# Car Loan Calculator Singapore

## Car Loan Calculator Singapore ( For New Car )

S\$

S\$
• Interest Range between 1.99% to 2.98% Base on different bank rate

%
• Maximum 7 Years

Year
• You can ask the Car Dealer

or

You can estimate ,base on my research average brand car margin premium are 10% to 25% eg: Toyota Vious

Luxury Car will have a margin Premium between 30% to 90% ++

%
• S\$

• ### Results Here

• Total Loan Amount S\$
• Monthly Loan Payment S\$
• Total Interest Paid S\$
• Upfront Cash Amount S\$

• ### Cost Of Buying a Car

• ARF (Additional Registration Fees) S\$
• COE (Certificate Of Entitlement) S\$
• Open Market Value S\$
• (GST) S\$

OMV + Cost of Import ( Freight + Insurance + etc)

Assume ( Freight + Insurance + etc) = S\$1000 in this Calculator

• Excise Duty (with 7% GST) S\$
• Registration Fee:: S\$ 220 ( Assumption)
• VES Fee:: S\$ 0( Assumption Vehicle Emission Efficient )
• Car Dealer Mark Up Earnings
• ## Other Loan  Calculator

2 Debt Repayment Calculator Singapore Link
3 How Much Can I Borrow Calculator Link

## Break Down Cost Explanation for Car Loan Calculator Singapore

Info Updated  August 2019

## What is OMV ?

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

## What is COE ?

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.

## What is ARF ?

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

## What is Excise Duty ?

Extra Tax impose on Vehicle
Excise Duty   = OMV  x ( 20/100)
Upon the Sum above 7% GST is imposed.

## What is VES ?

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.

## Car Deal Mark UP ?

The Car Dealer need to Mark UP the Vehicle price , in order to earn a living and maintain his or her business

1. Normal Vehicle Brand Mark Up range form 10% to 26%
2. Luxury Brand Mark Up range form 30% to 90% or more

## Other Cost ?

7% GST on OMV , Registration Fees S\$220 , Miscellaneous +++++++++++++++++++++

## Never Ending  Cost ?

Car Depreciation , Maintenance, Petrol,Insurance, Road Tax, Parking , ERP , +++++++++++++++

## Car Loan Computation?

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

While

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