New Car Loan & ARF regulations - Reactions

New Car Loan & ARF regulations - Reactions

The MAS has just recently introduced new car loan restrictions, 50-60% limit on car loans with max loan tenure of 5 years. As well as high ARFs for more expensive cars. What has been the reaction on the ground?

Newly wedded couple Mr and Mrs Ting were sorely disappointed, "We were looking at a normal size car to allow us to drive to work and not have to squeeze in the over-crowded MRT and buses. With the large downpayment buying a car is out of our league. I guess I would have to enjoy, oops I mean tolerate being molested by all the Banglas on the train." exasperated Mr Ting.

We also managed to interview Mr Jian Chen from China, who kindly put down his Vertu handphone to talk to us. We found out that he was a provincal official in some obsure part of China, living it large in Singapore. We asked if the ARF would affect his car buying decision making. "Mei Wun Ti! Mei Wun Ti! Wo can afford luxury MerzBenzt ah, just siphon more public money only, sure can pay!"

Car dealers however were more worried and concerned, Mdm Buay Bac-side lamented,"Aiyoh, you know now with all these measures, less people will buy cars, I cannot make enough commission to upkeep my lifestyle. The new Birkin bag is coming out! How to afford!"

It seems that the only people thrilled by the prospects of the new car measures were un-licensed money lenders. Mr Tau Yi-Long exuded excitedly, " I tell you har, I luv this goverman! When they build two new casinos in Singapore, my business go up 30%. Now with these new car measures, I offer blidging rloan to pay the down payment, my profits sure sky rocket one! The goverman is like the Big Brother of loan sharks, oops I mean money lender. They so steady-pom pee pee. I have the group photo of the goverman ministers on my altar and every morning I burn three joss sticks for them. You know like Guan Gong!"