Read the latest news about Car Loan in Singapore and the best money saving tips.
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:
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.
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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?