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.
As such, Speed Credit is offering these special financing options in Singapore:
1.) A high car loan quantum of up to 80% of purchase price (Subject to approval due to the recent changes on MAS Ruling. Not applicable to loan matching.).
2.) And a special in-house car loan promotion from 1.68% and 1.88%.
Although these special financing options can definitely aid MAS’ drastic car financing restrictions, all car loan applications at Speed Credit are still subject to thorough approval.
In an interview conducted by Channel News Asia, the Managing Director of Speed Credit, said: “We are more selective now, we also have to check with the customer whether they can finance the loan.”
