Monthly individual-owned private-hire car registrations in Singapore rises 70% in 2026
Government looking into applying loan restrictions across other financing arrangements including in-house loans
In 2026, Singapore saw a significant surge in the number of individual-owned private-hire cars, with registrations increasing by an estimated 70% compared to the previous year. According to the Ministry of Transport (MOT), the monthly average of these vehicles rose from around 300 in 2025 to approximately 500 in 2026. This increase came into effect on October 30, when new financing limitations were imposed on individually-owned, self-drive private-hire cars.
The loan quantum is now capped at 70% of the purchase price, and the maximum loan tenure is limited to seven years. The restriction applies to all individuals, including sole proprietors, who had previously been exempt as the cars were deemed for commercial use.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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