Unsure of how to finance your car? 
Getting a car in Singapore is costly, but that is not going to stop some of us from wanting to get it. We definitely do not have a few hundred grand lying in our bank waiting for us to spend on a car right? So how do we pay off the car?
The answer is: Car Loan!
What Are The Car Loan Options?
When it comes to financing the loan for your car, you have a few options:
Our personal in-house finance
Bank loan through us
Direct to the bank or financial institution
How Much Can I Borrow?
You will first need to work out if you have enough money to pay for the car’s down payment.
Then the maximum amount you can loan depends on your car’s Open Market Value (OMV). However, this is only indicating the MAXIMUM amount. The actual amount you can loan depends on your ability to pay off – e.g. monthly income, current financial commitments and credit score. A higher credit score will entitle you to a higher loan amount.
| Open Market Value (OMV) | Maximum Finance Amount |
| Less than or equal to $20,000 | 70% of the purchase price or valuation price, whichever is lower |
| More than $20,000 | 60% of the purchase price or valuation price, whichever is lower |
As per MAS, the maximum limits do not apply to the financing of:
👉 Motorcycles and commercial vehicles.
👉 Motor vehicle for people who are physically disabled (PD) or their caregivers.
What Is The Maximum Loan Period And Interest Rates?
You can loan to buy your car for up to 7 years. Interest rates vary from the place you loan from, it can range from 1.88%* to above 4%.
And of course, you have to be above 21 years old to take a car loan.
*ˢᵘᵇʲᵉᶜᵗ ᵗᵒ ᵃᵖᵖʳᵒᵛᵃˡ
Come chat with our in-house finance expert to guide you! 
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