How do you determine my loan eligibility?
We keep our approval process simple and transparent. Here is how we evaluate your Hire Purchase vehicle loan based on MAS regulatory guidelines and our internal credit assessment:
1. Vehicle OMV & Down Payment (Personal Vehicles):
- OMV SGD 20,000 or less: Maximum loan is 70% of the purchase price (minimum 30% down payment).
- OMV over SGD 20,000: Maximum loan is 60% of the purchase price (minimum 40% down payment).
- Down payments must be paid from your own funds. Maximum tenure is 7 years.
2. PHV Vehicles:
- Up to 100% financing with a maximum tenure of 10 years.
3. Income & Financial Assessment:
- We verify your monthly income instantly via Singpass / MyInfo (using CPF or Income Tax statements) and review your monthly commitments to ensure repayments stay comfortable for you.
4. Credit History & Vehicle Details:
- We run a quick credit check to view your repayment track record. We finance new and used cars in Singapore as long as the loan tenure doesn't exceed the remaining COE validity or vehicle age limit.
5. Basic Criteria:
- Singapore Citizen or PR
- Aged between 21 and 70 years old at the time of application