Used Car Financing

Finance your used car purchase with OCBC



    Eligibility


    • Age 21 and above
    • Singaporeans, Singapore PRs and foreigners
    • For applicants who purchase used cars from car dealers / direct owners

    How to apply  

    Benefits

    Financing of up to

    70%

    of the total car price

    Repayment period of up to

    7 years

     

    Calculate your estimated monthly repayments

    or




    Application Process

    Finance through your car dealer

    • 1Speak to your car dealer
    • Wait
    • 2Sign documents
    • 3Receive Hire Purchase Agreement
    • 4Begin Monthly Repayments
    • 1

      Apply for OCBC Car Financing through your car dealer

      Need to provide

      A copy of your ID card
      Your income documents:
      Computerised payslip;
      Income tax notice of assessment; or
      Latest 6 months CPF contribution
      Completed application form
      Work permit (for foreigners only)

      Need to pay

      Initial deposit



    • Your dealer will inform you on your finance
      approval within the next 24 hours.

    • 2

      Meet your dealer to sign documents & collect your car
      Your dealer will contact you to arrange for this meeting.

      Need to sign

      Hire Purchase Agreement

      Need to bring

      Your ID card

      Need to pay

      First month's instalment to dealer
      Any balance downpayment (difference between purchase price and approved finance amount your dealer
    • 3

      OCBC will mail you your new Hire Purchase Agreement

      Things to note

      Instalment amount and due date are mentioned in the Hire Purchase Agreement

    • 4

      Begin Monthly Repayments

      For your convenience

      Set up your payments via GIRO 462kb

      Other payment methods

      Drop your cheque into any of our cheque deposit boxes
      Make cash payments in person at any of our bank branches

    Finance with OCBC

    • 1Speak to OCBC
    • Wait
    • 2Sign documents
    • Wait
    • 3Collect Car Keys
    • 4Begin Monthly Repayments
    • 1

      Contact us to apply for OCBC Car Financing

      We will discuss

      Interest rates
      Finance period and amount

      If agreeable, you will need to provide

      A copy of your ID card
      Your income documents
      Computerised payslip: or
      Income tax notice of assessment; or
      Latest 6 months' CPF contribution
      Completed application form
      Work permit (for foreigners only)
      Vehicle electronic log card (or seller's IC and car plate number)


    • We will inform you on your finance approval within the next 24 hours and appoint a credit agent to assist you with the car financing process.

    • 2

      Meet your credit agent to sign documents
      The credit agent will contact you to arrange for this meeting.

      Need to sign

      Hire Purchase Agreement

      Need to bring

      Your ID card

      Need to pay

      First month's instalment to dealer
      Adminstration fee (if any)

      Need to provide

      A copy of your vehicle insurance coverage



    • Your credit agent will contact the seller to sign the Sales & Purchase Agreement and transfer the vehicle to you within the next 3 days.

    • 3

      Meet the credit agent or seller to collect car keys

      Things to note

      OCBC will mail the Hire Purchase Agreement (includes instalment amount and due date) to you.

    • 4

      Make monthly repayments

      For your convenience

      Set up your payments via GIRO 462kb

      Other payment methods

      Drop your cheque into any of our cheque deposit boxes
      Make cash payments in person at any of our bank branches




    How to apply

    Get us to call you by providing us with your contact details.

    Complete online enquiry form


    Call our hotline

    OR

    6363 3333

    Operating hours are from
    9am to 5pm, Mondays to Fridays
    (excluding public holidays)


    Terms and conditions

    The maximum finance amount a customer is entitled to is based on the depreciated open market value of the car.

    Depreciated open market value#Maximum finance amount
    ≤ S$20,000 70%^
    > S$20,000 60%^

    #The open market value (OMV) of a used motor vehicle to be adjusted in accordance with its age, for the purpose of determining the appropriate loan-to-value (LTV) ratio allowable under the financing restrictions. A straight-line depreciation will be adopted in the value of the original OMV over 10 years (120 months) to derive an "applicable OMV" for purpose of determining the appropriate LTV ratio.

    ^Based on the purchase price or valuation of the car, whichever is lower.