Singapore Car Loan Calculator
Calculate your hire purchase loan with COE, ARF, and Singapore down payment requirements.
Hire Purchase Calculator Singapore
Enter your vehicle details to calculate monthly payment with MAS regulations
Understanding Singapore Car Loans
Singapore Car Purchase Costs
Buying a car in Singapore includes: Open Market Value (OMV), Additional Registration Fee (ARF), Certificate of Entitlement (COE), Excise Duty (20% of OMV), GST (9%), registration fees, and dealer markup. COE alone can range from S$60,000 to S$100,000+ depending on category.
MAS Down Payment Rules
- OMV ≤ S$20,000: Minimum 30% down payment required
- OMV > S$20,000: 40% for portion exceeding S$20,000
- Maximum loan tenure: 7 years for new cars
- Maximum LTV: 70% of purchase price
- Used cars: Maximum 5 years tenure
Flat Rate vs Effective Rate
- Flat Rate: Interest on original loan amount
- EIR (Effective): True cost on reducing balance
- 2.78% flat ≈ 5.5% EIR (approximate)
- Conversion: EIR ≈ Flat Rate × 1.8 to 2.0
- Always compare EIR when shopping
Tips for Singapore Car Buyers
- Compare rates from banks and dealers
- Consider timing COE bidding cycles
- Factor in road tax and insurance
- Check PARF/COE rebate on trade-in
- Review early termination penalties