With effects from 27 May 2016, the minimum down payment is 30% when the 'remaining COE' is less than or equal to $20,000. 40% when the 'remaining COE' is above $20,000.
The 'remaining COE' is calculated using the OMV and pro-rating it according to the number of months left on the COE. For example, if the car has five years to go on the COE, the 'remaining OMV' is half of the OMV.
What is the Monthly Installment?
The monthly sum payable to financing company.
What is the Total Loan?
The original loan amount.
What is the Total Interest?
The total sum of interest to be paid over the total loan period.
What is Depreciation?
The average annual depreciation of the car is calculated as follows: (Car Price with COE - Scrap value of car) / 10.
What is the COE Quota Premium?
The COE Quota Premium is included in the car price. For Off-Peak Car option, this is offset by the $17,000 discount.
What is the ARF?
The Additional Registration Fee is included in the car price.
*Note: For cars registered with COE from March 2013, the ARF will be calculated based on a tiered system. First $20,000 of the OMV, 100% of OMV. Next $30,000 of the OMV, 140% of Incremental OMV. Remaining OMV, 180% of Incremental OMV.
What is the PARF Rebate?
Effective from 1 September 2008, you may encash your PARF rebate if you do not intend to use the rebates to offset either the upfront taxes payable at registration of a vehicle.