Best Car Loan Calculator Singapore – Free & Instant
Know exactly what you'll pay every month before you sign anything. No surprises. No stress. Just clear numbers — in seconds.
Free to Use
No Sign-Up Needed
MAS-Compliant Rules
Instant Results
We know buying a car in Singapore is not easy. COE prices, high interest, long loan tenures — it can feel overwhelming. That's why we built the clearest, simplest car loan calculator in Singapore — so you go in confident, not confused.
Singapore Car Loan Calculator
Enter your loan details below — results appear instantly.
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⚠️ MAS Rule: For cars with OMV above S$20,000, maximum loan is 60% LTV. We've adjusted your loan percentage.
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Your Car Loan Breakdown
Monthly Repayment
S$0
Per month for 0 years
Total Interest
S$0
Total cost of borrowing
Total Repayment
S$0
Principal + Interest
Cost Breakdown–
Principal Interest
💡 Could you save more? Even a 0.5% lower rate on this loan could save you significant money over the full tenure. Compare rates before you commit.
MAS Loan Rules 2026
Cars with OMV ≤ S$20,000 → max loan is 70% LTV
Cars with OMV > S$20,000 → max loan is 60% LTV
Maximum loan tenure is 7 years
Loans are assessed on flat interest rate
EIR (effective rate) is roughly 2× the flat rate
Current Car Loan Rates SG
Bank
Rate (p.a.)
DBS / POSB
2.28%
OCBC
2.48%
UOB
2.58%
Maybank
2.78%
Standard Chartered
2.88%
Citibank
2.98%
* Indicative flat rates. Actual rates vary by tenure, credit profile & LTV. Always verify with the bank directly.
💰 Quick Tip: Choosing a 5-year tenure instead of 7 years can significantly reduce your total interest paid — even if monthly payments are slightly higher. Use the calculator to compare both scenarios.
Know Your True Cost
A car loan is one of the biggest commitments you'll make. Understanding the numbers now can save you tens of thousands.
Built specifically for Singapore — not a generic global calculator that ignores MAS rules and local bank rates.
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Instant Results
No waiting. No loading screens. Type your numbers and get your monthly repayment, total interest and total cost immediately.
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Built for Singapore
Uses Singapore's flat interest rate structure, MAS LTV rules, and realistic local bank rates — not US or UK formulas that don't apply here.
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No Data Collected
All calculations happen right in your browser. We never store your numbers. No account needed, no spam email — ever.
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Clear Breakdown
See exactly how much is principal and how much is interest, so you understand the real cost of your car — not just the sticker price.
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Compare Scenarios
Easily adjust tenure, down payment or interest rate to compare multiple loan scenarios and find what works for your budget.
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Works on Any Device
Use it on your phone at the showroom, on your laptop at home, or on your tablet anywhere — it's fully responsive.
Car Loans in Singapore Are Really Hard. You Deserve Clarity.
Between COE premiums, ARF, road tax, insurance and loan repayments — buying a car here can feel like drowning in numbers. We've seen people overpay by thousands simply because they didn't know their true monthly commitment before signing.
This calculator exists so that you walk in knowing exactly where you stand. No pushy salespeople. No confusing bank jargon. Just honest numbers that help you make the right call for your family and your future.
Type in the total purchase price of the car you're looking at — including any upgrades.
2
Set Your Loan Details
Adjust the loan amount (LTV %), tenure (1–7 years), and expected interest rate using the sliders.
3
Get Your Results
Click calculate and instantly see your monthly repayment, total interest and full cost breakdown.
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Compare & Decide
Tweak the numbers to compare different tenure lengths or down payments to find your best option.
Complete Guide: Car Loan in Singapore
What is a Car Loan?
A car loan (also called hire purchase or vehicle financing) lets you spread the cost of a car over time instead of paying everything upfront. In Singapore, banks and licensed moneylenders offer car loans with flat interest rates and fixed monthly repayments.
The most important number to understand is your monthly repayment — this is what you'll pay every single month for the entire loan tenure. Our Singapore car loan calculator shows you this number immediately.
How is Interest Calculated?
Singapore car loans use a flat interest rate, not a reducing balance rate. This means interest is charged on the full principal for every year of the loan.
