SG Car Loan Calculator: Calculate Monthly Repayments and Car Affordability in Singapore

Yannie Woon 24 November 2025

Key Takeaways

• An SG used car loan calculator in Singapore helps estimate monthly instalments, total interest, and affordability before committing to a vehicle purchase.
• Under MAS rules, car loans are capped by OMV, up to 70% financing for cars with OMV ≤ S$20,000, and 60% for higher OMV vehicles.
• Used car loans generally have higher interest rates and shorter tenures due to depreciation and COE balance limitations.
• Loan tenures can extend up to seven years, but used cars with fewer COE years left may qualify only for shorter repayment periods.
• Calculators use key inputs such as car price, down payment, interest rate, and tenure to determine realistic repayment amounts.
• Larger down payments and shorter tenures reduce total interest costs, while longer tenures lower monthly instalments but increase overall repayment.
• Car affordability calculators complement loan tools by factoring in ongoing costs like insurance, fuel, servicing, and parking fees.
• Comparing different loan packages and understanding flat versus effective interest rates are crucial for making informed financing decisions.

Buying a car is a major financial commitment, and the price tag rarely tells the full story. Between COE premiums, OMV-based loan limits, and the differences between new and used vehicle financing, it’s easy for your budget to stretch further than intended if you don’t run the calculations properly.

That’s why an SG car loan calculator is such a practical tool. Whether you’re eyeing a brand-new model or a dependable used car, a calculator helps you estimate your monthly repayments and understand where your affordability truly lies.

And since car loan structures differ significantly between new and used cars, accurate calculations aren’t just useful, they’re essential.

What Is a Car Loan Calculator?

A car loan calculator helps you estimate the full cost of financing a vehicle. By entering specific inputs, you’ll get:

• Estimated monthly instalments
• Total interest payable
• Full repayment amount across your chosen tenure

The calculator works for both new and used car loans. Where the results differ is in the numbers you feed it, particularly loan amount, interest rate, and tenure options.

By comparing multiple financing scenarios, you’ll have a clearer understanding of how different choices, longer versus shorter tenure, higher versus lower down payment, affect your final financial commitment.

How to Use the SG Car Loan Calculator

To get accurate numbers, you’ll need to provide several details.

1. Vehicle Price

This is the selling price of the car. For a used car, it’s wise to consider COE balance, depreciation and age, as these impact valuation.

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2. Down Payment

Your minimum down payment is regulated by MAS and depends on the OMV of the vehicle. Expect either 30% or 40% minimum, depending on OMV brackets.

3. Loan Amount

The calculator computes the eligible loan amount after deducting your down payment and applying MAS LTV limits.

4. Interest Rate

This varies based on:

• Car condition, new vs used
• Financing institution
• Rate structure, flat rate vs EIR (effective interest rate)

Most car loans are quoted using flat interest rates, so be sure you understand the difference between flat and effective numbers.

5. Loan Tenure

Tenures can go up to 7 years, but only if the car’s age allows it. Used cars with limited COE years left may qualify for shorter tenures.

Consider Your Personal Loan Options

If you need additional flexibility while planning your car purchase, perhaps to cover insurance, one-time fees or unexpected expenses, you can consider taking a personal loan from Money Kinetics, which offers tailored solutions designed to help you manage your cash flow comfortably. Exploring this option alongside your car loan calculations can give you more control over your overall budget.

Interest Rates and Loan Tenures in Singapore

Interest rates differ for new and used vehicles due to valuation, risk and depreciation.

Interest Rates

• New car loans: Often lower because the car is newer, holds value longer, and poses less risk.
• Used car loans: Typically higher due to age, condition, and depreciation patterns.

Loan Tenure

The maximum allowed under MAS guidelines is up to 7 years, but this depends on the car’s age and COE.

A longer tenure lowers your monthly repayments but increases your total interest. A shorter tenure does the opposite.

Loan-to-Value (LTV) Limits and How Much You Can Borrow

MAS sets strict caps on the maximum loan amount, based on OMV.

LTV Breakdown

1. OMV ≤ S$20,000
   Max LTV: 70%
   Minimum down payment: 30%
2. OMV > S$20,000
   Max LTV: 60%
   Minimum down payment: 40%

Used Car LTV Considerations

Used cars follow the same OMV-based LTV rules, but the loan is based on the nett purchase price, after factoring in:

• Adjusted OMV
• Remaining COE
• Vehicle age
• Dealer valuation

Example

If your car costs S$90,000 with an OMV of S$24,000:

• Maximum LTV: 60% → S$54,000 loan
• Minimum down payment: 40% → S$36,000 upfront

This often surprises buyers, so it’s crucial to run the numbers early.

Car Affordability Calculator Singapore

A car affordability calculator helps you determine the realistic price range you should consider, based on your salary, financial obligations, and lifestyle costs.

Key Budget Items to Factor In

• Road tax
• Insurance
• Fuel costs
• Routine servicing
• Repairs, especially for older cars
• Parking fees and ERP
• COE renewal projections

Example Calculations

Here’s what a typical used car loan may look like, using a standard used car loan calculator in the local market.

Used Car Example

• Car price: S$30,000
• Down payment: 30% (S$9,000)
• Loan amount: S$21,000
• Interest: 3% p.a. (flat)
• Tenure: 5 years

Total interest = 21,000 × 0.03 × 5 = S$3,150
Total repayment = S$24,150
Monthly instalment = ≈ S$402.50

New Car Example

• Car price: S$120,000
• OMV: S$22,000
• Max loan allowed: 60% → S$72,000
• Interest: 2.48% p.a. (flat)
• Tenure: 7 years

Total interest ≈ S$12,470.40
Monthly instalment ≈ S$1,005.60

Factors That Affect Monthly Repayments

• Vehicle Price: New cars cost more, used cars are cheaper but may incur higher interest.
• Interest Rates: Small differences significantly affect total repayment.
• Down Payment: Larger down payments reduce loan and interest.
• Tenure: Longer tenure lowers instalments but increases interest.
• Income and Credit Profile: Lenders assess ability to repay.

Common Mistakes to Avoid

• Forgetting ownership costs such as servicing and insurance
• Misunderstanding flat vs effective interest rates
• Thinking all cars qualify for a 7-year tenure
• Ignoring COE depreciation on used cars

Next Steps After Using the Calculator

• Compare loan packages from banks and financial institutions
• Evaluate both instalment and total interest
• Confirm terms directly with lenders
• Plan long-term financial comfort

FAQ

What is the maximum loan amount I can borrow?

It depends on the OMV. Cars with OMV ≤ S$20,000 qualify for up to 70% loan, and OMV above S$20,000 qualify for up to 60% loan.

What interest rates apply to used car loans?

Used car loan rates are typically higher due to depreciation and risk.

How long can I take a car loan for?

Up to 7 years, depending on car age and COE.

Can I take a loan for a car with under 5 years of COE left?

Yes, but tenure cannot exceed remaining COE.

Is a used car loan more expensive?

Yes, as interest rates are often higher for used cars.

Ready to Take the Next Step

If you’re ready to explore financing options or simply want a smoother cash flow as you commit to a major purchase, you can easily apply for a loan through Money Kinetics and get the support you need with a straightforward application process and flexible repayment plans.

Yannie Woon

Starting out as a freelance writer, Yannie quickly realised she had a gift for explaining money matters in a way that didn't make people want to tear their hair out. When she's not cracking jokes about compound interest, Yannie enjoys attending industry seminars, engaging with financial experts on social media, and volunteering her time and expertise to help those in need.