Car Loan Eligibility Calculator
Budgeting for a car? Check your loan amount eligibility and the estimated purchase price of your car.
What is salary?
- 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
What is a guarantor for?
A guarantor is needed if the applicant does not meet the income requirements.
Your car loan will likely be approved based on a maximum monthly instalment of :
$0
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 :
$0
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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:
https://www.sgcarmart.com/news/article.php?AID=7598
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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).
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Disclaimer
Loan approval is based on several other personal and vehicle factors not taken into account here such as:
- 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
