Car Loan Calculator Singapore
Car Loan Calculator Singapore

Car Loan Calculator Singapore

 

 

Car Loan Calculator Singapore ( For New Car )

  • Ask Your Car Dealer or you can Check Here

    S$

  • Ask Your Car Dealer or you can Check Here

    S$

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

    Or Ask Your Car Dealer or you can Check Here

    %

  • 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

    •  

    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.

     

    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]