Best Car Loans in Singapore (2020)

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UOB Hire Purchase Car Loan - New Car

UOB Hire Purchase Car Loan - New Car

UOB Hire Purchase Car Loan - New Car
2.78%
Annual Interest RateEIR 5.59% p.a.
S$32,502
Total Repayment
S$903
Monthly Repayment
OCBC Car Loan - New Car

OCBC Car Loan - New Car

OCBC Car Loan - New Car
2.78%
Annual Interest RateEIR 5.27% p.a.
S$32,502
Total Repayment
S$903
Monthly Repayment
OCBC Car Loan - Used Car

OCBC Car Loan - Used Car

OCBC Car Loan - Used Car
2.98%
Annual Interest RateEIR 5.64% p.a.
S$32,682
Total Repayment
S$908
Monthly Repayment
UOB Hire Purchase Car Loan - Used Car

UOB Hire Purchase Car Loan - Used Car

UOB Hire Purchase Car Loan - Used Car
2.98%
Annual Interest RateEIR 5.98% p.a.
S$32,682
Total Repayment
S$908
Monthly Repayment
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

How much does a car cost in Singapore?
Owning a car in Singapore is notoriously expensive. Besides the high selling price, you have to consider additional one-off costs such as the Certificate of Entitlement (COE), Additional Registration Fee (ARF), excise duty and more. The high purchase cost is one chief reason why many take up a car loan.

Maintaining the car can also cause a dent in your wallet, with costs such as petrol, parking and ERP to consider. Read this article to find out how much it truly costs to maintain a car in Singapore.

Main considerations when taking a car loan:

  • Interest rates
  • Min. loan amount
  • Max. loan period
  • Ease of application

What is the loan amount you should consider for your car loan?
You can borrow up to 70% of the car purchase price if the Open Market Value (OMV) of the car is worth S$20,000 or less, and up to 60% if the OMV is more than S$20,000. However, the final loan amount you choose should take into consideration your total debt servicing ratio (TDSR). Your TDSR cannot exceed 60% of your gross monthly income. This includes other loan commitments such as your home loan, personal loans and other loans.

Need some help?

No worries, we've got you covered!

What is a car loan?

What are the different types of car loans I can apply for in Singapore?

What are the current car loan interest rates?

Is there a minimum loan amount required for a car loan?

How much can I borrow for a car loan?

Will a car loan make my debt ratio exceed 60%?

What are the benefits of car loans?

How can I get a car loan?

What is the difference between applying for a car loan from a bank and a car dealer?

Do I need to have a good credit score to buy a car?

What are the fees involved when taking a car loan?

What is the eligibility criteria to apply for a car loan?

What documents are required to apply for a car loan?

How do I choose which car loan to apply for?

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants

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