[MAS] will place a cap on motor vehicle loans from 26 Feb
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MAS to place cap on motor vehicle loans
from Tuesday Feb 26The 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.
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Look at that, Soon Taxi Fare is going to Rise again liao.
But members dun too happy, becuase your rental is oso going up liao.
“ wool comes from the sheep's back ”
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Originally posted by Ct2220:
Look at that, Soon Taxi Fare is going to Rise again liao.
But members dun too happy, becuase your rental is oso going up liao.
“ wool comes from the sheep's back ”rental will be cheaper la, cause the coe will drop..
but if u wan to drive a new taxi...
nid to put 10-20k deposit....
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http://news.omy.sg/News/Local-News/Qi-Che-Dai-Kuan-Shou-Jin-Fu-Jia-Zhu-Ce-Fei-Diao-Gao-140545
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Time to buy Alphard liao
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Originally posted by bowah:
Time to buy Alphard liao
u dam cash rich.....
not many ppl can come out 50k cash to buy a car...
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aiya 50k, can borrow from bank mah, knn, you know why they come out with this shit??
Let me tell you,
Car financing companies are getting big loans, profitable, our DBS and some local banks, since exposed to US and europe mortages lost, had withdraw part of it investment and focus more locally, beside housing loan, they are cannot get the car loan onto their market share.
Now they restricted those car financing companies from earning interest by controlling the nos of years, so people will go on personal loans from banks.
Govt do things is not going to lose, there will be benefits for them, others make, they also want to have a share, and they can alway do it by interventing the the rules and regulations.
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Originally posted by bowah:
aiya 50k, can borrow from bank mah, knn, you know why they come out with this shit??
Let me tell you,
Car financing companies are getting big loans, profitable, our DBS and some local banks, since exposed to US and europe mortages lost, had withdraw part of it investment and focus more locally, beside housing loan, they are cannot get the car loan onto their market share.
Now they restricted those car financing companies from earning interest by controlling the nos of years, so people will go on personal loans from banks.
Govt do things is not going to lose, there will be benefits for them, others make, they also want to have a share, and they can alway do it by interventing the the rules and regulations.
kudos to u...simi lan oso know..
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Just tell yourself, whatever govt do, they must gain somewhere, that is the concept of a skrew, cunning and businesslike govt.
Back to TD
Why not lack taxi be self own? because you earn, they dun earn, cannot mah
Why 4D become singapore pool, because others earn, they do not earn cannot mah
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Aiyo, Mai luan luan speculate la.......
Back in the 90s, COE are kang si lang high, car loan only up to 70%, those time buying car is not meant for even middle class people........
I still remember driving a Lada si beh satki liao.......
Than after Asian Crisis at 99, suddenly everything let loose until today........
What MAS have announce is nothing new. Just like 10 years series, now they decided to move back again, reason? Look at our road today.......
And DBS never ever interested in Car Industry, last time or now? Never..........
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They even close down DBS Finance, unless you telling me, they going to rekindle again?........hahaha
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now is loan 50-60%....
and can loan up to 5 years nia....
if buy a small car that said 100k,
nid 50k cash and monthly installment arround 1k....
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Speculate? nothing to speculate lah, our govt everyone know mah, bo advantage, they will not change policy, what DBS not interested, DBS those high 5 notes are in some deep shit hor, and if you looking for 2nd hand car at carmart, DBS icon is the first for you to click hor. What not interested.?
If DBS is not a govt bank, long long can up lorry liao, how many time they change CEO, without POSB, you think they can survive the financial crisis ar?? without HDB loan which they more or less monopolised, you think they can survive as a private entity?
Without holding back poeple CPF, you think they can do it?
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Originally posted by Red5xx:
now is loan 50-60%....
and can loan up to 5 years nia....
if buy a small car that said 100k,
nid 50k cash and monthly installment arround 1k....
Loan for fark, best is pay full, if cannot, dun buy lor -
Originally posted by Red5xx:
now is loan 50-60%....
and can loan up to 5 years nia....
if buy a small car that said 100k,
nid 50k cash and monthly installment arround 1k....
In the 90s, only can loan up to 7 years......
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Originally posted by bowah:
Speculate? nothing to speculate lah, our govt everyone know mah, bo advantage, they will not change policy, what DBS not interested, DBS those high 5 notes are in some deep shit hor, and if you looking for 2nd hand car at carmart, DBS icon is the first for you to click hor. What not interested.?
If DBS is not a govt bank, long long can up lorry liao, how many time they change CEO, without POSB, you think they can survive the financial crisis ar?? without HDB loan which they more or less monopolised, you think they can survive as a private entity?
Without holding back poeple CPF, you think they can do it?
Ok la, not meant to stir u la......
This whole changes got nothing to do with DBS la.......
Whether Gov want to benefit from here is another issue.......
I welcome this move, our road really too congested liao, a family owning 3 cars is eng a dai ji........
Hopefully after this implementation, less jiao kia on the road........
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The choice is yours, last nite, luxury cars open up till midnite, i pick a guy home, he was looking for a BM, why, because coming soon, luxury car taxation is going to be higher than normal car.
Tightening of loan period and high upfront downpayment is more to be prudent so as to curb youngsters who just come out only and think of buying a car with zero drive away, then meet up with lots of problem everymonth, end up blaming the govt this and that, it is also good to control all these youngsters in spending tomorrow not yet earn money
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Originally posted by Rbs70:
Ok la, not meant to stir u la......
This whole changes got nothing to do with DBS la.......
Whether Gov want to benefit from here is another issue.......
I welcome this move, our road really too congested liao, a family owning 3 cars is eng a dai ji........
Hopefully after this implementation, less jiao kia on the road........
I told you already, I like stirer fren mah. -
This is all about cooling measures....(just like the recent property market).
and also buying vehicles are only for the RICH PEOPLE.....
If you got thin bank accounts.... better go take BMW (BUS, MRT, WALK).
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But this measure does not includes COMMERCIAL VEHICLEs and Motorcycle.
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Originally posted by bowah:
Time to buy Alphard liao
Buy Alphard ?
No need.... just go drive Vellfire taxi....
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Haiz....will this mean taxi drivers will see better income, as got more pax? Or still the same or lesser because rental will increase?
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Co increase rental say is mainly to cover costs of high COE.. If COE drop rental shud drop,,, if dun drop ... time to make noise liao
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Rental is likely to stay high.... regardless COE drops or not...
In Singapore.... what goes up... never comes down (especially rentals).... hahaha.
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Originally posted by Just_do_it_lah:
Rental is likely to stay high.... regardless COE drops or not...
In Singapore.... what goes up... never comes down (especially rentals).... hahaha.
unless pap come down..
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Originally posted by Red5xx:
unless pap come down..
That one..... u have to wait, minimum 2016..... but we can wait bo ?