Showroom crowd before loan curb takes effect
26 Feb 2013|7,131 views
A number of car showrooms extended their operations last night, after the announcement of caps on car loans. In a statement released by the Monetary Authority of Singapore (MAS), car loans will be restricted to a maximum of 50 to 60 per cent of the purchase price, depending on the Open Market Value (OMV) of the vehicle.
The maximum loan repayment period will also be capped at five years.
This has sparked a hike in interest, with car buyers rushing to place an order before the new rule takes effect today.
For many, the new rule acts as a trigger point, prompting them to place an order for a car before the loan curb, which will lead to heavier commitments in terms of costlier downpayments and monthly repayments.
Speaking to the local media, a Senior Manager of Cycle & Carriage - the local distributor for Mercedes-Benz, Citroen, and Kia, said last night's turn up was akin to a weekend's crowd.
Performance Motors - dealership for BMW cars - also had five sales teams on duty last night. It is understood that the firm was open till midnight.
A number of car showrooms extended their operations last night, after the announcement of caps on car loans. In a statement released by the Monetary Authority of Singapore (MAS), car loans will be restricted to a maximum of 50 to 60 per cent of the purchase price, depending on the Open Market Value (OMV) of the vehicle.
The maximum loan repayment period will also be capped at five years.
This has sparked a hike in interest, with car buyers rushing to place an order before the new rule takes effect today.
For many, the new rule acts as a trigger point, prompting them to place an order for a car before the loan curb, which will lead to heavier commitments in terms of costlier downpayments and monthly repayments.
Speaking to the local media, a Senior Manager of Cycle & Carriage - the local distributor for Mercedes-Benz, Citroen, and Kia, said last night's turn up was akin to a weekend's crowd.
Performance Motors - dealership for BMW cars - also had five sales teams on duty last night. It is understood that the firm was open till midnight.
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