SG: Interest rates for car loans increased

The interest rates for car loans have increased. Many have been anticipating the increase, which is caused by the implementation of measures to control how much money is being loaned out in a bid to cool the market; new legislations now require the loan to be repaid in 5 years, and the maximum loan amount is capped at 60% of the car’s purchase price. So far, the only bank that is sticking to their old rate of 1.88% is DBS; all its competitors have raised their interest rates to about 2.68 per cent.