By design, our taxation structure has been made to disincentivise car ownership. That hasn't stopped up to 11 per cent of our population from buying their own set of wheels though.
There are many ways one can go about obtaining a car loan, and not all car loans are created equal. Making an informed decision on your choice of financing, therefore, can really affect the total amount of dosh you'll have to spend in the long term. You shouldn't shop for a loan based solely on the monthly repayments. This is because dealers and institutions can tailor tenures, interest rates and even downpayment amounts to meet your requirements.
Let's also assume that the person in question makes the average Singaporean monthly salary of $4,680 , and owns a new three room BTO flat, with a monthly instalment of about $1,500. With the TDSR guidelines, you'd only be eligible for a loan of about $1,300.Banks will only loan you up to $66,500 in an ideal scenario - you'll need $83,500 in cash to pay off the rest of the car. At the 6.
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