Car Loan Eligibility Calculator
Estimate your loan eligibility and car affordability.
No Yes
Car Loan Eligibility Breakdown
Eligible Monthly Instalment
Max Car Price (70% Loan)
The Monetary Authority of Singapore (MAS) has financing restrictions on motor vehicle loans granted by financial institutions.
The maximum car loan term is capped at 7 years.
The maximum loan amount will be dependent on whether you are buying a new car or used car and its Open Market Value (OMV).
FOR USED CAR
For used cars, the maximum loan amount will be dependent on Applicable Open Market Value* (Applicable OMV) of the car.
- OMV > $20,000 → Maximum loan 60% (Minimum 40% down payment)
- OMV ≤ $20,000 → Maximum loan 70% (Minimum 30% down payment)
*The "Applicable OMV" of a motor vehicle is obtained by dividing its OMV over 120 months and multiplying it by the age of the motor vehicle and deducting the resulting figure from the Applicable OMV.
FOR NEW CAR
For new cars, the maximum loan amount will be dependent on Open Market Value (OMV) of the car.
- OMV > $20,000 → Maximum loan 60% (Minimum 40% down payment)
- OMV ≤ $20,000 → Maximum loan 70% (Minimum 30% down payment)
| New Cars | Used PARF | Used PHV | Renewed COE | New Comm | Used Comm | |
|---|---|---|---|---|---|---|
| Sgcarmart Financial Services | N.A | 2.18% | 3.18% | 2.75% | N.A | N.A |
| DBS | 2.48% | 2.48% | N.A | N.A | N.A | N.A |
| Maybank | 2.78% | 2.78% | 3.75% | 3.18% | 2.99% | 3.28% |
| OCBC | 2.78% | 2.78% | N.A | 2.98% | N.A | N.A |
| UOB | 2.78% | 2.78% | 2.99% | 2.88% | 3.28% | 3.40% |
| Hong Leong Finance | 2.48% | 2.48% | 3.28% | 2.88% | N.A | 3.28% |
| Tokyo Century Leasing | 2.78% | 2.78% | 3.88% | 3.18% | N.A | N.A |
What is salary?
• Average monthly gross salary (take-home plus employee's CPF) over past 12 months
• Includes all bonuses, commissions and allowances
• Includes all sources of income which are reflected in CPF or income tax statement
What is a guarantor for?
A guarantor is needed if the applicant does not meet the income requirements.