Compare car loans on your car
Tell us about the car: new or used, what it runs on, the price and the OMV. You see the most MAS lets you borrow, and every bank's package for that car with its monthly repayment, total cost and EIR. Pick one and apply on WhatsApp.
- The main banks' car loans, side by side
- Only the packages for your car: new or used, petrol, hybrid or electric
- MAS's 70% / 60% limit and 7-year cap built in
- Nothing you type leaves your browser
Your car
A few figures. About 30 seconds.
Today's packages for your car
Sorted by the real yearly rate (EIR) on your loan. Pick one and apply on WhatsApp.
Got a quote from a dealer or another bank?
Put in its flat rate. You get the loan MAS allows, the downpayment, the monthly repayment and the EIR, with every figure in full, a PDF, and a link to share or save on WhatsApp.
Use it for a dealer's in-house package or a bank that isn't listed above: a quote can differ from the advert.
Check any offer
2 questions, about 1 minute. No sign-up.
Your car loan in full
MAS's limits on car loans
| Car's OMV | Most you can borrow | Longest loan |
|---|---|---|
| S$20,000 or less | 70% of the price | 7 years |
| Above S$20,000 | 60% of the price | 7 years |
The price includes COE and taxes. The limits apply to new and used cars bought on or after 27 May 2016, but not to motorcycles or commercial vehicles. Source: MAS, motor vehicle loans.
Why the flat rate looks cheaper than it is
Car loans are quoted as a flat rate: interest on the full loan for every year, even as you pay it down. Over 7 years, 2.78% flat really costs about 5.2% a year. A longer loan keeps the monthly repayment down but adds to the interest, so borrow for as short a time as the repayment allows.
Common questions
Does the limit include the COE?
Yes. MAS measures the loan against the purchase price including COE and taxes.
What is OMV?
The open market value: the car's import value assessed by Singapore Customs. It's on the dealer's price list, and it decides whether the 70% or the 60% limit applies.
Are these the banks' real rates?
They are the packages the banks publish on their own websites, which our team keeps up to date. The flat rate and the advertised EIR are the bank's own figures; the EIR on each card is worked out for your loan and years. Dealers' in-house packages can differ. Only the bank's letter of offer is binding.
Can I get a loan for a used car?
Yes, but not past the car's COE. A COE lasts 10 years from registration, so a car registered 7 years ago can be financed over 3 years at most. Some banks have separate packages for cars with a renewed COE.
Can I borrow for longer than 7 years?
No. 7 years is MAS's maximum for car loans from banks and finance companies.
Do the limits apply to motorcycles or vans?
No. MAS's car loan limits don't cover motorcycles or commercial vehicles; the lender sets its own terms for those.
What happens when I tap Apply via WhatsApp?
WhatsApp opens with the package, your car and your loan amount filled in. Nothing is sent until you press send. We then check the package with you and tell you who we'd pass your details to: our contact at the bank, or a referral partner. We pass them on only after you say yes.
What does it cost to apply through BankLoan.sg?
You pay us nothing. If you take up a loan we helped you apply for, the bank or our referral partner may pay us a referral fee. Ask us and we'll tell you whether one applies to your case.