Singapore Closes Car Loan Loophole by Extending Financing Curbs to Individually Owned Private-Hire Cars

Singapore Closes Car-Loan Loophole, Extends Financing Limits to Individual PHC Buyers From 30 October

Sole proprietors are also covered by the new rules. The cutoff depends on when the sales agreement is signed, or when the COE is obtained if there is no agreement.

Singapore closes car loan loophole by extending financing curbs to individually owned private-hire cars

The new restrictions come amid concerns that some buyers may have been taking advantage of an exemption meant for commercial vehicles, despite having no intention of providing private-hire services.

Singapore government slaps loan curbs on individual private-hire car buyers

New rules include loan limits of up to 70% of the vehicle’s purchase price and maximum loan tenure of seven years Read more at The Business Times.

Private-hire car buyers face 60% or 70% loan cap as Government extends financing curbs

Those looking to purchase vehicles registered as private-hire cars (PHCs) will soon be subject to loan-to-value (LTV) limits of up to 70 per cent and a financing tenure cap of seven years, the Government said on Thursday (Oct 29).Under the new rules, motor vehicles that have an open market value (OMV) of $20,000 and below will have a maximum LTV of 70 per cent of the purchase price including taxes and the Certificate of Entitlement (COE).Motor v…

Singapore extends loan curbs to private-hire cars

Singapore extends car loan curbs to individuals buying private-hire cars from Oct 30 to close a financing loophole. Read more at straitstimes.com.