car on your behalf. You pay a down payment, then repay the balance and interest in fixed monthly instalments over an agreed period. You use, insure and look after the car as your own.
Borrowing Limits
Singapore sets maximum loan limits for car purchases, and we work within them. These are the legal maximums, not a promise. The amount and term we offer depend on our assessment of your application and the car. Loans up to the maximum car valuation.
OMV
Max Loan
Min Downpayment
Tenure
S$20,000 or less
Up to 70%
30%
7 years
Over S$20,000
Up to 60%
40%
7 years
Interest rates and fees
Used Car Hire Purchase
Rates from 1.68% p.a. flat (EIR from 3.09% p.a.). Your rate depends on the car, the loan amount, the tenure and our assessment.
A flat rate is worked out on the original loan amount for the whole term. The effective interest rate (EIR) shows the true yearly cost as you pay the loan down, so it is always higher than the flat rate. We show you both.
​Fees: admin/processing fee from S$500 to S$1,000; late payment charges apply to late payments; early settlement is calculated based on the Rule of 78. Every fee is listed in your offer before you sign. Repayments by GIRO or PayNow.
Who Can Apply?
Individuals
- Individuals aged 18 years and above
- Singapore Citizens and Permanent Residents (foreigners are not eligible)
- ​Minimum income: assessed case by case
Singapore Companies
- Companies registered in Singapore (Company UEN required)
Applying with a guarantor
A guarantor is someone, often a family member, who agrees to pay the instalments if you can't. A guarantor must be aged 18 or above with a fixed monthly income. A guarantor can make an application stronger, and we may ask for one in some cases (assessed case by case). Being a guarantor is a real legal commitment. Before your guarantor signs, we explain in plain language what they are agreeing to and answer their questions. They are welcome to take independent advice.
Documents we may ask for
Individual buyer: NRIC (or passport and work pass for foreigners), shown at the application stage
Individual buyer: proof of income (CPF contribution history for 12 months, latest Notice of Assessment, or recent payslips; bank statements if self-employed) and the sales agreement for the car
Company buyer: recent ACRA business profile, latest company bank statements, sales agreement, and a guarantee from a director
Guarantor: signed guarantor section of the application, identity document, and proof of income
The seller: vehicle log card, and authorisation to check the settlement amount if the car still has a loan
You don't need any documents to make an enquiry. We may ask for identification documents, income documents, the log card and the transfer access code. Please send documents by WhatsApp or email only.
From enquiry to keys
1. Enquire online or on WhatsApp
2. Speak to our team
3. Send documents by WhatsApp or email only
4. Receive our decision and a written offer
5. Sign, and we pay the seller
Typical time from complete documents to a decision: 3–5 business days.
Cars can be bought from a dealer or a private seller. The loan period can go up to the end of the car's COE.
Comprehensive car insurance is a must for every hire purchase loan.
Payments: we only take payment into the company bank account, by PayNow to our company UEN, or by GIRO. We will never ask you to pay into a personal account.
We reply within 2–3 business days. WhatsApp: +65 8899 8036.