By MoneyBees
Work out how much you can borrow for a used car under MAS rules, which cut the OMV by the car's age, the longest tenure your COE allows, and the monthly instalment, total interest and EIR behind a flat-rate quote.
On the car's log card or the LTA vehicle check.
0 unless the car was imported used.
The loan
Most you can borrow
$56,000
70% of the price on an OMV of $16,500
Monthly instalment
$1,063.07
$7,784 interest, EIR 5.37%
Longest tenure
5 yrs 5 mths
65 months of COE left
The car is 54 months old, so MAS counts its OMV as $16,500 instead of $30,000. You need at least $24,000 in cash.
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| Tenure | Monthly | Total interest | EIR | Within COE |
|---|---|---|---|---|
| 3 years | $1,685.29 | $4,670 | 5.40% | Yes |
| 5 years | $1,063.07 | $7,784 | 5.37% | Yes |
| 7 years | $796.40 | $10,898 | 5.31% | No |
| OMV (age-adjusted for a used car) | Most you can borrow | Longest tenure |
|---|---|---|
| S$20,000 or less | 70% of the price | 7 years |
| Above S$20,000 | 60% of the price | 7 years |
The price includes taxes and the COE. Adjusted OMV = OMV - (age in months / 120) x OMV, never below 0. Source: MAS.
You buy a car first registered on 3 Apr 2022 for S$80,000 on 3 Oct 2026. Its OMV was S$30,000. It is 54 months old, so MAS counts the OMV as S$30,000 - 54/120 x S$30,000 = S$16,500. That is under S$20,000, so you can borrow 70%: S$56,000.
At 2.78% flat for 5 years, interest is S$7,784 and you pay S$1,063.07 a month. The COE has 65 months left, so 5 years fits but 6 does not.
Figures checked 3 Oct 2026.
Up to 70% of the purchase price if the car's OMV, adjusted for its age, is S$20,000 or less, and up to 60% if it is higher. The price includes taxes and the COE.
It takes the OMV less the car's age in months over 120, times the OMV. A 54-month-old car with a S$30,000 OMV counts as S$16,500. The result is never below 0.
7 years under MAS rules. Banks such as UOB and Maybank also want the loan to end before the COE expires, so a car with 4 years of COE left gets at most 4 years.
Banks quote a flat rate on the original loan for the whole tenure. The real yearly rate, the EIR, is higher, often near twice the flat rate. The calculator shows both for your loan.
A flat rate charges interest on the full loan every year even as you repay it. The EIR measures interest on what you still owe, so it comes out higher.
Yes. MAS counts only the months since Singapore registration against the months left of its 120, using OMV - (A1 - A2) x OMV / (120 - A2).
Yes. For loans agreed on or after 26 Feb 2013, MAS caps the new tenure at 7 years less the years since the loan was first paid out. Only agreements from before that date can run to the end of the COE.
No. MAS's motor vehicle loan limits leave out motorcycles and commercial vehicles.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).