2 publishers · first seen Thu, 29 Oct 2026 12:00 UTC · updated Fri, 30 Oct 2026 13:50 UTC
Individuals buying private-hire cars (PHCs) in Singapore will face the same loan restrictions as private car buyers from Oct 30, closing a loophole that allowed more generous financing terms. The move follows a recent surge of about 500 individually owned self-drive PHCs registered each month, suggesting some buyers used the exemption without intending to offer private-hire services. Under the new rules, individuals purchasing PHCs with an open market value (OMV) of S$20,000 or less can borrow up to 70 per cent of the purchase price, while those with OMVs exceeding S$20,000 face a 60 per cent loan-to-value cap, with loan tenures capped at seven years.
The restrictions, already in place for private car buyers, now apply to individuals including sole proprietors obtaining loans from financial institutions or licensed moneylenders, and cover hire-purchase and conditional sale agreements. Commercial vehicles, business-owned PHCs and motorcycles remain exempt. Authorities cited the stabilised PHC fleet, with 98,621 such vehicles registered as of September, up from 71,147 at the end of 2020, and said the change ensures financial prudence across buyer groups.
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