For subscribers
Rule change allows car buyers to access bigger loans
Option prompts more to switch from private to rental registration to be exempt from restrictions
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According to the Land Transport Authority, more than 4,400 cars were converted from private to rental registration between January 2017 and June 2019. A rental car is not subject to loan curbs.
PHOTO: ST FILE
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SINGAPORE - A little known rule change made two years ago has allowed car buyers to be exempted from car loan curbs if they wish. And it is completely above board, without them resorting to less-than-honest means such as inflating invoices, being party to dubious trade-in deals or setting up bogus businesses.
In 2017, the Land Transport Authority (LTA) lifted its requirement for rental cars to be registered under companies.
