Temporary lift of loan curbs a relief for used car trade

Ailing used car traders will get a temporary reprieve, as the Monetary Authority of Singapore (MAS) announced that car loan curbs on used cars will be lifted for 60 days. This comes after the Singapore Vehicle Traders Association appealed against the restrictions, which it said was hurting the used car trade badly.

Eugene Chng, managing director of Cosmos Automobiles, said: “Whether sixty days is long enough for us to clear our stock, we really wouldn’t know. But any sort of help is good for now.”