27 Oct '11, 11am

Motorists taking bigger loans as COE prices surge

SINGAPORE: As car prices rise, motorists in Singapore are chalking up bigger debt on their motor vehicle financing, according to latest figures released by Credit Bureau Singapore (CBS). The average loan quantum in July 2011 increased by 38 per cent, compared to the same period two years ago. Motorists now take loans with an average principal amount of $85,105, compared to $61,511 two years ago, and $74,399 a year ago. Despite the heavier debt commitment, delinquency rates for motor vehicle loans are on the decline. Only 2.49 per cent of car loan holders had an instalment that was overdue by more than 30 days in July 2011, compared to 2010's figure of 2.65 per cent, indicating that consumers are managing their payments well. William Lim, Executive Director of CBS, said the figures do not come as a surprise. He said: "It is unsurprising that loan quantum has surged given th...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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