Car Loan Calculator Singapore
OMV + Cost of Import ( Freight + Insurance + etc)
Assume ( Freight + Insurance + etc) = S$1000 in this Calculator
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|1||Loan Calculator Singapore||Link|
|2||Debt Repayment Calculator Singapore||Link|
|3||How Much Can I Borrow Calculator||Link|
Info Updated August 2019
OMV is the Open Market Value of the Vehicle determined by Singapore Custom during its first registration date.
Open Market Value For Vehicle = (Actual Purchase Price of Vehicle from Country of Origin + Freight Charges + Insurance + Miscellaneous Charges to import the Vehicle )
The Vehicle OMV Value will also determined what is the percentage of Loan Amount you are able to borrow .
|No||OMV Value||Maximum Amount You Can Borrow|
|1||Up to S$20000||70% of the Vehicle Valuation|
|2||More Than S$20000||60% of the Vehicle Valuation|
Known as Certificate of Entitlement
Limited amount of certificate is being released base on allocated quota periodically .
Before anyone can legally own a vehicle in Singapore, they are required to bid the certificate of entitlement in an open auction
Winning Bidder will be granted right to register and legally own a Vehicle.
ARF Stand s for Additional Registration Fee .
You will need to Pay this tax when you first register your Vehicle.
Calculation is determined by the OMV Value of your Vehicle multiply by a percentage Constant.
|No||OMV Value||ARF Rate|
|1||Initial S$20000||100% of OMV|
|2||Subsequent S$30000||140% of OMV|
|3||Subsequent S$50000||180% of OMV|
Stands for Vehicle emission schemes
Where the Government Encourage People to buy Eco Friendly Car.
ECO Friendly Car will get an rebate , well the opposite side vehicle that emit pollutant will be imposed a VES Surcharge.
Check out here for further information.
The Car Dealer need to Mark UP the Vehicle price , in order to earn a living and maintain his or her business
7% GST on OMV , Registration Fees S$220 , Miscellaneous +++++++++++++++++++++
Car Depreciation , Maintenance, Petrol,Insurance, Road Tax, Parking , ERP , +++++++++++++++
Unlike your Home Loan Mortgage . Car Loan uses a Flat rate Interest Rate
For Example : Your Home Loan Interest Rate to be paid is determined by the reducing principal
When your Principal borrowed reduce , the amount of interest you pay monthly will reduce as well
Your Car loan Interest rate are using a Flat rate Interest Rate . The Interest charges remains the same during the whole loan Life Cycle
Case Study :
You Borrow S$100000 from Bank for Car Loan , it charges you an Annual interest of 3%, Loan Term 7 Years
Interest to Pay annually = (S$100000 x (3/100) )
Loan Term 7 Years = (S$100000 x (3/100) ) x 7 Years
Monthly Loan Payment = [ S$100000 +[ (S$100000 x (3/100) ) x 7 Years]] ÷ [7 Years x 12 Months]
Check out CPF Calculator Here