Singapore extends car loan curbs to private-hire buyers from Oct. 30

Singapore will subject individuals buying private-hire cars to the same financing limits as private car owners from Oct. 30, closing what authorities described as a loan loophole. Buyers will face a maximum loan tenure of seven years and can borrow up to 70% of the purchase price for cars with an open market value of S$20,000 or less, or 60% for more expensive vehicles. The Ministry of Transport, Monetary Authority of Singapore, Ministry of Energy, Trade and Industry and Ministry of Law said registrations of individually owned self-drive private-hire cars had surged to about 500 a month, suggesting some buyers were classifying cars that way to secure looser terms. Existing loans are unaffected.