How much car loan can I get in Singapore?

MAS caps car loans at 70% of the purchase price if the car's Open Market Value is $20,000 or less, and 60% if the OMV is above $20,000. The maximum tenure is 7 years.

How is car loan interest calculated in Singapore?

Singapore car loans use a flat rate: total interest = loan amount × rate × years, spread evenly across all instalments. A 2.78% flat rate over 7 years on a $90,000 loan adds $17,514 in interest — about $1,280 a month.

What deposit do I need for a $150,000 car?

With an OMV above $20,000 the maximum loan is 60%, so the minimum downpayment is $60,000 in cash or trade-in value.

MAS loan rules built in · 60/70% LTV · 7-year cap

Car loan calculator: your real monthly instalment.

Singapore car loans are capped by MAS and quoted at flat rates — so the sticker rate understates the true cost. Enter your numbers; the calculator applies the correct loan-to-value limit and shows total interest, not just the monthly figure.

Your loan

Car price (S$)

Open Market Value

Interest rate (flat, % p.a.)

Tenure (years, max 7)

Monthly instalment

$1,280

7-year loan of $90,000 at 2.78% flat.

Maximum loan (MAS rule)	$90,000
Downpayment needed	$60,000
Total interest paid	$17,514
Total repayable	$107,514

Flat rate is not the effective rate

Because interest is charged on the original loan amount for the entire tenure, a 2.78% flat rate works out to an effective interest rate of roughly 5.3% — nearly double. Shorter tenures cut total interest sharply. And remember the loan is only one slice of ownership: fuel, insurance, parking and depreciation are usually bigger. See the whole picture in the true cost calculator, or check what a renewal costs instead in the COE renewal calculator.

Car loan FAQ

How much can I borrow for a car in Singapore?

MAS caps the loan at 70% of the purchase price when the car’s OMV is $20,000 or below, and 60% when OMV is above $20,000 — over a maximum of 7 years. Most Cat A/B cars today fall in the 60% band.

What is a flat interest rate?

Interest is computed on the full original loan for every year of the tenure, regardless of what you have repaid. Total interest = loan × rate × years. That makes the effective rate roughly 1.8–1.9× the advertised flat rate.

Can I finance a COE renewal too?

Yes — COE renewal loans can cover up to 100% of the PQP over 5–7 years, since MAS LTV limits do not apply to renewals. Work out the renewal amount first in the renewal calculator.

Used car vs new car loan — any difference?

The same MAS caps apply, but used-car flat rates are typically 0.3–0.7 percentage points higher, and the tenure may be limited by the car’s remaining COE life.