Well, on 26 May 2016, MAS announced that it will be easing its rules on motor vehicle financing. This involved the relaxation of both the loan-to-valuation (LTV) as well as the loan tenure.
For motor vehicles with open market value of less than our equal to $20,000, the LTV is now up to 70% from the previous 60%. For those with open market value greater than $20,000, the LTV is now up to 60% from previous 50%.
The maximum loan tenure has also been increased from 5 years to 7 years.
This changes basically means that one is allowed to borrow more and pay a smaller monthly instalment for one's car loan.