Maximum Car Loan Calculator
MAS rules cap car loans at 70% of the price if OMV is S$20,000 or less, and 60% if OMV is higher, with a maximum tenure of 7 years.
Result
- Maximum loan
- S$84,000.00
- Minimum downpayment
- S$56,000.00
How to use the maximum car loan calculator
- Enter the open market value (OMV).
- Enter the purchase price (S$).
- The results update as you type, or press Calculate.
- Read the maximum loan first, then the supporting figures below it.
Formula
Max loan = price × 70% (OMV ≤ S$20,000) or 60% (OMV > S$20,000).
Worked example
For example, with these inputs:
- Open Market Value (OMV) (S$): 25,000
- Purchase price (S$): 140,000
the calculator returns:
- Maximum loan: S$84,000.00
- Minimum downpayment: S$56,000.00
Background
Inflation erodes buying power, so a savings goal set in today's dollars needs to be adjusted upwards for the years it will take to reach it. Singapore's core inflation has varied widely over the past decade, so it is worth testing a range of rates.
Interest in Singapore is quoted in several ways. Mortgages and savings accounts use effective annual rates, while car loans and many personal loans are advertised at flat rates that look much lower than their true cost. Banks must disclose the effective interest rate, and comparing on that basis gives a fair picture.
Frequently asked questions
How does the maximum car loan calculator work?
It applies this formula: Max loan = price × 70% (OMV ≤ S$20,000) or 60% (OMV > S$20,000).
Is this financial advice?
No. It is a calculation tool. For decisions about loans or investments, compare official offer documents and consider speaking to a licensed adviser.