MAS temporarily lifts loan restrictions for 60 days

MAS temporarily lifts loan restrictions for 60 days

OneShift Editorial Team
OneShift Editorial Team
05 Apr 2013

The Ministry of Trade and Industry also issued new regulations today to ensure that MAS’ financing restrictions on the purchase of cars apply to non-MAS regulated entities as well. The Ministry of Law has also today required licensed moneylenders to comply with MAS’ financing restrictions.

Demand in the used car market has also fallen sharper compred to new cars.

MAS said in a statement that it has taken into account feedback from the Singapore Vehicle Traders Association on the state of the used car industry. It added that while it is not possible to relieve the industry from the impact of the financing restrictions on an ongoing basis, the two-month relaxation of the rules for its pre-existing inventory will help the industry adjust to the new conditions.

MAS also said that 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.

Calculate your financial commitments before your purchase with our New Car Loan Calculator and Used Car Loan Calculator!

Credits: Oneshift News Team

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