Car Loan Calculator (Singapore, 2026)
Use this to sanity-check a car loan quote beyond the “monthly instalment” headline. Singapore car loans are often quoted as a flat rate (simple interest), which can look deceptively low versus an effective rate. This calculator shows both, and estimates the equivalent effective rate for flat-rate quotes.
Inputs
Tip: If your quote is “flat 2.78% p.a.”, set Interest quote type = Flat rate. If your lender provides an APR/effective rate, set it to Effective.
Results
Effective-rate estimate (for flat-rate quotes)
Flat-rate car loans charge interest on the original principal for the whole tenure. The “equivalent effective rate” below is an estimate of the amortized APR that matches the same monthly instalment.
- Equivalent effective APR: —
- Note: This is a numerical estimate (not a lender disclosure APR). Fees can change the true APR materially.
How to interpret this
- Separate “can pay” from “should pay”. An instalment can be affordable while total ownership cost is still a bad trade.
- Use the stress test. Pair this with the car affordability calculator (true monthly cost, not just instalment).
- Watch tenure creep. A longer tenure reduces instalment but can increase your total interest exposure.
Car affordability stress test
True monthly cost (depreciation/COE, insurance, fuel, maintenance) vs your income buffer.
Car loan rates (flat vs effective)
Understand why a flat rate “looks low” and how to compare offers properly.
Transport financing hub
Decision flow: loan vs cash, balloon vs normal, leasing vs buying.