PAP says Car for cash rich people only..... the rest can fark spider take bus....

[Force 136]

SINGAPORE: The Monetary Authority of Singapore is imposing restrictions on loans for private cars to safeguard against borrowers defaulting on their repayments.

Beginning on February 26, the central bank said consumers will be limited to borrowing 60 per cent of the purchase price of a motor vehicle when the open market value (OMV) is S$20,000 or less.

A tighter limit of 50 per cent will be imposed when the OMV is more than S$20,000.

The MAS is also capping the tenure of a motor vehicle loan at five years.

"The financing restrictions are necessary to encourage financial prudence among buyers," the MAS said in a statement.

"In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves," it said.

The new restrictions do not apply to loans for either commercial vehicles or for motorcycles.

For re-financing facilities, only the cap on loan tenure applies.

The MAS previously had in place financing restrictions on car loans from February 1995 to January 2003.

- CNA/fa

 

[kopiuncle]

no matter
this place is going to be one big car park

 

[enterprise2]

Look like they never listen after all. What about all our suggestions...pay as u bid, do not allow car dealers to bid..etc

 

[Tuayapeh]

SINGAPORE: The Monetary Authority of Singapore is imposing restrictions on loans for private cars to safeguard against borrowers defaulting on their repayments.

Beginning on February 26, the central bank said consumers will be limited to borrowing 60 per cent of the purchase price of a motor vehicle when the open market value (OMV) is S$20,000 or less.

A tighter limit of 50 per cent will be imposed when the OMV is more than S$20,000.

The MAS is also capping the tenure of a motor vehicle loan at five years.

"The financing restrictions are necessary to encourage financial prudence among buyers," the MAS said in a statement.

"In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves," it said.

The new restrictions do not apply to loans for either commercial vehicles or for motorcycles.

For re-financing facilities, only the cap on loan tenure applies.

The MAS previously had in place financing restrictions on car loans from February 1995 to January 2003.

- CNA/fa

COE sure chui.....



but on a gloomier note...i think this year sure got some bo ho kan tau or else this CCB PAP govt wont be pulling this kinda discouraging tactics....


they better watch it ... this year might have a tailspin economy

 

[Narong Wongwan]

Pappy knows best.
Next time got food shortage or food crisis they will tell those poor sinkies to eat dog food.

 

[SgGoneWrong]

Look like they never listen after all. What about all our suggestions...pay as u bid, do not allow car dealers to bid..etc

If Party Against People will listen, pigs can fly lol! Only naive ones still pin hope on that

 

[Tuayapeh]

Pappy knows best.
Next time got food shortage or food crisis they will tell those poor sinkies to eat dog food.

they already did .....remember how those bastards said Frozen food is good..... let's see them feed their families with it before talking lor CCB kiah!!

 

[enterprise2]

The rich can still get their lambos and Posches but the middle and lower cannot get their Toyotas!!

 

[bushtucker]

ordinary people still can afford, just that they aren't allowed to loan too much. those who are prudent with their savings should still be able to afford a car and enjoy cheaper COE in the months to come.

we are actually going back to the 90s era where minimum downpayment is 30% and maximum loan tenure is 7 years.

 

[Tuayapeh]

The rich can still get their lambos and Posches but the middle and lower cannot get their Toyotas!!

or else the road too fucking jam for the eleites to run their engines properly mah ....


they needs the roads to be clear and almost empty so that they can race and crash into trailers and into more people.....

 

[halsey02]

Pappy knows best.
Next time got food shortage or food crisis they will tell those poor sinkies to eat dog food.

Ants Till You C...will be educating the SINgapore consumers on the benefits of HORSEMEAT soon..."they shoot horses, don't they"??

 

[watchman8]

finally PAP bring back some control over car loans. All the siao ghin nah bidding for news cars like there is no tomorrow, all because banks provided such great terms for car loans. Low interest rate plus long term loans.

Don't think many of rich are going to be that happy too. Their super cars now also need to dump a few hundred k cash to buy. This is cash they they need in their own businesses or to earn better returns elsewhere.

I foresee the COE market is going to crash and car prices will be back to more "normal" levels.

 

[Narong Wongwan]

they already did .....remember how those bastards said Frozen food is good..... let's see them feed their families with it before talking lor CCB kiah!!

Ants Till You C...will be educating the SINgapore consumers on the benefits of HORSEMEAT soon..."they shoot horses, don't they"??

As usual pappies cannot solve problem take easy way out.
Another example is high property prices they tell you live in shoebox.
It's always sinkies must lower expectations and adapt....but they never do the same.

 

[Bigfuck]

Jobs in Leegime linked companies only given to vote rich candidates.

 

[I_Hate_Pappies]

All these loan limits set by MAS protect who? :oIo: Nowadays bank's business all bao jiak liao. :oIo:

 

[kopiuncle]

keep on changes on the rules on loans and initial payments until old uncle topsy liao..
nevermind lah, just use public transport lah...but nahbeh! all jams everywhere!!!

 

[scroobal]

When auto- finance was deregulated in 2003, the banks and private motor-traders went berserk. Except for the hire-purchase Act, the naive and the meek were offered honey rates, teasers and when their vehicles were repossed, they lost whatever equity they had. Sadly the biggest victims were the Malays. The predators would wait anxiously for a default to act quickly. It was a bad decision. The clown from MAS who made the decision over time was found wanting and all his juniors overtook him including the current MD. He is now running Finance, IT and a supporting function. A Malaysian FT at the time of joining.

 

[I_Hate_Pappies]

Wonder what will happen to those sales personnels who need to travel around using car, will their companies increase their car allowances? If not, how? Suck thumb? If yes, where these extra $ come from? Consumers can suck thumb liao. :oIo:

 

[blackmondy]

FTs and new shittyzens will get loans easily since they're first-timers.

Sinkies can go suck cock. Fucking pee-a-pee.

 

[Firestorm]

MAS to place cap on motor vehicle loans from Tuesday Feb 26


MAS to place cap on motor vehicle loans from Tuesday Feb 26

Published on Feb 25, 2013

Performance Motors (BMW) showroom. The Monetary Authority of Singapore (MAS) will place a cap on motor vehicle loans from Tuesday Feb 26. For a motor vehicle with open market value that does not exceed $20,000, the maximum loan-to-value is 60 per cent of the purchase price, including relevant taxes and the price of the Certificate of Entitlement. -- ST FILE PHOTO: JASON QUAH

By Royston Sim

The Monetary Authority of Singapore (MAS) will place a cap on motor vehicle loans from Tuesday Feb 26.

For a motor vehicle with open market value that does not exceed $20,000, the maximum loan-to-value is 60 per cent of the purchase price, including relevant taxes and the price of the Certificate of Entitlement.

For vehicles with an open market value of more than $20,000, the maximum loan will be capped at 50 per cent.

In addition, the tenure of a motor vehicle loan will be capped at 5 years.

In a statement on Monday, the MAS said: "The financing restrictions are necessary to encourage financial prudence among buyers of motor vehicles. In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles."

The financing restrictions will not apply to loans for the purchase of commercial vehicles or motorcycles.