- Car Buying
- Car Selling
- Car Ownership
- Car Aftermarket
- On The Move
- Lifestyle
- Average monthly gross salary (take-home plus employee's CPF) over past 12 months
- Includes all bonuses, commissions and allowances
- Includes all sources of income which are reflected in CPF or income tax statement
Your car loan will likely be approved based on a maximum monthly instalment of :
$714
Based on a 7-year loan of 70% of the car price at 2.48% interest rate,
the most expensive car you can afford is :
$73,000
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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) |
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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 illustration: |
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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). |
- Applicant's credit assessment
- Applicant has to be at least 21 years of age
- Provision of income proof
- Make & model of vehicle
- Market value of the vehicle
- Loan to value ratio
