What are the Costs of Owning a Car in Singapore?

Car Insurance and Car Loans

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The rates for car loans range between 1.99%- 2.99% per annum. Some banks like DBS and Standard Chartered provide car loans from a minimum of S$10,000 down-payment. Hitachi Capital and Hong Leong Finance are among a handful of companies that have loading fees.

Moving on to car insurances.

The cost to insure a Toyota Corolla Altis 1.6L would come to around S$1200 annually. This would be a standard auto insurance package – a comprehensive insurance plan would start from S$2000.

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