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MAS extends loan restrictions to all entities that finance car purchases

By PetrolHead on 06 Apr 2013

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The current car loan restrictions will be lifted by the Monetary Authority of Singapore (MAS) for a period of 60 days for the purchase of used cars that were part of car dealers' inventory before 25th February 2013.

Used cars registered as of 4th March 2013 will also be eligible for this concession as dealers have up to seven days to register used cars under the LTA's Temporary Transfer Scheme (TTS).

The inventory of used cars acquired by dealers at relatively high in-built Certificate of Entitlement (COE) values has made it particularly challenging to adjust to the new market conditions.

Demand has also fallen more sharply in the used car market compared to that for new cars.

Thus MAS has therefore decided to temporarily lift the restrictions for the limited pool - comprising less than 7,000 cars. This concession takes effect from 6th April 2013 and will be in place for a period of 60 days, after which, the financing restrictions will apply.

Also, the previously announced loan restrictions has been extended to all entities that finance car purchases - including those not regulated by MAS.

MAS also announced it will continue to monitor developments in the car market and COE premiums, and will recalibrate the financing restrictions for new and used cars when appropriate.

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Written by PetrolHead
A passionate motoring enthusiast since little, Akram's articles gives alternative insights on the latest motoring news.

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