Car sellers ignore loan curbs

Importers are enticing car buyers with up to 100 per cent loans, with repayment period of 10 years

Online advertisements with attractive car loans.
Online advertisements with attractive car loans. PHOTO: ST FILE
Online advertisements with attractive car loans.
Online advertisements with attractive car loans. PHOTO: ST FILE

In yet another example of how it is easier to introduce rules than enforce them, a rash of parallel importers are flouting car-loan curbs which have been in place since 2013.

In several recent print and online advertisements, these car importers - who source their vehicles from overseas motor dealers instead of manufacturers - are enticing car buyers with up to 100 per cent loans. On top of that, these loans can be repaid over 10 years.

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A version of this article appeared in the print edition of The Straits Times on May 11, 2019, with the headline 'Car sellers ignore loan curbs'. Subscribe