MAS Imposes Financing Restrictions on Motor Vehicle Loans

[sandman369]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

The fav pastime of Singaporeans will be affected (changing car every 2-3 years)

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

huat ah ... !!!!!
this time govt really fast and furious ... steam

 

[sandman369]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

But only their entry level Vios and Altis lor...

High OMV models also affected Liao...

Exactly. u just have to google how many cars they sold when Coe was low. Hearsay back then one would have to take queue number to buy a Toyota

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

if coe can jerk down to $30K ... ok leh ...
the problem is ... if coe remains at $70k-ish to $90K ... jiak sai liao

Thats what I said. When u do stuff u need to measure the effects and not do things on a knee jerk reaction basis. This gahmen loves to do such stuff.

But Heng ahh, I bought car liao

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

wake up from wonderland!!!!
same number of cars but more with omv of less than $20,000.
more jap,korean and proton cars.

So... will this result in less cars on the road?

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

my dear friend
even if coe $1 also jiak lat.
0% cash upfront become 50% cash upfront.
10 year loan become 5 year loan.

if coe can jerk down to $30K ... ok leh ...
the problem is ... if coe remains at $70k-ish to $90K ... jiak sai liao

 

[unfit]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Exactly. u just have to google how many cars they sold when Coe was low. Hearsay back then one would have to take queue number to buy a Toyota

WAH cherry qq geely all also cum back huh...Hee Hee

 

[nicknick]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

if coe can jerk down to $30K ... ok leh ...
the problem is ... if coe remains at $70k-ish to $90K ... jiak sai liao

I believe Coe will jerk down deep deep, example bmw 316 190k, need down 95k siao!!! Those have the ability to fork out 95k won't take a look at the bread and butter model lo

 

[SpyVeilside]

MAS imposes restrictions on private car loans

Anybody posted this yet?

MAS imposes restrictions on private car loans - Channel NewsAsia

The Monetary Authority of Singapore (MAS) will re-introduce

1 financing restrictions on motor vehicle loans granted by financial institutions.

2 The maximum motor vehicle loan amount will depend on the open market value (OMV) of the motor vehicle purchased:

(i) For a motor vehicle with OMV that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and

(ii) For a motor vehicle with OMV of more than $20,000, the maximum LTV is 50%.

In addition, the tenure of a motor vehicle loan will be capped at 5 years.

3 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.

4 The financing restrictions will not apply to loans for the purchase of commercial vehicles3. They will also not apply to loans for the purchase of motorcycles.

5 The rules will take effect from 26 February 2013.

 

[Baby1M]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

WAH cherry qq geely all also cum back huh...Hee Hee

Chery QQ come back and cheap cheap, I also will not buy... it is like driving a squaresh coffin waiting to be shut tied.

 

[Mockngbrd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

 

[MW]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Tmrw confirm many people will withdraw their car sale fr sgcarmart cos sell liao cannot buy car hahahaha

 

[hoks]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I can't believe they increase the redundant ARF tax that has remained redundant for the last XX years.

I can believe though, this one trick pony has used the $$ trick again to try solving problems.

Actually the loan limitation impact so big? Previously when we had the 70% max loan thing it was easily bypassed by overtrade.

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

can buy motorbike, no loan restrictions.

Tmrw confirm many people will withdraw their car sale fr sgcarmart cos sell liao cannot buy car hahahaha

 

[Mockngbrd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Late i going downstair to hug my car...

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

this 50% is to bypass overtrade,the other way round.

I can't believe they increase the redundant ARF tax that has remained redundant for the last XX years.

I can believe though, this one trick pony has used the $$ trick again to try solving problems.

Actually the loan limitation impact so big? Previously when we had the 70% max loan thing it was easily bypassed by overtrade.

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

for once i am going to sleep in my car tonight, have to bring my pillow,booster and blanket.

Late i going downstair to hug my car...

 

[wt_know]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

if coe crash to $30K means govt had done a great job since many shouting high coe?
then must buy before govt chut pattern again to bring coe up to $70k-ish

 

[SpyVeilside]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

With 6.9million.. will singapore look like that??

[video=youtube;P2sTVGkDYsI]https://www.youtube.com/watch?v=P2sTVGkDYsI[/video]

can buy motorbike, no loan restrictions.

 

[hoks]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

this 50% is to bypass overtrade,the other way round.

Oh IC, get it now.

In worst case scenario, since Sgreans r so rich, COE dun drop and have to pay more tax...double whammy.

Also possible that dealer to not adjust price downwards $ for $ for COE drop.

No matter how car owners are screwed.