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 concession.