Car Loan Refinancing in Singapore
Still paying a high rate on your car or COE loan? Refinancing with Accord Motoring could lower your monthly instalment and save you money over the life of your loan. Get a free, no-obligation quote in minutes.
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What Is Car Loan Refinancing?
Replacing an existing car or COE loan with a new one, usually to lock in a lower interest rate or a smaller monthly repayment. It’s especially common around COE renewal, when drivers use the opportunity to restart their financing on better terms.
Your Current Loan
Existing rate & repayment
Your New Loan
Lower rate, smaller repayment
How Does Refinancing Work in Singapore?
Your new lender pays off the outstanding balance on your current loan. From that point on, you simply repay the new loan — under new terms, typically at a lower rate or a more comfortable monthly instalment. There’s no need to find a new car or restart your COE; only the financing changes.
Your Current Loan
Paid Off by Your New Lender
You Repay the New Loan
Who Can Refinance?
Most car owners in Singapore with an existing loan in good standing can refinance, whether you’re partway through a standard car loan or approaching a COE renewal. Check your eligibility below, or get in touch and we’ll tell you in minutes.
Signs It Might Be Time to Refinance
- Interest rates have dropped since you took out your current loan
Your monthly instalment is stretching your budget
Your COE renewal is coming up and you want to start fresh on rates
Your income or credit standing has improved since your original loan
You suspect you're paying above the current market rate
Benefits of Refinancing With Accord Motor Enterprise
A Lower Interest Rate
We compare your current rate against what you could be paying today, so you know exactly how much refinancing could save you before you commit.
Lower Monthly Instalments
By securing a better rate — or spreading your loan over a longer tenure — your monthly repayment can drop to a level that fits your budget more comfortably.
Flexible Loan Tenure
Choose a tenure that suits you, with the option to make early repayments without being locked into rigid terms.
Refinancing vs. a New COE Renewal Loan — Which Do You Need?
If you already have a car loan and simply want a better rate, that’s refinancing. If your COE is expiring and you need financing to renew it, that’s a COE renewal loan — and often, the best move is to combine the two: refinance into a new COE renewal loan on more favourable terms in one step. Not sure which applies to you? Get in touch and we’ll point you in the right direction.
Refinancing
Already have a loan, want a better rate
COE Renewal Loan
COE expiring, need financing to renew
Am I Eligible to Refinance?
Singapore Citizen or Permanent Resident
Existing car loan in good standing, with no missed payments
Minimum remaining vehicle age / COE tenure of 1 year- Minimum monthly income of $3,500
HOW TO APPLY
Refinancing in 5 steps
Submit your enquiry
Short form or WhatsApp with your loan details
Get your free quote
We review your details and come back with rate & tenure options
Submit your documents
NRIC, income proof and your existing loan statement
Approval & offer
Approval-in-principle, then review your offer letter
Old loan settled, new loan begins
We pay off your existing lender and your new instalments start
Documents You’ll Need
See our full documents checklist for what to have ready before you apply.
View Documents ChecklistWhat Our Customers Say
Real feedback from our customers.
I had a great experience with my car loan application. The staff was very friendly, helpful, and professional throughout the process. She really knows her work, explained everything clearly, and was always quick to respond to my questions.
The whole process was smooth and hassle-free. I truly appreciate the excellent service and support. Highly recommended to anyone looking for a car loan!
Excellent service from Accord Motoring throughout my car COE renewal and financing process. The entire process was smooth, fast, and hassle-free. Everything was handled efficiently, and my COE renewal was completed within just two days!
I never expected the COE renewal process to be this simple and straightforward. A big thank you to the Accord Motoring team (Eileen / Yvonne) for their professionalism and support throughout the entire process. Highly recommended!
Excellent service from Accord Motoring on my car refinancing process. The entire process was smooth and fast. A great thank you to Valerie who was detailed and prompt in answering my queries and to give constant updates during the whole process.
Frequently Asked Questions
Yes — that’s exactly what refinancing is. Your new loan pays off the outstanding balance on your current one, so you don’t need to clear it yourself first.
No. Refinancing only changes how your vehicle is financed — it has no effect on your COE or its remaining validity.
On average our process takes 7~10 working days (inclusive of settlement of existing loan), from enquiry to your new loan taking effect.
This depends on your current loan’s terms — check your existing loan agreement, or ask us and we’ll help you check.
A refinancing application involves a credit check, which may cause a small, temporary dip — but making lower, more manageable repayments afterwards is typically better for your credit in the long run.
It depends on your current rate versus what you qualify for now, and how much of your loan term is left — even a small rate reduction can add up meaningfully over a multi-year loan. Use our calculator to see your specific numbers.
Largely the same as a new application — NRIC, income proof, and your existing loan statement. See our full documents checklist for the complete list.
Yes — there’s no limit on how many times you can refinance, as long as each new loan meets our eligibility criteria and it makes financial sense for you.
Yes — refinancing starts a new loan, so you choose a fresh tenure rather than continuing your original repayment schedule.
Yes — as long as your vehicle has minimally 1 year of COE remaining, you’re eligible to refinance.