Car Loan Calculator Singapore (2026): Flat Rate, EIR and Fees
Enter a full-term loan quote to see its repayment and financing cost. A flat annual rate charges interest on the original principal; an annual effective rate reflects monthly compounding on a reducing balance. The defaults are an illustration, not a current lender offer.
Results
Worked example matching the defaults
S$120,000 price less S$36,000 downpayment leaves S$84,000 principal. At 2.78% flat for seven years, interest is S$84,000 × 2.78% × 7 = S$16,346.40. The 84 payments are S$1,194.60 each; total loan repayments are S$100,346.40. The downpayment is additional.
Rate definitions and fees
Flat interest = principal × quoted annual rate × months ÷ 12. For annual effective-rate input, the monthly rate is (1 + annual rate)1/12 − 1. The calculator then uses equal monthly amortising payments. If a quote supplies a nominal annual rate divided by 12, convert it to (1 + nominal rate ÷ 12)12 − 1 before using the annual-effective option.
The fee-inclusive result solves for the monthly return on principal less upfront fees, with the scheduled monthly payments as outflows, then annualises it with compounding. Fees do not increase the monthly repayment unless they are financed; include financed fees in the actual principal separately. Fees at least as large as the principal cannot produce a meaningful positive net-loan comparison and show an input error.
Financing limits and exclusions
MAS-regulated financial institutions generally cap motor-vehicle loans at 70% of purchase price for OMV of S$20,000 or less, and 60% above S$20,000, with a maximum seven-year tenure. OMV is not the retail purchase price. Vehicle age, financing basis and lender conditions can tighten the offer. Dealer financing arrangements may differ in regulatory treatment; do not interpret an advertised alternative as bank approval. MAS: motor-vehicle financing limits (archived release); MOT: regulated vehicle financing, February 2026.
This model has equal monthly payments starting after one month, a fixed rate and no balloon. It does not calculate early-settlement rebates, penalties, changing rates or bundled insurance. Request the lender’s settlement schedule if you may sell early. Then check the monthly household budget and total ownership cost.
FAQ
Does total paid include the downpayment?
The displayed loan repayments plus fees exclude the cash downpayment. Add the downpayment when budgeting the full purchase.
Does the effective rate include fees?
Yes, fees entered as paid upfront reduce net loan proceeds in the effective-rate calculation.
Can this calculate an early settlement?
No. Obtain the lender’s settlement quotation, including any interest rebate and fees.
Related guides and calculators
References
Rules and sources checked 14 September 2026. Worked budgets are illustrations unless explicitly identified otherwise.
Last updated: 14 Sep 2026 · Editorial Policy · Advertising Disclosure · Corrections