will place a cap on motor vehicle loans from 26 Feb

Ct2220 SG

http://www.straitstimes.com/breaking-news/singapore/story/mas-place-cap-motor-vehicle-loans-tuesday-feb-26-20130225

The 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.

Ct2220 SG

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 ”

Red5xx SG

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....

Ct2220 SG

http://news.omy.sg/News/Local-News/Qi-Che-Dai-Kuan-Shou-Jin-Fu-Jia-Zhu-Ce-Fei-Diao-Gao-140545

《联合早报》 26.02.2013

拥车证成价居高不下，政府昨天“重拳出击”，宣布了让市场“震惊”且形容为“极端”的降温措施，对汽车最高贷款顶限和车贷偿还期限实施严格限制；私家车的税务制也将进行改革，中大型及豪华车日后得支付较高的汽车附加注册费。

金融管理局昨天在副总理兼财政部长尚达曼发表政府财政预算声明后约半小时宣布，从即日起再次对汽车贷款实施限制，规定买车者今后能享有的最高贷款额，将视车子的抵岸价（Open Market Value，简称OMV）而定。

抵岸价低于两万元的车子，买主最多只能向金融机构贷款车价（包括拥车证和相关税务）的60％；OMV超过两万元，最高贷款顶限进一步收紧到50％。商用车和电单车的贷款不受影响。

最令车商“震惊”的是，今后所有车贷的偿还期限将限制在五年内，也就是说过去原可分10年摊还的车贷，以后一律规定只能分五年内摊还。如果是再融资，只需遵守贷款期的限制。

这意味着买车者得掏出更多现金支付首期，每月的分期付款额也会推高。新措施将影响新车和二手车市场。

bowah SG

Time to buy Alphard liao

Red5xx SG

Time to buy Alphard liao

u dam cash rich.....

not many ppl can come out 50k cash to buy a car...

bowah SG

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.

Red5xx SG

aiya 50k, can borrow from bank mah, knn, you know why they come out with this shit??

Let me tell you,

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..

bowah SG

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

Rbs70 SG

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..........

Rbs70 SG

They even close down DBS Finance, unless you telling me, they going to rekindle again?........hahaha

Red5xx SG

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....

bowah SG

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?

bowah SG

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

Rbs70 SG

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......

Rbs70 SG

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........

bowah SG

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

bowah SG

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.

Just_do_it_lah SG

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).

===================================================================

But this measure does not includes COMMERCIAL VEHICLEs and Motorcycle.

Just_do_it_lah SG

Time to buy Alphard liao

Buy Alphard ?

No need.... just go drive Vellfire taxi....