Temporary lifting of car loan restrictions will not be extended

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http://news.xin.msn.com/en/singapore/temporary-lifting-of-car-loan-restrictions-will-not-be-extended#scpshrtu

The Monetary Authority of Singapore (MAS) will not be extending the temporary lifting of car loan restrictions for used cars beyond the two-month period.

Acting Minister Lawrence Wong, who is on the MAS' board of directors, said the time period is already "very reasonable."

He pointed to figures from the Land Transport Authority (LTA), which showed that of the 11,000 used cars acquired before the loan restrictions in February, 4,000 were sold in the following month.

Based on this trend, Mr Wong said dealers should be able to sell most of the remaining 7,000 used cars within the two-month period.

He assured that MAS has taken in the feedback, studied the issues very carefully and worked out what would be a reasonable period to help the used car dealers clear their inventory.