Car Loan Eligibility Calculator

The Monetary Authority of Singapore (MAS) has financing restrictions on motor vehicle loans granted by financial institutions.

The maximum car loan term is capped at 7 years.

The maximum loan amount will be dependent on whether you are buying a new car or used car and its Open Market Value (OMV)

FOR USED CAR

For used cars, the maximum loan amount will be dependent on Applicable Open Market Value* (Applicable OMV) of the car. Cars with Applicable OMV exceeding $20,000 will be entitled to a maximum loan value of 60% of car price (minimum 40% down payment) whereas Applicable OMV $20,000 and below will be 70% of car price (minimum 30% down payment).

*The "Applicable OMV" of a motor vehicle is obtained by dividing its OMV over 120 months and multiplying it by the age of the motor vehicle and deducting the resulting figure from the Applicable OMV.

FOR NEW CAR

For new cars, the maximum loan amount will be dependent on Open market value (OMV) of the car. Cars with OMV exceeding $20,000 will be entitled to a maximum loan value of 60% of car price (minimum 40% down payment) whereas OMV $20,000 and below will be 70% of car price (minimum 30% down payment).

For illustration:
https://www.sgcarmart.com/news/article.php?AID=7598