Car loan interest rates in S'pore rise to average of 2.28% after US Fed's biggest rate hike in 22 years

In the past two years, car loan interest rates have generally not breached the 2 per cent mark. ST PHOTO: SYAMIL SAPARI
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Buyers of new cars are facing a double whammy - on top of higher premiums for certificates of entitlement (COE), they must now pay more for car loans.

Interest rates for car loans are echoing the recent move by the United States Federal Reserve to raise its federal funds rate by half a percentage point - the largest increase in 22 years.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.