Car Loan Calculator Singapore
Car Loan Calculator Singapore
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
| No | Other Savings Calculator | Link |
|---|---|---|
| 1 | Loan Calculator Singapore | Link |
| 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
- Normal Vehicle Brand Mark Up range form 10% to 26%
- 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