Glossary

A standardized way to express the true borrowing cost per year, accounting for the reducing balance and how repayments are scheduled. Useful for comparing offers fairly.

Interest calculated on the original principal across the entire tenure, then spread into instalments. Flat-rate quotes can look lower than the true cost; compare using all‑in payable or EIR.

The number of months/years you repay the financing. Longer tenure lowers monthly instalments but can increase total payable.

The maximum portion of the vehicle's value that can be financed (e.g., 60% / 70%). This directly affects the cash downpayment required.

The amount you pay upfront. In practice it is driven by purchase price + LTV limits + fees and taxes. Higher downpayment can reduce monthly burden and improve approval likelihood for some profiles.

Non-interest costs that still affect your total payable (e.g., processing fees). Always confirm what's included and whether fees are upfront or financed.

Total amount repaid over the tenure (principal + interest + applicable fees). A robust comparison metric when offers differ in rate type and fees.

A major component of vehicle cost in Singapore. It affects the purchase price and therefore downpayment and financing amount.

A structured list of required proofs (identity, income, employment, residency, vehicle details, consent). Completeness improves speed and reduces rework.

A pre‑assembled folder + ReadMe summary you submit once to minimize missing-item follow-ups. Designed to reduce restarts in the application flow.

A common delay pattern where an application is paused or rejected due to missing/unclear items, then restarted after fixes—often repeating checks and extending time.