Singapore tightens private hire car loan rules for individuals
Singaporean authorities are tightening financing rules for individuals purchasing private-hire cars to match those of regular car buyers. The move aims to prevent individuals from using private-hire registration as a loophole to access more permissive loan terms.
Why it matters
This regulatory change impacts the automotive finance market in Singapore and aims to ensure financial prudence among vehicle owners.
Financing restrictions for PHCs will match those for regular cars, but experts expect no drop in COE premiums
[SINGAPORE] From Friday (Oct 30), individuals who purchase private-hire cars (PHCs) will face the same financing restrictions as regular car buyers. These include a maximum loan amount of up to 70 per cent of the vehicle’s purchase price and a loan tenure limited to seven years.
In a joint statement on Thursday, the Ministry of Transport, Monetary Authority of Singapore (MAS), Ministry of Energy, Trade and Industry, and Ministry of Law said that this is in response to the growing number of individual-owned PHCs that take advantage of freer financing terms but are not being used to serve rides.
Headlinne story · 3 newsrooms
Singapore Extends Car Loan Restrictions to Private Hire Vehicles
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