No extension on lifting of car loan restrictions

SINGAPORE — The lifting of car financing restrictions for used-car buyers for 60 days will not be extended beyond the stated period, said Acting Minister for Culture, Community and Youth Lawrence Wong in Parliament yesterday.

He added that the Monetary Authority of Singapore (MAS) “will not for some time revert to the pre-February situation of having no financing restrictions on car purchases”.

 Mr Wong, who is a board member at the MAS, was speaking on behalf of Deputy Prime Minister Tharman Shanmugaratnam, who is the Minister in charge of the MAS, in response to parliamentary questions filed by Members of Parliament (MPs) Lim Biow Chuan (Mountbatten) and Lee Bee Wah (Nee Soon GRC).

Mr Wong said data from the Land Transport Authority (LTA) indicated that of the 11,000 used cars acquired before the introduction of the financing restrictions on Feb 26, 4,000 were sold in the one month since the loan curbs were introduced.

“Based on this trend, and with the temporary lifting of the financial restrictions, dealers should be able to sell most of the remaining 7,000 used cars within the two-month window,” said Mr Wong.

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