I was planning to buy a car, paying a downpayment of $10,000 and rest on loan. Everything is now stable. I completed my degree. I am happily engaged with my beautiful fiance, getting married at the end of the year, and Alhamdulillah, now, I am having lots of appointments non stop, justifying that a car will help me travel more efficiently around the country.
Then came the news that the Monetary Authority of Singapore is imposing restrictions on loans for private cars to safeguard against borrowers defaulting on their repayments.
Beginning, today, 26 February 2013, consumers will be limited to borrowing 60 per cent of the purchase price of a motor vehicle when the open market value (OMV) is S$20,000 or less. A tighter limit of 50 per cent will be imposed when the OMV is more than
S$20,000.The MAS is also capping the tenure of a motor vehicle loan at ...