Car Buyers Taking out Bigger Loans, after Relaxation of MAS Rules
According to a report by Channel NewsAsia, car buyers have been taking out bigger car loans, after the Monetary Authority of Singapore (MAS) relaxed their rules on vehicle loans, which took effect in May last year.
The average loan amount, according to Singapore’s consumer credit bureau, done on February 6, showed an average of S$65,868 to finance their vehicle purchase. This is a 22.5% increase from S$53,777 in May last year, and another 10.9% increase from $59,408 in December 2015.
Incidentally, there will be an increase in the number of COEs by 11.6% from February to April this year, signalling a likely drop in the private car COE prices.
Perhaps this will be an ideal time to hunt, for those who are looking for a new car, and a good time to work out some finances as well.
Read more about the relaxation of rules here.
Credits:
Convenient and Hassle-Free- Consumer Protection
Transparent Process
With No Obligation
Get the Best Price for your used car
from 500+ dealers in 24 hours
