Car loan calculator Singapore
Enter the car price, OMV and the flat rate the dealer quotes to see the monthly instalment, the true effective rate and whether the loan fits MAS rules.
Worked example
A S$150,000 car with OMV S$25,000 can be financed up to 60% = S$90,000. At a 2.78% flat rate over 7 years, interest is S$90,000 x 2.78% x 7 = S$17,514, so the instalment is S$1,279.93. Because flat-rate interest is charged on the original loan the whole time, the effective rate is about 5.19%.
Figures computed with the same formula as the calculator and unit-tested against official examples.
How it works
Singapore car loans are usually quoted as a flat rate: interest = loan x flat rate x years, spread evenly across the months. Because you keep paying interest on money you have already repaid, the effective interest rate (EIR) is close to double the flat rate for typical tenures. This calculator solves the EIR exactly from the instalment.
MAS limits car loans: if the OMV is S$20,000 or less you can borrow up to 70% of the purchase price (including COE and taxes); above S$20,000 the limit is 60%. The maximum tenure is 7 years. From 30 October 2026 the same limits also apply to individuals buying cars registered as private hire cars.
FAQ
What is the maximum car loan in Singapore?
70% of the purchase price if OMV is S$20,000 or below, 60% if above, for up to 7 years (MAS).
Why is the EIR so much higher than the flat rate?
Flat-rate interest is charged on the full original loan for the whole tenure even as you repay it. The EIR shows the cost on the balance you actually owe.
Do the rules apply to used cars?
Yes. MAS's limits apply to loans for new and used cars, including hire purchase. Commercial vehicles and motorcycles are exempt.
Sources & rates as of 12 Nov 2026
If an official rate changes, the official page wins. Spotted an outdated figure? This page is reviewed regularly.