Frequently Asked Questions

A COE loan finances the purchase of a Certificate of Entitlement (COE), the right to register and own a vehicle in Singapore for 10 years. These loans cover the COE premium paid at open bidding. CoeLoans connects borrowers with lending partners who offer competitive COE financing. The loan is typically secured against the vehicle.

No — CoeLoans is a loan broker, not a lender. We match borrowers with licensed lending partners in our network. This lets us present multiple offers from different sources so you can compare. There is no charge for using our service.

It is a four-step process. Step 1: fill in the online form (2-3 minutes). Step 2: CoeLoans reviews your information and identifies suitable lending partners. Step 3: your matched lender contacts you directly with a quote. Step 4: if you accept, the lender guides you through documentation and disbursement. From submission to lender contact typically takes 1-4 hours.

None. CoeLoans does not charge borrowers. We are compensated by our lending partners when a match is successful. You are never obligated to accept any offer.

Common requirements include: minimum age 21, Singapore citizen or PR (some lenders accept EP holders), minimum annual income of S$30,000–S$40,000, good credit history, and a valid Singapore driving licence. Requirements vary by lender and loan amount.

Typical documents include: NRIC (citizens/PRs) or passport and EP (foreigners), 3 months of payslips, CPF contribution history, latest IRAS Notice of Assessment, 3-6 months of bank statements, proof of address, and vehicle purchase agreement or COE bidding details if available.

Some lenders in our network accept EP holders. Requirements usually include a minimum 12 months remaining EP validity, a higher income threshold (often S$60,000+), and additional documents such as EP letter and passport. Citizens and PRs generally have more options.

Yes. CoeLoans matches borrowers with lending partners for commercial vehicles including vans, lorries, mini-buses, pick-ups, box trucks, and prime movers. We work with SMEs, sole proprietors, and fleet operators.

A broker works with multiple lenders to find you suitable offers, saving time and providing comparison. A direct lender only offers its own products. Brokers often access competitive rates through network volume; direct lenders may process faster since they handle everything in-house.

Initial lender indications are often provided within 1-4 hours of submission. Formal approval after document submission typically takes 1-2 business days. Full process from application to disbursement generally takes 3-7 business days.

PQP (Prevailing Quota Premium) is the weighted average of COE prices over the most recent 12-month period. LTA calculates it to determine COE renewal costs after Year 10. PQP varies by vehicle category (A, B, C) and changes monthly based on open bidding results.

CoeLoans reviews your information and matches you with suitable lending partners. A team member may contact you to clarify details. Your matched lender then reaches out (typically within 1-4 hours) to discuss terms and guide you through the formal application. You are under no obligation at any stage.