SINGAPORE DOWN PAYMENTS
February 1st, 2003
BY MARK ROWESINGAPORE, said to be the world's most expensive place to buy a car, has scrapped legal requirements for would-be buyers to hand over a 30 per cent down payment on purchases. Instead of having to pay up-front fees of at least US$11,000, in future they will be able to pay for the whole car on credit. The government has also scrapped a requirement that all car loans be repaid within seven years. Both moves had been introduced in 1995 with the intention of reducing car use in the overcrowded island and limiting excessive credit consumption.The move is ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.