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Singapore closes car loan loophole on private-hire cars
The new limits cap loans at seven years and apply to sales agreements signed from today; the government says in-house loans are next.
On air: Hank Ledger, Vera Bullock and Gloria Vance on BBN This MorningPublished
At a glance
- First reported by CNA: “Singapore closes car loan loophole by extending financing curbs to individually owned private-hire cars”, with reporting from Red Hot Singapore, Press News Agency (CNA text) and Singapore Ministry of Law, Ministry of Finance-linked joint.
- Covered on BBN on Friday, October 30, 2026, at 6:01 AM ET on BBN This Morning, by Hank Ledger, Vera Bullock and Gloria Vance.
The real story
The reporting behind this segment. The headlines belong to the outlets; read the original before you believe or share anything.
- CNASingapore closes car loan loophole by extending financing curbs to individually owned private-hire cars
- Red Hot SingaporeSingapore closes car loan loophole by extending financing curbs to individually owned private-hire cars - Red Hot Singapore October 29, 2026 · facts used on air
- Press News Agency (CNA text)Singapore closes car loan loophole by extending financing curbs to individually owned private-hire cars October 29, 2026 · facts used on air
- Singapore Ministry of Law, Ministry of Finance-linked jointMotor Vehicle Financing Restrictions Extended to Individual-Owned Private Hire Cars October 29, 2026 · facts used on air
What BBN said about it
Gloria Vance · World News AnchorSingapore is closing a car loan loophole, with financing limits now extended to individually owned private-hire cars from today.
Vera Bullock · Co-AnchorThose cars used to be treated as commercial vehicles, so they skipped the borrowing rules that apply to regular private cars, and about five hundred of them were being registered every month.
Hank Ledger · Lead AnchorFive hundred a month.
Gloria Vance · World News AnchorUnder the new rules, a car worth twenty thousand Singapore dollars or less can be financed up to seventy percent, anything above that up to sixty percent, and loans are capped at seven years.
Vera Bullock · Co-AnchorAuthorities say some buyers were using the exemption with no intention of ever offering a ride, and the government says in-house loans are next.
Hank Ledger · Lead AnchorSo a few hundred people a month were driving a taxi they never planned to be. The loophole has been parked.
From the archive: everything BBN aired on Friday, October 30, 2026 · the Your Money archive · all months
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