FLASH: MAS eases rules on motor vehicle financing

FULL STORY: MAS eases car loan curbs

The rules on motor vehicle loans will be revised as follows with effect from May 27, 2016:

Open Market value of motor vehicle Maximum loan-to-value (LTV)* Maximum loan tenure Less than or equal to S$20,000 70% (previously 60%) 7 years (previously 5 years) More than S$20,000 60% (previously 50%) 7 years (previously 5 years)

*LTV is the amount of the loan expressed as a percentage of the purchase price of the motor vehicle. The purchase price includes relevant taxes and price of the Certificate of Entitlement.

Full story to come.