Relief at last for second-hand car dealers.
The Monetary Authority of Singapore (MAS) will lift current restrictions on car loans for a period of 60 days for used cars that were part of car dealers’ inventory before the new curbs were introduced on 25 February.
As dealers have up to seven days to register used cars under the Land Transport Authority’s (LTA) Temporary Transfer Scheme (TTS), used cars registered as of 4 March will be eligible for this concession. MAS estimates this pool comprises less than 7,000 cars.
In a statement on Friday, MAS says the move takes into account the distinct conditions in the used car market currently.
It says that the inventory of used cars acquired by dealers at relatively high in-built Certificate of Entitlement (COE) values before the introduction of the financing restrictions has made it particularly challenging for them to adjust to the new market conditions.
MAS adds that demand has also fallen more sharply in the used car market compared toRead More »from MAS lifts current car loan curbs for 60 days for some used cars