Buying a motorcycle or renewing your COE can require a high upfront cost. A motorcycle loan in Singapore lets you spread the cost over time through structured monthly repayments, making it more manageable given your financial situation.
Whether you are purchasing a new bike, a used motorcycle or renewing your COE, understanding how motorcycle loans work, including interest rates, repayment terms and eligibility, can help you make a more informed decision before applying.
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:
Motorcycle loans follow a structured repayment model.
Key features include:
Fixed loan amount based on bike price or COE
Monthly instalment repayment
Loan tenure typically between 1 to 7 years
Interest charged over the loan period
Once approved, you repay the loan with consistent monthly payments until it is fully settled.
Interest rates vary depending on several factors.
Typical considerations include:
Whether the bike is new or used
Your credit profile
Loan tenure
Lender policies
Generally:
When comparing loans, it is important to consider:
Before applying, it is important to understand your expected monthly instalment.
Your repayment depends on:
Estimating your monthly repayment helps you plan your finances and avoid taking on more debt than you can comfortably manage.
You can use our online EMI calculator to estimate your motorcycle loan instalment based on your preferred loan amount and repayment period.
Motorcycle financing in Singapore may involve different scenarios.
Motorcycle Loan
COE Renewal Loan
Both options use monthly instalment repayment structures.
Understanding the difference helps you evaluate financing options.
| Factor | Motorcycle Loan | Car Loan |
|---|---|---|
| Loan Amount | Lower | Higher |
| Monthly Repayment | Lower | Higher |
| COE Renewal | Common | Common |
| Tenure | Shorter | Longer |
Motorcycle loans are generally more manageable due to lower loan amounts.
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We understand that financial situations can be stressful, and having the right documents prepared can help make the application process smoother.
To apply, borrowers generally need to meet the relevant eligibility requirements based on their residency or employment status in Singapore.
Supporting documents may include:
If you have questions about the required documents, you may contact 118 Credit at +65 6835 7666 for clarification before your appointment.
Review your basic eligibility, including age, residency status, income, employment type, and repayment ability.
Prepare your identification, income documents, employment records, and motorcycle purchase details for assessment.
Provide the required details for review. For added convenience, you may use SingPass MyInfo to pre-fill selected information.
Check the loan amount, repayment period, interest, fees, and monthly instalments before proceeding.
Once the terms are clear, complete the remaining steps and clarify any questions before signing the agreement.
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 helps you finance a new or used motorbike by spreading the cost into manageable repayments over time. Depending on your needs, it may be used to cover the bike purchase, COE-related costs, insurance, or other related expenses, instead of paying a large amount upfront.
You may apply for a motorcycle loan if you are at least 18 years old, employed, and able to provide the required identification and income documents. At 118 Credit, applications are assessed based on your repayment ability, and you may still be considered even if your credit history is not perfect. You can also explore options for a loan with low credit if you are concerned about your credit profile.
Yes, foreigners may be able to apply if they have a valid work pass, stable income, and the required supporting documents. Eligibility may differ from Singaporeans and PRs, so it is important to check the requirements before applying. Foreign borrowers can also review related financing options such as a home loan for foreigners in Singapore to better understand common document and income requirements.
You can use a motorcycle or bike loan calculator in Singapore to estimate your monthly repayment based on your loan amount and repayment period. This helps you check whether the instalment fits your income and other financial commitments before applying.
It depends on your purpose, loan amount, and repayment needs. A motorcycle loan may be more suitable if you are mainly financing a bike purchase, while a low-interest personal loan may offer more flexibility if you also need funds for repairs, COE renewal, insurance, or other personal expenses.
Yes, but you should review your monthly budget carefully before taking on another repayment. If you are also planning other financial commitments, such as a wedding or household expense, comparing options like loans for wedding can help you decide how much you can realistically afford to borrow.
We offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the best money lender for you is 118 Credit!
