Used car Loan Restrictions Lifted Temporarily to Credit Companies Not Regulated by MAS

Posted by on Apr 6, 2013 in News and Announcements |

Source: Loan Restrictions Lifted Temporarily for Purchase of Pre-Existing Stock of Used Cars; Restrictions Extended to Credit Companies Not Regulated by MAS The Monetary Authority of Singapore (MAS) will lift the current restrictions on car loans for a period of 60 days for the purchase of used cars that were part of car dealers’ inventory before the restrictions were introduced on 25 February 2013. As dealers have up to seven days to register used cars under the Land Transport Authority’s Temporary Transfer Scheme (TTS), used cars registered as of 4 March 2013 will be eligible for this...

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More in debt due to car ownership costs in Singapore

Posted by on Mar 11, 2013 in News and Announcements |

With the high COE price, the costs involved in maintaining ownership of a vehicle is one of the reasons why many Singapore car owners falling into debt. To maintain a car in Singapore, on a monthly basis, the cost is close to S$1,800 or more. If we take into consideration the road tax, insurance and petrol, season parking at house and office and everything else, on top of the monthly instalment car loan payment. So it is necessary to own a car in this small island with such intensive network of public...

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Monetary Authority of Singapore introduce restrictions on car loans

Posted by on Feb 26, 2013 in News and Announcements |

The Monetary Authority of Singapore (MAS) will introduce financing restrictions on car loans granted by financial institutions. After the introduction, the maximum car loan amount will depend on the open market value (OMV) of the motor vehicle purchased: For vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable and for vehicle with OMV of more than $20,000, the maximum loan to value is 50%. On top of this, the tenure of a car loan will now be capped at 5...

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