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How AffordEMI works out what you can afford in Singapore
Two numbers drive everything on this page: the payment formula lenders use, and the share of your income they will let that payment take. For Singapore the conservative ceiling is 45% of net monthly income across all your obligations, and a stretched approval reaches 55%. The default rate is 5.4% a year on vehicle finance and 6.5% on two-wheelers, which are market averages rather than an offer to you. Regulation here requires at least 30% down, so the down payment slider will not go below that.
The formula
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount financed after your down payment, r is the annual rate divided by twelve, and n is the term in months. Reducing balance, monthly rest, no balloon and no final lump sum — every instalment shown clears the debt in full by the end of the term.
Why 45% and not more
Your existing commitments come out first, so what remains is genuinely available rather than theoretical. The dashed mark on the meter sits at 20% of income, which is where most planners put the vehicle on its own, because fuel, insurance, servicing and parking are never inside the instalment. The gap between that dashed mark and the 45% line is the difference between what a lender will approve and what leaves you room to live.
Questions people ask about car finance in Singapore
Why are the prices so high?
The Certificate of Entitlement. Before you pay for the car itself you are bidding for the right to own one for ten years, and COE premiums are set by fortnightly auction. They move constantly and can swing by tens of thousands between bidding exercises. Every price on this page is COE-inclusive, which is why a Corolla here costs several times what it does anywhere else in this calculator.
How much can I actually borrow for a car?
Financing is capped by rule, not by negotiation. Where the open market value is above S$20,000 you may borrow up to 60% of the purchase price; at or below that threshold, up to 70%. Maximum tenure is seven years. That is why the down payment slider will not drop below 30% here — the rest has to be cash.
What is TDSR and does it apply to car loans?
Total debt servicing ratio caps all your monthly debt obligations at 55% of gross monthly income. It is best known from property lending but banks assess car financing against your overall position too, so an existing mortgage materially reduces what you can borrow for a vehicle.
Is a Class 2B motorcycle a serious alternative?
For a single commuter, yes. A 2B bike costs a fraction of a car including its own COE category, and the instalment typically sits in the single digits as a share of a professional salary. Switch the category filter to bikes and scooters to see what that frees up each month.
Where the prices come from
COE-inclusive price for popular variants on sale now, curated by hand rather than scraped live. COE premiums are set by fortnightly auction and can swing by tens of thousands between bidding exercises. Prices move constantly — treat every figure here as a starting point and confirm with the dealer before you commit to anything.
What this page never does
- No account, no login and no email address to run a calculation.
- Your salary is never sent to a server. The maths runs entirely in your browser.
- Sharing a result encodes your inputs into the link, so you choose who sees them.
- No lending, broking or advice. See the disclosure for how this site is funded.