Used-car dealers urge MAS to review loan curb

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The Singapore Vehicle Traders Association (SVTA) on Tuesday met the Monetary Authority of Singapore (MAS), calling for a review on loan curbs for used cars.

The association, comprising of more than 400 used-car dealers in Singapore, has been monitoring feedback from its members. Many of them are suffering, with business dropping by at least 50 per cent.

It is proposing that used-car buyers be allowed to borrow up to 80 per cent of the purchase price and for the loan to be serviced over eight years, instead of 60 per cent and five years under current rules that took effect late February.