Singapore caps private-hire car loans at 70%, 7 years for individuals
What's new: The curbs start Oct. 30 after about 500 self-drive private-hire cars a month were registered under looser financing terms.
Singapore will extend car loan curbs to individuals buying private-hire cars from Oct. 30, closing an exemption that authorities said some buyers used to secure easier financing without planning to offer ride services. Buyers will face the same limits as private car owners: loans of up to 70% of the purchase price for cars with open market value of S$20,000 or less, 60% for pricier vehicles, and a maximum tenure of seven years. The rules apply to loans from financial institutions and licensed or exempt moneylenders, as well as hire-purchase and conditional sale agreements. Commercial vehicles, business-owned private-hire cars and motorcycles remain exempt.