[for the convenience of all, i re-post the article from Channel News Asia here...]
Monetary Authority of Singapore lifts cap on car loans
By Johnson Choo
In an unexpected move, the Monetary Authority of Singapore has scrapped the 70 percent cap on car loans and the 7-year repayment period.
In a statement, MAS said car loans only form a small proportion of the total loan portfolio for financial institutions, and the level of non-performing car loans is very low.
So the lifting of the limits on car loans is in line with MAS' shift from a one-size-fits-all approach to a risk-focused approach.
MAS added it expects financial institutions to take into account the borrower's credit worthiness, debt servicing ability and collateral.