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.
