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POSB Car Loan
At a Glance
If you’re looking for a simple and affordable car loan, POSB Car Loan gives you just that.
Features & Benefits
- Choice of loan tenor from 1 year to 7 years.
- Loan amount is pegged to the Open Market Value (OMV)
Open market value# Maximum Finance Amount ≤ S$20,000 70% of the purchase price or valuation price, whichever is lower > S$20,000 60% of the purchase price or valuation price, whichever is lower
Tips for Used Car
- It is recommended that you do not transfer the car under your name prior to loan approval.
- Loan is only available for vehicles which are not more than 10 years old from the original date of registration.
- The open market value (OMV) of a used motor vehicle will be adjusted in accordance with its age, for the purpose of determining the appropriate loan-to-value (LTV) ratio allowable under the financing restrictions. A straight-line depreciation will be adopted in the value of the original OMV over 10 years (120 months) to derive an "applicable OMV" for purpose of determining the appropriate LTV ratio.
Find out about your affordability with these calculators
The calculators are intended to be used for illustrative purposes only.
The Bank accepts no liability for errors or omissions, nor for any loss arising from use of or reliance on this calculation herein.
The maximum loan amount is subjected to prevailing regulatory requirements and the bank at our absolute discretion is entitled to review the facility.