The new rule is for a maximum financing of 60%, i.e. down payment of 40% required, and maximum loan tenure of 5 years. (Unfortunately, I just read that it does not apply to unlicensed credit firms ...
...It seems that many initiatives were rolled out in the Singapore budget speech 2013. Most of the items were mostly for the lower or higher income group with little touching the lives of the bulk of the population, the middles class. Hence, most of the issues were over shadowed by one that strikes the hearts of the majority of people belonging in the sandwich class. And that is the new measures on car financing, indirectly affecting car ownership.
