Zero Down Payment Car Singapore: Explore The Best Deal For Your Wheels

by Starry   ·  3 years ago   ·  

Have you heard of a loan scheme where the owner does not have to pay a single penny as a Down payment? Yes, this option is also made available by the banks, where the buyers can name the cars without spending anything for it initially. The citizens appreciate zero Down payment car Singapore. Many individuals are frequently searching for its facts and details. There are many banks in Singapore offering the same. 

With this offer, the banks fund the entire amount of the car. Scroll to get the details of this payment scheme, and also explore if it’s worth the cost or not!

What is the zero-down payment option?

Zero Down Payment is an option where the funds for the car are arranged by banks initially, and the owners will have to pay them in installments, the same as offered by other loan schemes. In this, the banks charge an amount from the buyers, a certain percentage of the car’s total value. It is a great scheme for people desiring to have a car but having insufficient funds for the down payment.

Zero Down Payment Car Singapore scheme is also referred to as a 100% finance loan, making the owner’s tension-free for a while. The fee charges to process zero down payment loans are not fixed and can be changed as per road taxes, insurance, and state registration charges.

Who can reap the benefits of Zero Down Payment Car Singapore?

The scheme has a set criterion, and they look for several factors before approving the loan to the customers. This criterion differs from bank to bank. Some of the common aspects of all the banks include:

Credit Score

The banks check the credit scores before approving the loan. A high and good credit score gets easy approvals. The higher your score is, you will have more chances to get your application processed. A CIBIL score of 800 or above is generally advised for easy approvals.

Income of the Owners

It is the second and most prominent factor considered for the Zero Down Payment Car Singapore loan. In this, the user’s annual income must be more than the car’s value, and the loan amount should be less than their yearly income, assuring the safety measures on their end.

Banks Approach

It is often advised to approach the banks you already have your accounts and robust relations. It is easy to get your loan approved with them compared to the new ones, as it will be difficult for them to trust you at once.


If you already have some existing debts, you might face some difficulties while the bank approves them.

Documentation required for loan approval

Banks check the history and present state of the creditors before granting them a loan. Also, they demand proper paperwork to assure their security in case of future casualties. The documentation required to process your loan request application is the following:

  • Identification Proof: Driving License, PAN Card, Passport, or Voter ID.
  • Salary Slip: They also demand the employee’s salary slip for salaried individuals and tax returns for the self-employed businessman as proof.
  • Residence Proof: Banks also require residence proof which includes Voter ID, Passport, Electricity, or Telecom Bill, Insurance Policy.
  • Banks also look for the last 6-month account statements.

These are some of the legal and valid documents required for the Zero Down Payment Car Singapore loan approval. 

Eligibility criteria for availing of Zero Down Payment car loan

  • The applicant has to be 25 years or above for loan approval.
  • Their CIBIL score must be over 800 points.
  • They should not have any adverse repayment debt history.
  • The applicant’s income should be over three lakhs per annum.
  • The required car’s value must be less than the applicant’s net income.
  • The applicant should not have any return cheque history in the past six months.
  • More than two years of permanent resident proof is required of the address mentioned in the application.

List of renowned car loan providers in Singapore

Some of the famous Zero Down Payment Car Singapore loan providers’ names are thus mentioned below for better clarity:

  • Hong Leong Finance
  • Maybank
  • UOB
  • OCBC
  • Standard Chartered
  • Citibank Car Loan
  • Century Tokyo
  • Hitachi Capital
  • Sing Investment and Finance
  • Singapura Finance

There are the names of top banks recommended referring to in case of safe and secured loans.

Some of the hidden costs assisted with Zero Down Payment Car Loans

Banks disclose their interest rates and fees applied to get Zero Down Payment Car Singapore loan benefits. But along with this, some charges banks levy as additional costs should also be known by the customers.

Early Settlement Fee

The banks charge around 1% of the outstanding amount as an early settlement fee if they wish to repay the loan early.

Admin Fee

The banks charge around $200 under the name of processing fee for the loan amount below $20,000.

Unpaid Interest Fee

If a person missed out on the EMI due date, he will have to bear an additional 20% of the unpaid interest amount. Also, the lenders do not cover extra accessories with the cars purchased by the owners.

You must also be aware that various factors affect the loan interests and other things that frequently change. Hence, you must have up-to-date information on all these factors for easy approvals and avoid any future misunderstandings.

Atome’s BNPL solution for car deals

Atome is a BNPL application with 15,000+ merchants spread across 8 markets, including Singapore, Thailand, Malaysia, Vietnam, Indonesia, the Philippines, Mainland China, and Hong Kong. In its essence, Atome lets you break your bills from any of its partner merchants into three interest-free instalments that are a month apart.

Scan QR to download the Atome app
Scan QR to download the Atome app

Learn how Atome works!

Get zero down payment cars in Singapore using Atome

Atome allows you to get 0 down payment car deals in Singapore through its car dealing merchants!

Atome understands that purchasing a car right away digs a gigantic-sized hole in your bank account; for that very reason, you can purchase a car now and pay for it using Atome in 3 months.

Here’s how you can do it:

  • Download Atome and create a free account.
  • When checking out from a car dealer that offers zero cars down payment in Singapore, scan the QR code available at the counter.
  • Pay only a third of the amount while getting your 0 down payment car in Singapore. You can pay the rest of the amount in the upcoming two months!

Benefits of using the Atome app for car purchases

Mentioned below are some of the TOP benefits of using Atome for your car purchases:

  • You can break your purchase into three monthly instalments, mitigating the need for upfront payments.
  • There’s zero interest and zero hidden fees.
  • Every now and then, there are flash sales, discounts, and vouchers to instigate greater savings. Furthermore, you even get notified of these mega-saving events!
  • You can earn points using Atome+ and use them later to cut down your bills further.

Get the app now and learn how to spend the right way!

Bringing Atome+ into the bargain

Atome+ is Atome’s loyalty program that extends its services to all of Atome’s users.

Here’s how you can earn Atome+ points:

  1. For every $1 you spend, you earn 1 Atome+ point. 100 Atome+ points = $1. You can use these points to offset some of the amounts mentioned on your invoice.
  2. For each successful referral, you get 1,000+ Atome+ points.
  3. You’ll see upsized campaigns every now and then. Use these to earn extra Atome+ points.


Zero Down Payment Car Singapore loan seems to be an apple pie but is not very easy to bite. There are many hidden factors of this scheme that the customers should know before applying for the same. We have conducted thorough research and have mentioned all the essential information for our readers in this blog. We advise you to give it a full read before claiming for the same, as along with the positives, there are some cons associated with the same. 

Must see our electronics section at and take a few gadgets along with you when you ride in your new car (Download app).

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