How much can I borrow for a used car in Singapore?

It depends on the car's Open Market Value. Above $20,000 OMV you can borrow at most 60% of the price; at or below, up to 70%. For a used car, MAS first reduces the OMV in line with the car's age, so most older cars, and every COE car, qualify for 70%. The cap is set by MAS and applies at every dealer.

What is a flat interest rate?

Singapore car loans quote a flat rate, meaning interest is charged on the full loan amount for the entire tenure rather than on the reducing balance. A 2.78% flat rate over seven years is not the same as 2.78% on a mortgage; the effective rate is roughly double.

How long can a car loan run?

7 years is the maximum tenure for a car loan in Singapore, and lenders will not lend past the car's COE, so a car with three years of COE left can have a loan of three years at most. A longer tenure lowers the monthly payment but increases the total interest paid.

What it actually costs a month

Pick any car on the floor and work out a realistic monthly payment before you talk to anybody. The calculator applies the same borrowing limits every dealer in Singapore has to.

Which car?

Open Market Value $39,541, which counts as under $20,000 after MAS's age adjustment for used cars, so MAS caps the loan at 70% of the price. See the car

Downpayment$36,267

Minimum $36,267. MAS caps the loan at 70% of price because this car's OMV, reduced for its age as MAS requires for used cars, is at or below $20,000.

Loan tenure

Interest rate (flat, per year)

Monthly instalment

$1,606

over 60 months

Loan amount: $84,621
Total interest: $11,762
Total payable: $132,650

An estimate, not an offer. Singapore car loans are quoted at a flat rate, so interest is charged on the full amount for the whole tenure. Your actual rate depends on the lender and your credit assessment. Talk to us and we'll get you a real quote.

The rules, plainly

How much can I borrow for a used car in Singapore?: It depends on the car's Open Market Value. Above $20,000 OMV you can borrow at most 60% of the price; at or below, up to 70%. For a used car, MAS first reduces the OMV in line with the car's age, so most older cars, and every COE car, qualify for 70%. The cap is set by MAS and applies at every dealer.
What is a flat interest rate?: Singapore car loans quote a flat rate, meaning interest is charged on the full loan amount for the entire tenure rather than on the reducing balance. A 2.78% flat rate over seven years is not the same as 2.78% on a mortgage; the effective rate is roughly double.
How long can a car loan run?: 7 years is the maximum tenure for a car loan in Singapore, and lenders will not lend past the car's COE, so a car with three years of COE left can have a loan of three years at most. A longer tenure lowers the monthly payment but increases the total interest paid.

We work with several lenders and will put your case to the one most likely to approve it at a sensible rate. There is no charge for that, and no obligation to buy the car.

Get a real quote

Tell us roughly what you're looking at and we'll come back with what a lender will actually offer.

Kaze Motors Pte Ltd is not a licensed moneylender or financial adviser. Figures here are estimates to help you plan; the loan itself is between you and the lender.