LTA Looking To Impose A Surchage For Second Car Onwards

For individuals in Singapore who wish to buy more than one car in Singapore may need to shell out more cash on top of their Certificate of Entitlement (COE). This is what Transport Minister Lui Tuck Yew said to the reporters during a visit of the Marina Coastal Expressway project site last Thursday. According to him, this move will distribute car ownership more evenly, given the limited COE supply.

Another areas that will be looked into improving the current COE policy is the better classifications of mass market vs high end models and reclassification of categories which will be factored by engine power.

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Car Depreciation Will Be Factored Into Loan Value

The Monetary Authority of Singapore (MAS) will take into account depreciation calculating the open market value (OMV) of a used motor vehicle to determine the loan-to-value (LTV) ratio for car loans.

“MAS will adopt a straight-line depreciation in the value of the original OMV over 120 months to derive an applicable OMV for purpose of determining the appropriate LTV ratio,” MAS said in a press release.

It was said that the move is in response to feedback that the OMV listed in the original vehicle registration documents does not reflect the depreciated value of a used vehicle.

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MAS To Lift Loan Restrictions On Some Used Cars For 60 Days

The Monetary Authority of Singapore (MAS) has announced that it will temporarily lift the current restrictions on car loans for a period of 60 days for the purchase of used cars that were part of car dealers’ inventory before the new loan curbs were introduced on 25 February. The 60-day allowance is expected to spur a re-interest in the used car industry and aid with the clearing of stock held by the used car dealers.

Dealers have up to seven days to register used cars under the Land Transport Authority’s (LTA) Temporary Transfer Scheme – which aims to aid the industry in adjusting to the new conditions. Used cars registered as of 4 March 2013 will be eligible for this concession, MAS said. This will cover less than 7,000 cars and will be in place for a period of 60 days which, the financing restrictions will apply.

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High Car Loan Quantum in Singapore & Other Car Financing Options

With the new restrictions imposed by Monetary Authority of Singapore (MAS), on the car loan quantum and loan period, many middle-class families are now worried that they may never be able to drive and own a decent car in Singapore.

It is true that many potential car buyers in Singapore do not have the means to cough-up hefty down payments. As such, it is reasonable for them to seek alternative financing sources that can offer a much higher car loan quantum and flexible financing options.

Fortnutely, credit companies in Singapore do not come under the purview of these financing restrictions – where new and used car loans are now restricted to 60% or 70% of purchase price and must be repaid within seven years.

Speed Credit Pte Ltd (Business Registration #200000423N), a company that specialises in car financing and insurance services with more than 19 years of solid experience, has recently announced that car buyers are still able to get a higher quantum over a longer period through their company.

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MAS Places Car Loan Caps on Motor Vehicle Loans

The Monetary Authority of Singapore (MAS) has placed a cap on motor vehicle loans. The new rules lower the percentage of loan one can take and the tenure of the loan as well.

According to MAS, the financing caps are necessary to encourage financial prudence among car buyers. They also added that in this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves on motor vehicles.

Effective February 26 2013, the maximum loan amount that can be granted by financial institutions in Singapore will now depend on the open market value (OMV) of the motor vehicle purchased.

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Cheapest Car Loan For sgCarMart Used Cars

sgCarMart Used Cars Cheapest Car Loan Promotion

sgCarMart Used Cars

sgCarMart (www.sgCarMart.com) is the largest and most popular car portal in Singapore. If you’re looking for a used car, you’ll probably visit and spend some hours in looking for the car that you want through sgCarMart’s website rather than visiting each and every used car dealers’ showroom in Singapore.

Perhaps 95% of car dealers in Singapore post their used cars at sgCarMart. With only a few clicks, you would be able to get a list of the exact used car model that you want. Every car listings at sgCarMart can be sorted by make, model, price, gear, engine cap, mileage, vehicle type and availability status. Used cars at sgCarMart are also searchable by car type, budget and brands.

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10 Things To Do Before You Apply For A Car Loan in Singapore

Perhaps you are a first time car buyer in Singapore who does not know anything about car loan. This article will help you to be more confident in dealing with banks and finance companies and be aware of the car costs, loan amounts and terms.

Below are the 10 things that you need to do before you apply for a car loan in Singapore. We assure you that you’ll achieve a very smooth and hassle-free loan application process once you have done the following:

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How To Request For an LTA Transaction Pin Online via One Motoring

If you have applied for a car loan in Singapore, your bank or local auto finance company would definitely ask you to provide them with your LTA Transaction Pin for the vehicle’s transfer of ownership.

You might be clueless on how you can do such request, which website to go, which information to provide, and so on. Don’t panic, as requesting for a transaction pin is very simple. We have provided below the instructions on how you can request for an LTA Transaction Pin online via One Motoring’s website.

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How to Request For an LTA Vehicle Log Card via One Motoring

One of the most important documents that you need to submit when you apply for a car loan in Singapore is the vehicle’s log card. Some car owners are not aware that they can request a vehicle log card online via One Motoring’s Website.

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Details & Documents Needed For Car Loan Applications

When you apply for a car loan in Singapore, there is a lot of information that you need to provide to the bank or your local finance institute. Below are some of them:

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Requirements For a Car Loan Application in Singapore

Individual Car Loan Application Requirements for Locals


For the local car buyer, requirements are signed car loan application form, a clear copy of your NRIC (front & back), at least one income document and sales & purchase agreement. Income document can either be your latest 6 months CPF, 2 years notice of assessment or latest 3 months computerized payslip.

For the local/non-local car seller, requirements are vehicle log card or acknowledgement and clear copy of NRIC / Passport are needed. If the seller’s vehicle is still under finance, an authorization form to check full settlement is needed.

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Car Loan Guide For First Time Car Buyers

If it’s your first time to buy a car, then this article will serve as your quick guide in obtaining a car loan.

Before you jump the gun in buying your dream car, you must first ask yourself if you can afford a car loan. Think twice and evaluate your job stability, current savings, monthly income and expenses.

Once you’re done with the evaluation, you must be able to somehow make an estimate on how much monthly car payment you can afford. If you think that you have more than enough and are able to make regular monthly payments, then choose the car that perfectly matches your budget.

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