Car Loan Calculator
Your monthly instalment, the total interest, and what the advertised flat rate really costs as an effective rate.
Enter the car price to see the instalment.
Uses MAS motor vehicle loan limits (70% / 60% of the price, at most 7 years). The default rate is an example only; lenders set their own rates and may charge fees. For information only; not financial advice.
Flat rate vs effective rate
Singapore car loans are quoted at a flat rate: interest is worked out on the whole loan for the whole tenure, then split into equal monthly instalments. Because you keep paying interest on money you have already repaid, the true cost — the effective interest rate — is close to double the flat rate. Use the effective rate when comparing a car loan with any other kind of borrowing.
The limits on a car loan
MAS caps the loan at 70% of the price for cars with an OMV of $20,000 or less and 60% above that, and the tenure at 7 years. The full rules are in Car Loan Rules in Singapore. To work backwards from your budget, use How Much Car Can I Afford?
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