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For months we’ve seen the government roll out tighter limits and restrictions for almost every aspect of property, from loan-to-value (LTV) to loan tenures to eligibility restrictions. Recently, however, they seem to think that, even when it comes to cars, Singaporeans need help with financial prudence.
The recent Budget 2013 announcement included changes to some of the numbers for car loans in Singapore. A major change was a drastic decrease in LTV when purchasing motor vehicles, and a decrease in loan tenure. For vehicles with open market value (OMV) of $20,000 or less, the maximum LTV is 60% of the purchase price, which means the purchaser must come up with a 40% down payment. For vehicles that have OMV exceeding $20,000 the down payment required is even greater; 50% of purchase price. Not only that, the tenure for car loans has been reduced to a maximum period of five years.
- http://www.bluta.com.sg/blog/2013/03/and-you-thought-that-bishan-hdb-was-expensive/
The recent Budget 2013 announcement included changes to some of the numbers for car loans in Singapore. A major change was a drastic decrease in LTV when purchasing motor vehicles, and a decrease in loan tenure. For vehicles with open market value (OMV) of $20,000 or less, the maximum LTV is 60% of the purchase price, which means the purchaser must come up with a 40% down payment. For vehicles that have OMV exceeding $20,000 the down payment required is even greater; 50% of purchase price. Not only that, the tenure for car loans has been reduced to a maximum period of five years.
- http://www.bluta.com.sg/blog/2013/03/and-you-thought-that-bishan-hdb-was-expensive/
