Car Loan Calculator Singapore
Work out the maximum car loan, minimum down payment, monthly instalment, total interest and effective interest rate (EIR) under MAS rules, and compare 1 to 7 year loans.
The on-the-road price from the dealer, including COE, ARF and registration.
Decides the loan limit: 70% if OMV is $20,000 or less, otherwise 60%.
Leave blank to borrow the maximum. Anything below the minimum is raised to it.
1 to 7 years. 7 years is the MAS maximum.
The rate banks quote for car loans. The effective rate (EIR) is shown in the results.
Your car loan
Bank and finance-company car loans follow MAS limits: 70% of the price if OMV is $20,000 or less, 60% above that, for up to 7 years. Dealer in-house financing is not covered. Estimates only, not financial advice.
Loan and down payment
Total cost
Compare loan tenures
| Years | Monthly | Total interest | EIR |
|---|---|---|---|
| 1 | $7,708.50 | $2,502.00 | 5.09% |
| 2 | $3,958.50 | $5,004.00 | 5.25% |
| 3 | $2,708.50 | $7,506.00 | 5.27% |
| 4 | $2,083.50 | $10,008.00 | 5.27% |
| 5 | $1,708.50 | $12,510.00 | 5.24% |
| 6 | $1,458.50 | $15,012.00 | 5.22% |
| 7 | $1,279.93 | $17,514.12 | 5.19% |
Repayment by year
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $4,409.52 | $10,949.64 | $79,050.36 |
| 2 | $3,827.98 | $11,531.18 | $67,519.18 |
| 3 | $3,215.56 | $12,143.60 | $55,375.58 |
| 4 | $2,570.62 | $12,788.54 | $42,587.04 |
| 5 | $1,891.42 | $13,467.74 | $29,119.29 |
| 6 | $1,176.14 | $14,183.02 | $14,936.28 |
| 7 | $422.88 | $14,936.28 | $0.00 |
In-depth guide
Car loans in Singapore: MAS limits, flat rate vs effective rate, and how to choose a tenure
The MAS limits on how much you can borrow for a car and for how long, how a flat-rate instalment is worked out, and why the effective interest rate (EIR) is roughly double the flat rate.
Key figures at a glance
Taking a car loan: step by step
Do these before you sign a loan or sales agreement.
-
Step 1: Get the price and OMV
Before visiting lendersThe dealer’s price list shows the price including COE and the OMV.
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Step 2: Apply the MAS limit
Before choosing a down paymentLoan is capped at 70% or 60% of the price depending on OMV; the rest is your down payment.
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Step 3: Compare lenders by EIR
When you have quotesFlat rates look low. Convert each quote to an effective rate to compare.
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Step 4: Pick a tenure
Before signingA shorter tenure raises the instalment but cuts total interest. 7 years is the maximum.
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Step 5: Check the total monthly cost
Before signingAdd road tax, fuel, parking and insurance to the instalment.
How much you can borrow
MAS limits what a bank or finance company can lend for a car (agreements dated on or after 27 May 2016). The purchase price includes taxes and the COE.
| Car's OMV | Maximum loan | Minimum down payment |
|---|---|---|
| Up to $20,000 | 70% of the purchase price | 30% |
| Above $20,000 | 60% of the purchase price | 40% |
The maximum tenure is 7 years. These are ceilings: the amount a lender approves also depends on your credit and total debt servicing. Dealer in-house financing is outside MAS rules.
How the instalment is calculated
Car loans are quoted at a flat rate: interest is charged on the original loan for every year.
Instalment = (loan + loan × flat rate × years) ÷ months
| Case | Instalment | Total interest | EIR |
|---|---|---|---|
| $150,000 car, OMV $25,000: $90,000 loan, 2.78% flat, 7 years | $1,279.93 | $17,514.12 | 5.19% |
| $80,000 car, OMV $18,000: $56,000 loan, 2.5% flat, 5 years | $1,050.00 | $7,000.00 | 4.73% |
Flat rate vs effective rate
You repay principal every month, but interest is still charged on the original loan. The effective interest rate (EIR) is the reducing-balance rate that matches your instalments to the loan; it is typically close to double the flat rate. Compare lenders by EIR, not by flat rate.
Choosing a tenure
For a $90,000 loan at 2.78% flat:
| Tenure | Monthly | Total interest |
|---|---|---|
| 3 years | $2,708.50 | $7,506.00 |
| 5 years | $1,708.50 | $12,510.00 |
| 7 years | $1,279.93 | $17,514.12 |
A shorter loan costs far less in interest but needs a higher monthly cash flow.
Tip: The instalment is only part of owning a car. Use the car affordability calculator to add running costs.
Common mistakes
- Comparing flat rates with effective rates. A flat rate understates the cost of borrowing.
- Using the wrong loan limit. Check which side of $20,000 the OMV falls on.
- Assuming a tenure above 7 years. It is not available from banks and finance companies.
- Forgetting fees. Processing and early-repayment fees are not in the calculator.
Related tools
- Car affordability calculator — loan plus running costs and depreciation.
- Personal loan calculator — flat rate to EIR with fees.
- COE total cost calculator — the upfront price of a car.
- PARF and COE rebate calculator — the value back at deregistration.
Frequently asked questions
How much car loan can I get in Singapore?
70% of the purchase price if the car’s OMV is $20,000 or less, and 60% if it is above, for up to 7 years. These MAS limits apply to banks and finance companies.
What is the minimum down payment for a car?
30% of the price for cars with OMV up to $20,000, and 40% for cars above that.
How is a car loan instalment calculated?
Car loans use a flat rate: interest = loan × rate × years. Add that to the loan and divide by the number of months.
What is the effective interest rate (EIR) of a car loan?
The reducing-balance rate that equates your instalments to the loan. It is typically close to double the flat rate, for example about 5.19% for 2.78% flat over 7 years.
What is the maximum car loan tenure?
7 years for loans from banks and finance companies under MAS rules.
Is a shorter or longer car loan better?
A shorter loan has a higher instalment but much less total interest. A longer loan eases the monthly burden but costs more overall.
Do dealer loans follow the same limits?
No. MAS limits apply to banks and finance companies. Dealer in-house financing is not regulated by MAS.
Is this an official calculation?
No. It is an estimate using published rules and your inputs. Check your lender’s offer.
Sources
This guide explains published rules in plain language. It is not financial, legal or official advice — rules change, so confirm with the agency linked above before you commit.