Singapore closes car loan loophole by extending financing curbs to individually owned private-hire cars
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Singapore has extended financing restrictions to include private-hire cars owned by individuals. This move aims to close a loophole in car loan regulations. Authorities were concerned that some buyers used a commercial vehicle exemption without intending to provide hire services.
The new restrictions come amid concerns that some buyers may have been taking advantage of an exemption meant for commercial vehicles, despite having no intention of providing private-hire services.