Car Loan Calculator "” Monthly Instalment + EIR | Wheeley Auto Singapore
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Car Loan Calculator

Work out your monthly before you sign.

Quick answer: Most MAS-regulated banks in Singapore require 30% downpayment on a used car loan, capped at 7-year tenure. Indicative rates start from 2.68% p.a. (flat) through Wheeley's bank panel "” equivalent to roughly 5% EIR on monthly-rest. Move the sliders below to size the monthly for your purchase price, downpayment, rate and tenure.

Move the sliders. See the monthly, the total interest and the EIR update live. Then ask the Wheeley finance desk for a real eligibility pre-check "” most buyers get same-day indicative approval.

30% downpayment

Estimated monthly instalment

S$732

Loan amountS$56,000
Total interestS$5,479
Total repaymentS$61,479
EIR (indicative)~2.7%
Get a real eligibility pre-check

How the numbers work

Monthly instalment is calculated from standard amortisation: principal × monthly rate × (1 + monthly rate)n / ((1 + monthly rate)n − 1), where n is the total number of monthly payments.

EIR (Effective Interest Rate) is the true annualised cost of the loan, accounting for monthly compounding. It is always higher than the flat rate you see quoted.

Assumptions: principal = vehicle price − downpayment. Most MAS-regulated banks cap the loan at 70% of the vehicle's market value or PARF rebate value (whichever is lower). Tenure is typically up to 10 years for used cars, but most banks require the loan to clear before the COE expires.

This calculator is indicative only. Your actual monthly depends on credit assessment, lender policy, vehicle age, and prevailing rates. For a real eligibility pre-check, message the Wheeley finance desk.

Frequently asked

What is the minimum downpayment for a used car loan?add

Most MAS-regulated banks require a 30% downpayment for a used car loan, with the loan capped at 70% of the vehicle's market value or PARF rebate value, whichever is lower. Indicative rates start from 2.68% p.a. through our bank panel.

What does EIR mean and why is it higher than the headline rate?add

EIR is the true annualised cost of the loan, accounting for the monthly compounding of interest. A 2.68% flat-rate loan with monthly repayments typically carries an EIR of around 5%. Compare EIRs across lenders, not headline rates.

Can I get a loan for a short-COE car?add

Yes, with conditions. Most banks require the loan to be fully repaid before the COE expires. For a 2-3 year COE car, the maximum tenure is typically 2 years. Wheeley's in-house finance desk may offer more flexibility for eligible buyers.

How long does approval take?add

Through the Wheeley finance desk, indicative approval is often same-day for buyers with a clear credit profile. Formal approval and disbursement typically take 1-3 working days from document submission.

Ready to apply?

Message the Wheeley finance desk. We will pre-check your eligibility across our bank panel and in-house options "” no obligation.

Message the finance desk

How to use the Car loan calculator

Car loans in Singapore quote interest two ways: the nominal rate (the headline) and the Effective Interest Rate (EIR, which compounds over the loan tenure). A loan quoted at 2.68% nominal can work out closer to 5% EIR over 7 years. This calculator splits them for you and shows the actual monthly cost over the loan period, plus the implied total interest you'll pay.

Step by step

  1. Enter the loan principal (the amount you're financing).
  2. Enter the nominal interest rate shown on the quote — usually 2.68% to 4% in current SG market.
  3. Pick the loan tenure — most used-car loans run 5 to 7 years.
  4. The calculator converts nominal to EIR using the standard monthly compounding formula.
  5. Read the effective monthly instalment and the total cost of the loan.

Related calculators

PARF rebate→ COE remaining→ Paper value→ Is It A Good Deal?→ Depreciation→ Buy vs Renew COE→

Related guides

Related guide
Read: Financing a used car in Singapore
Related guide
Read: Tide over the high COE wave

Wheeley's finance desk guarantees rate match across MAS-regulated banks. If your quote's EIR looks off, send it to [email protected] for a side-by-side.

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