Total Repayment (Based on $30,000 loan)
UOB Hire Purchase Car Loan - New Car
EIR 5.59% p.a.
UOB Hire Purchase Car Loan - Used Car
EIR 5.98% p.a.
OCBC Car Loan - Used Car
EIR 5.64% p.a.
OCBC Car Loan - New Car
EIR 5.27% p.a.
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.
What are the tenures and maximum APR for each loan?
|Car Loan||Min. Repayment||Max. Repayment||Max. APR||Total Loan (Based on S$10k across 1 year)|
|UOB Hire Purchase Car Loan - New Car||1 year||7 years||2%||S$10,268|
|OCBC Car Loan - New Car||1 year||7 years||2%||S$10,228|
|OCBC Car Loan - Used Car||1 year||7 years||2%||S$10,228|
|UOB Hire Purchase Car Loan - Used Car||1 year||7 years||2%||S$10,278|
|Maybank Car Loan - New Car||1 year||7 years||2%||S$10,278|