Used Car Loan

To purchase a car in Singapore, usually people will take a car loan.

Used Car Loan are available from :
UOB, DBS, MayBank, Hong Leong, OCBC & Century Tokyo Leasing

From Jun 2016 onwards, the government ease the loan restriction with the following conditions :

1. Actual Car’s OMV < $20,000 – Loan amount up to 70% of car purchased price
2. Actual Car’s OMV > $20,000 – Loan amount up to 60% of car purchased price

Repayment period will be up to 7yrs or up to the balance period of the car’s COE whichever is shorter.

For used car loan, the formula to determine the actual OMV of the car is as follows :

Car’s OMV x Number of months for COE left / 120mths

Eg. Car’s OMV is $30,000 and car’s COE left is 71mths.
$30,000 x 71 / 120 = $17,750

So for this car above, you will be able to loan up to 70% of the purchased price.

You may use the Car Loan Calculator below to calculate the installment of the car that you want to purchase.

If you need assistance in obtaining a used car loan, please kindly give a call to 9858 7298.

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