30/10/2026
📢 NEW CAR LOAN RULES FOR INDIVIDUAL PHVs IN SINGAPORE 🇸🇬🚗
Take note, drivers and buyers! If you’re planning to get a Private Hire Vehicle (PHV) under your own name, things are changing. Effective 30 October 2026, individual PHV buyers are now subject to the exact same loan caps and restrictions as private passenger cars.
Here is what you need to know:
🔹 Up to $20,000 OMV: Maximum 70% LOAN (Requires 30% downpayment)
🔹 Over $20,000 OMV: Maximum 60% LOAN (Requires 40% downpayment)
🔹 Loan Tenure: Capped at a maximum of 7 YEARS
Why the change?
This new rule aligns individual PHV financing with private car rules to ensure fair play and encourage financial prudence.