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Is Now A Good Time To Get A Car?

This article was originally on GET.com at: Is Now A Good Time To Get A Car?

Now that car loan regulations in Singapore are a little more relaxed, what does that mean for a supposed car-lite Singapore?

News broke today that the Monetary Authority of Singapore (MAS) is now allowing car buyers to get a loan of up to 70% of the vehicle's purchase price, an increase from the previous Loan-To-Value (LTV) limit of 60%, for vehicles with an open market value (OMV) of $20,000 or less.

Similarly, buyer of vehicles with OMVs of more than $20,000 will be entitled an increased LTV from the previous 50% to 60%.

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The loan tenure has also been increased from 5 years to 7 years.

While it’s good news for those who have been interested to buy a car, it might also take a toll on certificate of entitlement (COE) prices and cause it to go up as demand increases because of easier accessibility to cars.

More importantly though, how does making it easier to get a car tie in with our nation's plan to move towards a car-lite city? Maybe this ease in restrictions for car loans could be another reason to add on to these 3 reasons why Singaporeans may not like a car-lite Singapore.

Keen To Buy A Car?

If you’ve been toying with the idea of buying a car, make sure you weigh out the pros and cons of having a car in Singapore. Buying a car is a big deal and it should be a decision that has been well thought-out and planned for.

If you already own a car, are you spending on petrol efficiently? It’s still possible to save money while you spend especially with a credit card. These 2 best credit cards for petrol savings allows you to save some cash while you spend on petrol for your car.

Credit cards can help you save money and here are 4 ways how to do so. It pays to use a credit card comparison site like GET.com if you’re looking to get a credit card that suits your lifestyle.

What do you think? Share your comments with us below!

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