The latest credit information data shows that in Singapore, car loans have dropped significantly last year in Singapore. Total new auto loans provided by financial institutions are only 36,000 pens in 2013. Many people use an auto loan calculator with tax to calculate it.
Reduced nearly half compared with the previous year, hit a record low since 2003. Average loans also fell 22 percent year on year at the same time, only 70,400 Singapore dollars.
To encourage citizens avoid excessive borrowing, Monetary Authority of Singapore Government tightened on auto financial loan conditions in February 2013, provisions of the landed price of less than 20,000 Singapore dollars (about 96,000 yuan) for imported cars, Buyers can only loans to financial institutions 60% of the original purchase price; The landed price of imported cars more than S $ 20,000, the maximum loan capped at 50% of the original price of the car.
Car loan repayment period has been shortened from 10 years to 5 years at the same time, Singapore government has also imposed higher S car surcharge on the car buyers whose purchase price is more than S $ 20,000.
Nevertheless, Singapore local car sales were not affected, Not only the market is still hot but also the car ownership certificate prices are always high. Local analysts believe that MAS avoided some excessive borrowing indeed, but the actual effect is not obvious.
Because the market demand is very strong, although the prices have become increasingly expensive, With the improvement of living standards, most car buyers buy a car without borrowing from banks, they have plenty of money to buy a car. So the Singapore Government will face significant policy adjustment pressures.