Understanding COE Renewal Loan in Singapore

In Singapore, owning a car involves more than just paying for the vehicle itself; it also requires obtaining a Certificate of Entitlement (COE). COE is essentially a license that grants the right to own and use a vehicle for a period of 10 years. Towards the end of this tenure, car owners will have the option to either renew COE for 5 years or 10 years. If they choose not to renew COE, they will be required to scrap their car.

Choosing to get a COE renewal loan provides car owners with a more cost-effective alternative to continue driving their car. By renewing COE it involves paying the Prevailing Quota Premium (PQP), which is an average of the COE prices in the last three months.

Individuals should assess the financial viability of renewal versus purchasing a new vehicle. Here are some key points to take note before committing to a COE renewal. The vehicle’s condition, the current and projected PQP and personal financial circumstances.

If you are looking for a 100% loan for your COE renewal, feel free to reach out to us and we will settle all the LTA paperwork – so you’ll save time & money. In addition, we provide almost immediate approval with low-interest rates.

Why Tembusu to Renew your Car COE Loan

Lowest & Exclusive Interest Rates

Loan at 100% COE PQP

Speedy Loan Approval

Inclusive of LTA COE Renewal

No Additional Charges

How to Apply for a COE Loan?

Step 1: Receive Expert Consultation

Call us at (+65) 6741 2588 or Whatsapp us for free consultation and receive COE loan advice from our specialists.

Step 2: Submit Your Documents

Send us the required documents and we will expedite the approval process for your loan.

Step 3: Loan Approval

Once your loan is approved, you will be notified by our loan specialist who will also explain the loan features and charges.

Step 4: Disbursement

After you have accepted our loan offer, we will disburse the loan and finalise the renewal of your COE.

FAQs on COE Renewal Loan

Generally, any vehicle owner whose COE is nearing expiration and who meets the lending institution's credit criteria can apply for a COE renewal loan. Eligibility may vary depending on the financial institution, with factors such as credit history and income being considered.

Before proceeding, consider your vehicle's condition, the renewal cost, and your financial situation. Our experts at Tembusu are here to provide comprehensive advice, comparing the cost of COE renewal against purchasing a new vehicle, to ensure you make an informed decision that aligns with your financial goals.

To renew your COE, please utilise the PQP corresponding to the month in which your COE is set to expire.
For instance, if your COE expires in June, you should employ the PQP for either May or June. If you are uncertain about which PQP to use, our loan specialists will provide guidance and recommend the cheapest way to renew your COE.

You can apply for a full 100% loan when renewing your COE.
The maximum repayment term for a 10-year COE renewal loan is 7 years, while for a 5-year COE renewal, it is 5 years.
The approval of full loans is done on a case-by-case basis. To determine your eligibility for a full COE loan, please consult our friendly loan specialists.

Yes you can. COE renewal can be done up to one month after the COE expiry date.
However, you won’t be able to drive your vehicle until the COE has been renewed. Moreover, you will incur late renewal fees from LTA. It varies from S$50 to $250, depending on engine capacity.

Signed and filled loan application form, clear copy of NRIC (front and back), 2-year notice of assessment (NOA), latest 12 months CPF contribution history, 6 months payslip or latest 3 months bank statement if self-employed. Please contact us for a copy of the loan application form.

There’s no need for you to physically visit LTA office as the COE will be renewed by us. We will also assist you to process all the necessary LTA documents or paperwork.

Once we receive your full set of documents, we will be able to provide an approval within 1 working day.

We are currently working with several banks such as OCBC, DBS, UOB, Maybank, Hong Leong Finance and more to provide car loans to our customers. Through these partnerships, we are able to offer car loans to our customers for purposes such as COE renewal and the purchase of new or used cars.

We will help you to renew your COE within 2 working days.

Yes, you can renew your COE directly via One Motoring or LTA if you do not require any bank loans. However, if you do need a loan, intermediaries like Tembusu would be necessary to assist you.

To apply, please contact us directly or submit an enquiry. One of our car financing and COE experts will then contact you, guide you and do all the necessary paperwork and loan processing for you.

Find out more about our COE renewal service & loan

Get the cheapest car COE loan rates and settlement of entire COE renewal. Contact us now.


Get cheap COE renewal loan

Tembusu helps you renew your COE and get a loan for it. With our flexible COE renewal options, you can effortlessly renew your COE and continue enjoying the road without the hassle of COE expiration holding you back! Our team is dedicated to providing seamless experiences, low interest rates, 100% loan, and easy approvals even for those with poor credit history.