{
  "id": 17058152,
  "title": "Singapore government slaps loan curbs on individual private-hire car buyers",
  "url": "https://urgent.news/2026/10/29/singapore-government-slaps-loan-curbs-on-individual-private-hire-car",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-29T12:00:00.000Z",
  "source": {
    "name": "The Business Times - Singapore",
    "slug": "the-business-times-singapore",
    "url": "https://www.businesstimes.com.sg/singapore/singapore-government-slaps-loan-curbs-individual-private-hire-car-buyers"
  },
  "original_language": "en",
  "account": "Starting from Friday, October 30, private individuals purchasing Singapore's private-hire cars (PHCs) will now adhere to the same financial restrictions as those applying for regular car loans. These restrictions encompass a maximum loan amount of up to 70% of the vehicle's purchase price and a maximum loan tenure of seven years. This move comes as a result of the rising trend of individual owners utilizing PHCs for personal use rather than for ride-sharing services. The decision was jointly announced by the Ministry of Transport, Monetary Authority of Singapore, Ministry of Energy, Trade and Industry, and Ministry of Law. In response to the growing number of individual-owned PHCs, the joint statement emphasizes the need to prevent PHC purchases from being used to circumvent financing limitations imposed on private car buyers. To ensure that PHC drivers exercise financial prudence akin to other private car owners, the joint statement asserts that individuals acquiring PHCs will be subject to the identical financing restrictions as those obtaining loans for private vehicles. The new loan limits apply to PHCs with an open market value (OMV) of S$20,000 or less, allowing borrowers to secure a loan up to 70% of the purchase price, including all taxes and the Certificate of Entitlement (COE) premium. For PHCs with a higher OMV exceeding S$20,000, the maximum loan amounts are capped at 60% of the total price. This regulation extends to both hire purchase and conditional sale agreements involving individuals. However, commercial vehicles, PHCs owned by businesses, and motorcycles remain exempt from these financing restrictions. The joint statement also clarifies that individuals acting as sole proprietors will still be subject to the new financing regulations. Prior to these changes, private individuals owning PHCs were exempt from financing restrictions, assuming they intended to use the vehicle for commercial purposes. However, recent data indicates a surge in individual-owned PHC registrations, with around 500 new registrations each month. The statement suggests that some may be registering these vehicles primarily to take advantage of more lenient financing terms. The joint statement also considers alternative measures, such as establishing a separate COE category for PHCs. However, this approach could result in higher rental costs for PHC drivers and elevated fares for riders, potentially disadvantaging those without access to private transportation. The statement underscores that implementing separate rules for PHC drivers and cars would undermine flexibility in meeting the commuting demands of PHC users. The government pledges to monitor market developments closely and implement consistent financing restrictions across all loan arrangements, including in-house loans.",
  "summary": "New rules include loan limits of up to 70% of the vehicle’s purchase price and maximum loan tenure of seven years",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}