Emerging Finance Aggregator Platforms: Digital Finance Aggregators Platforms as well as other credit rating platforms are slowly emerging in the Singapore Market for the convenience of its Car Buying customers. For Example, Innovative digital startups such as LANDELA are reshaping the challenging car shopping and financing process into a quick and easy experience for customers in Singapore by providing them with a wide range of car loans options most suitable for them within a short time.
COVID Impact on Auto Finance Industry: COVID-19 led to increase in car inventories in Singapore owing to decrease in car sales in the country, especially in the months of April to June 2020 when auto sales decreased by more than 70%. Moreover, High uncertainty in the Financial Environment also led to increase in Loan Payment deferment requests in the country. Government of Singapore announced various financial relief programmers which allowed eligible individuals to defer loan payments and more.
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Growing Private Hire Car Service: The Business of Private Hire Car Service is on a rise in Singapore, owing to which private car service financing is also increasing in the country. Owing to the above reason, Big Taxi Players in the market such as Trans-cab have ventured into car financing and leasing amid the growth of ride-hailing in the country.
Lack of Manufacturing: Singapore hasn't had a car manufacturing plant since Ford closed its factory several decades ago, effectively ending automobile production on the island, owing to which it imports all its cars from other countries
Analysts at Ken Research in their latest publication “Singapore Auto Finance Market Outlook to 2025 (Edition II) – Driven by exorbitant Car Prices, Growing Digital Penetration and evolving Vehicle Ownership Characteristics amidst Systemically Regulated Car Ownership Polices by the Government”, highlight that the Singapore Auto Finance Market has been evolving in the country despite a setback in 2020 which saw the credit disbursed in 2020 fall by ~33% compared to 2019.
Key Segments Covered
- By Type of Cars Financed- (Units)
- New Vehicles
- Used Vehicles
- By Type of Institution (Loan Outstanding) (SGD A Billion)
- Banks & Subsidiaries
- Finance Companies
- Others
Companies Covered
(Banks)
Companies Covered
(Banks)
- DBS Bank
- UOB
- May bank
- OCBC
- Standard Chartered Bank
(Finance Companies)
- Hong Leong Finance
- Singapore Finance
- Sing Investment & Finance
- Singapore Auto Finance Property Holdings
- Credit Master
- Carro
- SG Cash N Cars
- Speed Credit
- SF Holdings
- Accord Motoring
- Vin car
- Gold bell Financial Services
- Capital
- Money Max Leasing
Key Target Audience
- Existing Auto Finance Companies
- Banks
- OEM Dealerships
- Captive Finance Companies
- Credit Unions
- Private Finance Companies
- New Market Entrants
- Government Organizations
- Investors
- Automobile Associations
- Automobile OEMs
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Time Period Captured in the Report: -
- Historical Period: 2015-2020
- Forecast Period: 2020-2025
Key Topics Covered in the Report
- Comprehensive analysis of Singapore Auto Finance Market and its segments.
- Listed major players and their positioning in the market.
- Identified major industry developments in the last few years and assessed the future growth of the industry.
For more information on the research report, refer to below link:
Singapore Auto Finance Market Major Players
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Ken Research
Ankur Gupta, Head Marketing & Communications
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