Loan curbs on private-hire car buyers: 2026 monthly registrations up two-thirds so far - The Business Times

[SINGAPORE] Figures from the Ministry of Transport (MOT) indicate that the monthly average registrations of individual private-hire cars are up 66 per cent in 2026, compared to 2025.

This was in response to The Business Times’ queries on the introduction of loan curbs on individual private-hire cars (PHCs) that came into effect on Friday (Oct 30).

An MOT spokesman said the monthly average registration of individual-owned, self-drive PHCs was around 500 per month from January to September 2026. In 2025, the average was 300 registrations per month.

Starting Friday, individually-owned PHCs were subject to the same financing limits as private cars.

The vehicle loan quantum is capped at a maximum of 70 per cent of the purchase price and a maximum tenure of seven years.

The new financing restriction applies to all individuals, including sole-proprietors.

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In a joint statement issued on Thursday, MOT, the Monetary Authority of Singapore, the Ministry of Trade and Industry, and the Ministry of Law noted that the measures address a surge in individuals registering private-hire vehicles to secure looser financing arrangements without actually providing ride-hailing services.

Before the rule change, individually-owned PHCs were exempt from financing restrictions on the basis that they were for commercial use.

In further responses to BT’s queries on other means of circumventing such loan restrictions such as in-house financing and lease-to-own schemes, the MOT spokesman said: “The restrictions do not cover other financing arrangements such as in-house loans or lease-to-own schemes offered by PHC companies.”

“The government will monitor market developments and take further steps to apply the same restrictions consistently across financing arrangements such as in-house loans. More details will be shared when ready,” he added.

Industry observers welcomed the rule changes, but said that they are not likely to impact Certificate of Entitlement premiums.

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