Singapore extends loan curbs to private-hire cars
Singapore is extending car loan restrictions to private-hire vehicles starting October 30 to close a financing loophole. Authorities noted a surge in registrations by individuals who do not intend to provide ride-hailing services.
Why it matters
It addresses a regulatory gap that was being exploited to bypass standard car loan limits, impacting consumer credit and the automotive market.
The move stops individuals from registering private-hire cars to circumvent financing restrictions.
Listen Summarise Singapore will extend car loan curbs to individuals buying private-hire cars from Oct 30. The move closes a loophole and applies the same seven-year loan and borrowing limits as private car buyers. Authorities said more people were registering private-hire cars with no plan to do ride-hailing, with about 500 such registrations a month. They warned some may be seeking “more permissive financing terms”. The Government will not create a separate COE category for private-hire cars. Dealers warned of higher costs, while MPs and industry figures said genuine drivers may struggle to afford vehicles. AI generated
SINGAPORE – Car loan curbs will be extended to individuals who buy cars for private-hire from Oct 30, in a move to ensure such purchases cannot be used to circumvent financing restrictions .
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Singapore Extends Car Loan Restrictions to Private Hire Vehicles
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