Car loans are something many of us think about
In Singapore the number of car loan taker has become high after MAS has simplified the rules. MAS, referred as Monetary Authority in Singapore, made announcement about it last year in May. Credit Bureau Singapore has started to survey about it and found many details, later these were released in press by CBS.
On the report they have stated that nearly 65,868 dollars have been borrowed by the people to buy new and used vehicles this is till December data.
Comparing to last year this was quite high, last year just 53,777 dollars were borrowed but now twenty two percentages exactly got high. Comparing with 2015, there is increase of 10.99 percent. In 2016, motor vehicle loan taker has improved 25.6 percent.
An individual borrowed maximum amount in last year was 837,135 dollars, this is the highest borrowed amount in the history comparing to 2015. In 2013 curbs imposed low cost car in order to encourage the car buyers, COE (Certificate of Entitlement) also made the premium charges flexible and this provided good financial support for the people. Buyers now can get loan nearly seventy percent of market value.
Open market value car buyers can enjoy more than 20,000 dollars. From last seven years the payment also increased, every three years once you can find some changes on it. In CBS report they also stated that offending debt are declined maximum.
All age groups can enjoy this facility, the low rate gave the flexibility for the borrowers. This survey has provided after taking consideration of different banks report.