Used car financing
A used (or pre-owned) car can be a smarter buy than new. Tembusu makes the financing side just as straightforward, with high loan quantum, competitive rates, and approval within a working day.
Understanding used car loans
A used car loan is financing designed for the purchase of a pre-owned vehicle. In Singapore, where taxes, ARF, and COE make new cars expensive, buying second-hand is often the smarter financial move, and the right loan helps you spread the cost without dipping into savings.
We can help you find a structure that best fits your income profile and credit history. We've helped many drivers who couldn't get approved elsewhere drive away with the car they wanted.
Key things to know
Loan amount is generally tied to vehicle's Open Market Value (OMV)
Cars with OMV > S$20,000: up to 60% of car purchase price
Cars with OMV ≤ S$20,000: up to 70% of car purchase price
Maximum loan tenure is 7 years
Minimum loan amount of S$10,000
Why an in-house loan?
In-house car loans are often easier to get approved for even with lower income or imperfect credit, and they don't affect your Total Debt Servicing Ratio (TDSR). Processing is also much faster than going through a bank.
Why Tembusu
Competitive rates
As a direct lender, we offer the most competitive rates for your profile and loan amount.
No middleman fees
You deal directly with us. No agent markups, no surprises.
High approval rate
Bring us your situation, and we'll work to find a structure.
Fast approval
Approval typically within one working day. We walk you through documents and signing.
LTA paperwork
We process all LTA paperwork and coordinate on your behalf.
No additional charges
The rate we quote is the rate you pay. No hidden fees, no last-minute add-ons.
Our process
1
Get indicative quote
We'll advise on maximum loan, tenure, and indicative monthly repayment.
2
Submit documents
Send us your sales agreement, NRIC, NOA, CPF history, payslips.
3
Loan approval
Approval typically within one working day. We'll walk through the details before you commit.
4
Disbursement & handover
We disburse the loan and work with the seller to transfer ownership. You simply idrive away with the keys.
What's the difference between bank and in-house car loans?
In-house car loans are generally easier to get approved at higher loan quantum, even with lower income or imperfect credit. Processing is much faster than a bank application, and the loan won't affect your Total Debt Servicing Ratio (TDSR). Bank loans typically offer the lowest interest rates but stricter criteria, so the right choice depends on your profile.
What's the maximum loan amount for a used car?
Cars with an Open Market Value (OMV) above S$20,000 are entitled to a maximum loan of 60% of the car price. Cars with OMV at or below S$20,000 are entitled to up to 70%. Minimum loan amount is S$10,000, and maximum tenure is 7 years, based on the age of the vehicle.
Can I get a 100% loan?
We offer in-house car loans of up to 100% of the purchase price for commercial vehicles, typically when the car is registered as a private-hire (Z10/Z11) or corporate rental (R10/R11) vehicle. Speak to us about your specific case and our specialists will advise accordingly.
What are the interest rates?
Rates vary based on loan tenure, credit profile, and the source (bank or in-house). Because rates are adjusted regularly and depend heavily on your situation, we don't quote a fixed rate here. Get in touch and we'll give you an indicative quote within hours.
Can I finance a car bought from a private seller?
Yes. We finance purchases from both dealers and private sellers. Our team guides you through the documentation needed for each scenario, so the process is smooth either way.
How long does loan approval take?
Once we receive your full set of documents, approval typically comes back within one working day. If you're under time pressure on a specific car, let us know and we'll prioritise your application.
What documents do I need?
You'll need a signed loan application form, a copy of the vehicle sale agreement, a clear copy of your NRIC (front and back), the latest 2 years' Notice of Assessment, 12 months of CPF contribution history, and either 6 months of payslips or 3 months of bank statements (if self-employed).
Send us the car details and we'll come back with an indicative quote within hours. Honest rates, fast approval, no middlemen.