Probe into car loans aimed at avoiding financing rules

With the loophole in car loan regulations, a buyer can get a 90 per cent loan option for this pre-owned Ferrari priced at $298,000, which means only $30,000 is required for the cash down payment instead of $119,200.
With the loophole in car loan regulations, a buyer can get a 90 per cent loan option for this pre-owned Ferrari priced at $298,000, which means only $30,000 is required for the cash down payment instead of $119,200.ST PHOTO: KUA CHEE SIONG

MAS, other agencies tracking loans to buyers from financial and non-financial institutions

The authorities in Singapore are looking into car loans to detect whether there have been attempts to circumvent car financing rules.

The Monetary Authority of Singapore (MAS) told The Straits Times that it is working with other agencies to monitor these loans that financial and non-financial institutions are giving buyers.

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A version of this article appeared in the print edition of The Straits Times on August 14, 2019, with the headline 'Probe into car loans aimed at avoiding rules'. Print Edition | Subscribe