Motor Vehicle Financing Restrictions Extended to Individual-Owned Private Hire Cars

Financing arrangements for individual-owned PHCs to be subject to 60% or 70% LTV limit and 7-year tenure cap

From 30 October 2026, individuals purchasing cars registered as private hire cars (PHCs) will be subject to the same motor vehicle financing restrictions that apply to other private car buyers.

i. For a motor vehicle with Open Market Value (OMV) of $20,000 and below, the maximum loan-to-value (LTV) will be 70% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement (COE), where applicable;

ii. For a motor vehicle with OMV of more than $20,000, the maximum LTV will be 60%; and

iii. The tenure of motor vehicle financing arrangements will be capped at 7 years.

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JOINTLY ISSUED BY MINISTRY OF TRANSPORT, MONETARY AUTHORITY OF SINGAPORE, MINISTRY OF ENERGY, TRADE AND INDUSTRY AND MINISTRY OF LAW

30 OCTOBER 2026