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Electric car manufacturer Tesla has partnered with DBS Bank to provide loans at a more advantageous rate for customers.
Individuals may now apply for a temporary halt on payments of their motor vehicle loans following a move by the MAS to ease cash flow concerns.
Little-known rule change made two years ago has allowed car buyers to be exempted from car loan curbs if they wish.
At the end of last year, about 1.3 percent of car loan holders had an instalment that was overdue by more than 30 days, compared with two percent in 2015.
Despite easing of loan curbs by the Monetary Authority of Singapore, car buyers remain cautious amid concern over how move will affect premiums.
The Monetary Authority of Singapore has eased car loan guidelines, just three years after instituting them as demand for new cars has moderated.
The Monetary Authority of Singapore has eased restrictions on motor vehicle loans, increasing the maximum loan amount and loan tenure.
Buyers who cannot fork out down payment drawn to schemes that offer hefty financing, as the motor industry finds ways around car loan curbs.
Citibank has allowed pre-qualification of customers for car loans and this could possibly cause a shake-up in the local motor vehicle financing model.
The long stagnant interest rates for car buyers have shot up ever since measures to restrict the amount and tenure of loans were introduced early this year.
Parliament will sit for the first time after the closely watched Budget debate last month, and issues pertaining to housing and car loans will be raised.
Car loan restrictions imposed by MAS will be lifted for 60 days and restrictions will be extended to all financial entities.
Principle amount for motor vehicle loans reached a 10-year high last year according to a study by Credit Bureau Singapore.
The new MAS loan restriction imposed last week will not apply to the disabled, DPM Tharman Shanmugaratnam announces in his Budget debate wrap-up speech.
Despite the newly imposed auto loan restrictions, a number of parallel importers and used car dealers could still offer 100 percent loans till Friday!