Cars at $0 downpayment & 10 years loan-repayment!
- Thread starter Shadus
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[for the convenience of all, i re-post the article from Channel News Asia here...]
Monetary Authority of Singapore lifts cap on car loans
By Johnson Choo
In an unexpected move, the Monetary Authority of Singapore has scrapped the 70 percent cap on car loans and the 7-year repayment period.
In a statement, MAS said car loans only form a small proportion of the total loan portfolio for financial institutions, and the level of non-performing car loans is very low.
So the lifting of the limits on car loans is in line with MAS' shift from a one-size-fits-all approach to a risk-focused approach.
MAS added it expects financial institutions to take into account the borrower's credit worthiness, debt servicing ability and collateral.
Monetary Authority of Singapore lifts cap on car loans
By Johnson Choo
In an unexpected move, the Monetary Authority of Singapore has scrapped the 70 percent cap on car loans and the 7-year repayment period.
In a statement, MAS said car loans only form a small proportion of the total loan portfolio for financial institutions, and the level of non-performing car loans is very low.
So the lifting of the limits on car loans is in line with MAS' shift from a one-size-fits-all approach to a risk-focused approach.
MAS added it expects financial institutions to take into account the borrower's credit worthiness, debt servicing ability and collateral.
Sigh.. me no license plus cannot afford new car leh... I think if I get a license the most I can afford is a many hand car.. 
And not sure how to go about that also
And not sure how to go about that also
Like all new rules in a market, it may be better to wait and see how things settle before you take the plunge. It may not be worthwhile committing while things are still in their transient stage.
Wasn't there already something like high loan where you only pay 10% up. So a new Lancer will now cost $900+ per month instead of 700+.
Originally posted by roti
can afford the car but parking in the CBD + road tax + ERP +petrol will kill me .........
You'll need to + insurance which cost more than $1,000 per annum.....
Not confirm $1,000
Drivers with good track records.....(Clean records not rubber burning records
) can get discount.....Those Offence Free discounts, No claim discounts, loyalty discount blah blahz...can help lower down the premiums....
Wun really kill
but still a substantial sum no doubt....- Status
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