Frequently Asked Questions
Frequently Asked Questions
COE Car Financing FAQs
11. What is ValueMax’s COE Renewal Loan?
As car prices in Singapore remain high, renewing the COE (Certificate of Entitlement) can be more cost-effective than purchasing a new car.
Modern vehicles are durable and can last over 10 years, making COE renewal a viable option.
ValueMax’s COE Renewal Loan is specifically tailored to help you renew your COE with minimal hassle.
22. How many years can I take a loan for?
You can apply for a loan term of up to seven years.
33. What is the maximum financing amount for COE Renewal Loan?
ValueMax can finance up to 100% of the PQP (Prevailing Quota Premium), covering the full cost of your COE renewal.
44. What are the minimum requirements in order to get a COE Renewal Loan?
- Age: Between 21 and 65 years
- Annual Income: Minimum SGD 30,000 (available to both salaried and self-employed individuals, including Singapore Citizens and Permanent Residents)
55. What are the documents required for submission?
You’ll need to submit the following documents:
- A photocopy of your identity card or passport
- Vehicle Log Card from LTA One Motoring
- Proof of Income, which can be:
- CPF contribution statement for the last 12 months, or
- Income Tax Notice of Assessment for the most recent 2 years, or
- Payslips covering the last three months
66. What is the process for COE Renewal Loan?
Submit your details via the applicable page:
- For Passenger Vehicles: COE Passenger Vehicle page
77. Is there a difference between 5 years and 10 years COE renewal?
Submit your details via the applicable page:
- 5 year renewal: Your car must be de-registered at the end of the five-year period.
- 10 year renewal: You remain eligible for subsequent COE renewals after the first 10-year period.
88. What is the current PQP Price?
You can view the latest PQP rates on the LTA’s PQP enquiry portal.
Car Loans FAQs
11. How do I apply for it? What documents do I need to submit?
- Fill in your particulars in the application form above; we will contact you to follow up on your case.
- Alternatively, you can contact us at +65 6817 2757 (Call) / +65 9849 7662 (WhatsApp) or email vmaf@valuemax.com.sg.
22. How many years can I loan for?
- You may apply for a loan tenor for up to 7 years, 84 months.
33. What are the minimum requirements in order to get a new or used car loan?
- o You must be between 21 and 65 years of age with a minimum annual income of: $30,000 for salaried and self-employed Singapore Citizens and Permanent Residents.
44. What are the documents required for submission?
- Photocopy of identity card
- Vehicle Log Card (LTA One Motoring)
- Latest Income Documents
- CPF contribution statement for the last 12 months, or
- Income Tax Notice of Assessment for the last 2 years, or
- Payslips for the last 3 months
