Red_Bean_Bun
Well-Known Member
By Christopher Tan Senior Transport Correspondent
The widely expected rise in interest rates for car buyers has materialised, since measures to restrict the amount and tenure of loans were introduced in March to cool the market.
As of yesterday, DBS Bank remained the only bank sticking to the old rate of 1.88 per cent per annum. All the others have raised interest rates almost uniformly to 2.68 per cent since the first mover - believed to be Citibank - revised its rate upwards in March.
The higher charges came after the Government announced measures in late February to cool the motor market, including restricting the loan amount to no more than 60 per cent of a car's purchase price, to be repaid in no more than five years.
The widely expected rise in interest rates for car buyers has materialised, since measures to restrict the amount and tenure of loans were introduced in March to cool the market.
As of yesterday, DBS Bank remained the only bank sticking to the old rate of 1.88 per cent per annum. All the others have raised interest rates almost uniformly to 2.68 per cent since the first mover - believed to be Citibank - revised its rate upwards in March.
The higher charges came after the Government announced measures in late February to cool the motor market, including restricting the loan amount to no more than 60 per cent of a car's purchase price, to be repaid in no more than five years.
