Looking to own a bike but not sure how to afford the upfront costs? Whether you’re buying your first bike, upgrading to a better model, or covering your motorcycle COE loan, 118 Credit offers flexible loans on motorcycles with fast approvals and competitive terms. As a trusted licensed moneylender, we provide reliable motorcycle loan options in Singapore for both new and used bikes—including those with COE. Apply now and ride with ease.
A motorcycle loan is a financing option that helps you purchase a motorbike by breaking the cost into manageable monthly instalments. It’s available in Singapore for both new and used bikes, including COE renewals.
You repay the motorbike loan over a fixed tenure with agreed interest rates. This makes it easier to budget your expenses while enjoying the convenience of riding.
Most motorcycle loans in Singapore come with:
Buying a motorbike in Singapore isn’t cheap, as COE, insurance, and bike costs can quickly add up. That’s where a motorcycle loan helps to ease the burden.
This guide walks you through your options, such as bank loans, in-house financing, licensed moneylenders, and more. We’ll also cover how to find the cheapest motorcycle loan based on your needs and situation.
If you were to purchase a motorbike from a dealer, they might offer their own in-house financing options. Often, they will attract you with competitive interest rates, but in-house financing is usually more expensive than a bank.
Basically, they offer convenience. They have no credit checks so it's fast to get approval. At times, they might throw in more incentives or freebies. However, it's a secured loan because your motorcycle is the security. Some Singaporean dealers design loans to be compatible with their borrower's financial situation. This flexibility is usually not available with banks.
An alternative to motorcycle financing is to take a loan directly from motorcycle manufacturers, otherwise known as the principal.
This is a preferred option among many consumers since manufacturers make a profit out of the sales of their motorcycles rather than interest rates from loans they offer.
However, there are only a few manufacturers who offer motorcycle loans. For Singaporeans, it might be a challenge for you to find one since most places that sell vehicles are dealerships.
This is probably the most popular source of motorcycle loans in Singapore are banks and credit unions. Usually, for a traditional loan, the interest rates and financing options they offer are competitive.
Since they are huge organisations, it also makes them a credible financing option.
One challenge with banks is that they may ask you for collateral. Also, traditional lenders would conduct a credit check to ensure their borrowers have a good history.
Banks could also provide you with an option for full coverage insurance to go along with the monies granted because honestly, riding is extremely risky.
P2P lending platforms connect borrowers directly with private investors. These online services can be helpful for those who don’t qualify for traditional loans from banks or dealerships.
While terms may be flexible, interest rates vary and these platforms aren't regulated like banks or licensed moneylenders, so always review the terms carefully before applying.
In instances where you can’t get a motorbike loan, you could take a personal loan from a licensed moneylender or a bank. A personal loan is an unsecured loan that can be used for almost anything.
For someone with a bad credit rating or someone who does not want to put down any collateral, this would be the best motorcycle loan option.
You can use a portion of the loan amount to make the down payment and the remaining to finance other needs as well like your credit card bill, or use the full amount for your bike.
Licensed moneylenders, such as 118 Credit, offer fast and flexible motorcycle loan options in Singapore with fewer restrictions.
Here’s why borrowers choose licensed moneylenders:
- No collateral required
- Same-day approval and disbursement
- Motorcycle COE loan options available
- Regulated by the Ministry of Law for transparency and safety
This makes them a solid option for riders who need quick financing, have limited credit history, or are purchasing second-hand bikes.
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So you don’t borrow more than you need and incur unnecessary debt. Use a loan calculator to figure out monthly repayments and road tax payments. Note that this is only an estimate.
It’s stressful enough having instalments to pay off. So make sure you work with a licensed and regulated lender in Singapore.
Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!
A motorcycle loan can be used to finance a new or used motorbike purchase, including costs for COE and insurance. It allows riders to spread the payment over time instead of paying a large sum upfront.
Eligibility criteria are simple. You must:
At 118 Credit, we process applications quickly—even if your credit history isn’t perfect.
With 118 Credit, approval is quick and easy. Once your documents are verified, you’ll receive in-principle approval within the hour and walk away with your loan on the same day.
Yes. A personal loan from a licensed moneylender can also be used to fund your motorcycle. This is especially useful if you’re looking to cover additional costs like repairs or COE renewal.
Motorcycle loan interest rates in Singapore vary depending on your profile and loan provider. At 118 Credit, we offer competitive, transparent rates without hidden fees, ideal for riders looking for flexible repayment options.
Not at all. When you apply through a licensed moneylender, your loan is unsecured. That means no collateral is required—just proof of employment and the necessary documents.
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