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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. 

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