Effective October 30, individuals buying cars to register as private-hire vehicles are capped at borrowing 60 or 70 per cent of the purchase price over a maximum seven-year period. Previously, individual owners could finance up to 100 per cent of the cost with zero upfront lump sum, prompting parallel import dealers to aggressively market the loophole. Labour representatives worry this shift could hurt legitimate drivers or force them into rental fleets. Analysts caution that the curbs may not significantly soften Certificate of Entitlement demand because affluent consumers and alternative corporate structures still dominate overall vehicle sales.
Key points
The new financing restrictions close a loophole that allowed individuals to obtain comple…: The new financing restrictions close a loophole that allowed individuals to obtain complete vehicle financing without upfront payments.
Industry experts believe Certificate of Entitlement demand may remain stable as premium b…: Industry experts believe Certificate of Entitlement demand may remain stable as premium buyers continue using conventional financing routes.
Affected motorists must now navigate higher upfront downpayments by switching to standard…: Affected motorists must now navigate higher upfront downpayments by switching to standard loans, choosing cheaper models, or utilizing rental fleets.
Sources checked by our analysis pipeline: 1
Individuals buying vehicles registered as private-hire cars can now only borrow up to 70 per cent of the car’s purchase price, compared with 100 per cent previously, but experts say it remains unclear whether this will lead to lower demand for COEs.
SINGAPORE: The Singapore government took action this week to close a potential loophole that some car buyers may have used to access a bigger and longer loan.
From Friday (Oct 30), individuals buying vehicles registered as private-hire cars can only borrow up to 60 per cent or 70 per cent of the car's purchase price, depending on the open market value. The loan tenures will also be capped at seven years.
Previously, individual owners of private-hire cars could potentially take a loan on 100 per cent of the purchase price, meaning they would not need to pay a lump sum upfront.
The authorities said on Thursday that some buyers may have been registering their vehicles as private-hire cars "primarily to access more permissive financing terms" without intending to provide ride-hailing services.
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