21 Jul '11, 12pm

More taking up used-car loans

SINGAPORE: OCBC Bank says six in 10 car loan applications this year are for second-hand buys. This is in contrast to the situation last year when only four in 10 were for second-hand cars. The bank attributes this to high Certificates of Entitlement (COEs) prices. It also notes that the salary of borrowers rose from S$2,000-S$3,000 to S$4,000-S$5,000. The bank says the average instalment periods to pay off loans have also increased by three years, while the average loans borrowed rose by S$10,000 to S$20,000. OCBC Bank's head for auto financing and secured loans, Ms Irene Goh, said: "New car prices tend to be on the upward trend. So we may see more consumers switching to buying used cars that are more within their affordable range."

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

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