buying a new car versus coe renewal

3 simple steps to renew COE with Hamilton

If you’d like to extend the lifespan of your car but unsure how, we are here to help with your COE Renewal!As you may know, COE prices have been fluctuating very often, and it’s hard to decide whether to scrap your car, or continue driving the same vehicle until it wears out. This is mainly due to the volatility of COE prices.

Firstly, let’s look at Step 1: Fill up the form provided and wait for us to get back to you

Secondly, we’ll see Step 2: We will advise you on the procedures and types of COE suitable for you

And finally, Step 3: Choose whether to scrap or revalidate your COE

What is Certificate of Entitlement (COE) & Prevailing Quota Premium (PQP)?

Next, we will need to understand the term COE or “Certificate of Entitlement”, which represents the ownership rights to a vehicle and the use of the road for 10 years.As such, at the end of the 10-year COE period, vehicle owners may choose to scrap their vehicle or revalidate their COEs for another 5 to 10 year period by paying a premium. The premium is known as the Prevailing Quota Premium (PQP).

Furthermore, the PQP moves with the average COE prices within 3 months windows differing from the various vehicle classification categories namely A, B, C, D & E. The figures vary from month to month and the most updated figures are published by LTA.


How much do you pay?

Renewing your vehicle for another 10 years will require the full Prevailing Quota Premium (PQP). However, if you wish to go for a 5-year renewal term, you will need to pay only 50% of the PQP. Thus, you should renew your COE before the expiry date, or vehicle will be scrapped immediately.


The Land Transport Authority (LTA) permits a 30-day grace period from the expiry date of the COE and subject to a late payment fee. But during this grace period, it is an offence to drive the car without insurance & road tax. Your vehicle will be scrapped immediately if your COE is not renewed by the 30-day grace period.

As such, if you have any inquiries regarding your COE renewal before making a decision, feel free to contact us here.


  • Maximum loan amount is 100% of Prevailing Quota Premium (PQP).
  • Applicant should be 21 years old and above.
  • Minimum income should be at least S$20,000 p.a. or 3x higher than its monthly loan installment.
  • Maximum loan is only 4 years for vehicles that are renewed for 5 years
  • Maximum loan is only 7 years for vehicles that are renewed for 10 years


Lastly, Interest Rate for our COE Renewal Car Loan depends on the type and age of the vehicle. To know more about our COE Renewal Loan Rates, please contact our main office at +65 6469 0870. Alternatively, you may contact our other branches here if you are unable to reach our main hotline.

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