Monthly individual-owned private-hire car registrations in Singapore rise 70% in 2026
Government looking into applying loan restrictions across other financing arrangements including in-house loans
In 2026, there was a 70% increase in the monthly average registrations of individual private-hire cars in Singapore, according to figures from the Ministry of Transport (MOT). This surge occurred following the implementation of loan restrictions on private-hire cars, which came into effect on October 30, 2026. Prior to this change, individuals were exempt from financing limitations, as these cars were considered commercial vehicles.
The new rules cap vehicle loans at 70% of the purchase price and a maximum loan term of seven years, applying to all individuals, including sole proprietors. The MOT, alongside the Monetary Authority of Singapore, the Ministry of Trade and Industry, and the Ministry of Law, introduced these measures to curb the trend of individuals registering private-hire vehicles solely for the purpose of securing more lenient financing options without offering ride-hailing services.
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.
