Car Loan Calculator

Car loan limits in Singapore

The Monetary Authority of Singapore (MAS) caps how much you can borrow for a car and for how long. For a car with an Open Market Value (OMV) of $20,000 or less, the maximum loan is 70% of the purchase price. Above $20,000 OMV, it is 60%. Either way, the longest loan tenure is 7 years (84 months). The purchase price includes taxes and the COE. The rules cover new and used cars, including hire purchase, but not motorcycles or commercial vehicles.

The calculator starts at a 30% downpayment and an 84-month loan term. It does not ask for the OMV, so for a car with an OMV above $20,000, set the downpayment to at least 40%. Enter the COE expiry date and the loan term is set to the months left on the COE, up to 84. Interest is worked out at a flat rate on the loan amount for the whole term, and the monthly instalment is the loan plus interest, divided by the number of months.

Source: MAS, Rules for Motor Vehicle Loans. To see how much value the car loses each year, use the depreciation calculator.