Formula:
Total Interest = Principal × Rate × Years
Monthly Repayment = (Principal + Total Interest) ÷ Months
Example: S$60,000 loan at 2.78% for 7 years = S$11,676 total interest, or S$854/month.
Flat Rate vs Effective Rate (EIR)
Banks advertise flat rates, but the true cost is the Effective Interest Rate (EIR). Because you're paying down the principal every month but interest is charged on the full amount, the EIR is roughly double the flat rate.
So a 2.78% flat rate is approximately 5.5%–6% EIR. Always compare using flat rates in Singapore since that's the industry standard.
How Much Can I Borrow?
MAS rules set the maximum loan amount based on the car's Open Market Value (OMV):
OMV ≤ S$20,000: Up to 70% of purchase price
OMV > S$20,000: Up to 60% of purchase price
Maximum loan tenure: 7 years. There is no minimum income requirement set by MAS, but individual banks may have their own criteria.
Tips to Reduce Your Car Loan Cost
Put a larger down payment to reduce the principal
Choose a shorter tenure to save on total interest
Compare rates across multiple banks before committing
Negotiate — some banks offer promotions, especially for new cars
Consider in-house financing vs bank financing
Car Loan vs Lease: Which is Better?
A car loan means you own the car at the end. A lease (long-term rental) means you return it. For most Singaporeans who want to own their vehicle, a loan is the standard choice.
Loans generally work out cheaper in the long run if you intend to keep the car for 5+ years. Leasing may suit those who want a new car every 3 years and prefer predictable costs.
Car Loan Comparison: Tenure vs Total Cost
Based on S$60,000 loan at 2.78% p.a. flat rate. See how tenure affects your monthly payment and total cost.
Tenure
Monthly Payment
Total Interest
Total Repayment
Verdict
3 Years
S$1,946
S$5,004
S$65,004
Lowest Interest
4 Years
S$1,486
S$6,672
S$66,672
Good Balance
5 Years
S$1,219
S$8,340
S$68,340
Popular Choice
6 Years
S$1,038
S$10,008
S$70,008
Higher Cost
7 Years
S$916
S$11,676
S$71,676
Most Expensive
* Illustrative only. Use the calculator above for your exact figures.
Used by Singaporeans from these leading car communities
sgCarMartOneShiftCarBase.sgSgMotoringHardwareZone
Frequently Asked Questions About Car Loans in Singapore
MAS caps car loans at 70% LTV for cars with OMV ≤ S$20,000, and 60% LTV for cars with OMV above S$20,000. Maximum tenure is 7 years. So for a S$100,000 car with OMV above S$20,000, you can borrow up to S$60,000.
As of 2026, the lowest advertised flat rates start from around 2.28% p.a. (DBS/POSB) for certain profiles and car types. Rates vary by bank, car age (new vs used), tenure, and your credit profile. Always compare at least 3 banks before committing.
No — they are very different. The flat rate is calculated on the original principal throughout the tenure. The EIR (Effective Interest Rate) accounts for the fact that you're reducing the principal each month. For car loans, the EIR is roughly 1.8–2× the flat rate. A 2.78% flat rate equates to approximately 5.3%–5.6% EIR.
Yes — most banks allow early repayment. However, you should check if there is an early settlement rebate (Rule of 78 or straight-line method) which determines how much interest is rebated back to you. On flat rate loans, the rebate may be less than you expect, so calculate the actual savings before prepaying.
It depends on your cash flow. A 5-year tenure means higher monthly payments but significantly lower total interest. A 7-year tenure reduces monthly payments but you pay thousands more in total interest. Use our calculator to see the exact difference for your loan amount and rate — the difference is often S$3,000–S$6,000 in total interest.
Yes, foreigners on valid employment passes (EP, S Pass) can apply for car loans in Singapore. Requirements typically include a minimum income of S$3,000–S$5,000/month, valid work pass, and a local bank account. Some banks may require a co-applicant or higher down payment for foreign applicants.
Typically: NRIC or passport, latest 3 months' payslips (or 2 years NOA for self-employed), SingPass for income verification, and the vehicle purchase agreement / pro-forma invoice. Banks may vary, so check with your preferred lender.