More car loans have been given out here in 2024, including those for electric vehicles (EVs), which have surged in numbers in recent years. At the same time, banks and finance companies told The Straits Times there are no signs of borrowers struggling to meet monthly repayments for their car loans. Such loans, however, are unlikely to get any cheaper in the short term despite the sizeable interest rate cut from the United States Federal Reserve.
The latest Department of Statistics data showed that car loan balances reached $10.2 billion in the second quarter of 2024, up 3.8 per cent on the same period in 2023.
This was the second quarter of year-on-year growth after vehicle loan balances began falling in the third quarter of 2021.
Banks and finance companies similarly told ST that they have extended more car loans in 2024.
Ms Jacquelyn Tan, head of group personal financial services at UOB, said the average monthly volume of car loans disbursed by the bank grew by more than 75 per cent between January and August over the same period in 2023.
The take-up volume of UOB's green car loans – these refer to borrowing for an EV – also doubled year on year, she added.
OCBC Bank's head of consumer secured lending, Ms Tok Geok Peng, said the number of car loans has been "steadily increasing", noting that the numbers for the first half of 2024 were more than 30 per cent higher than the same period in 2023.
Ms Tok added that the number of green car loans surged sixfold in 2023 from 2021, the year these loans were introduced.
Green car loans accounted for nearly half the number of new vehicle loans at OCBC in 2023, with Chinese EV brands comprising around 40 per cent of them.
Maybank Singapore and Hong Leong Finance have also seen an uptick in car loan numbers.
Mr Alan Yet, head of consumer finance at Maybank Singapore, said about 30 per cent are for EVs.
Bu hikaye The Straits Times dergisinin September 23, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin September 23, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
BLACK DAY FOR BRITISH PUBS
At her London pub, landlady Kate Davidson has taken to issuing Guinness ration cards, but the beer still ran out amid a British shortage of Ireland's national drink.
Her Last Gifts
It was exhausting, he sighed. But Carol insisted; her name being what it was and his, she said with a big grin, being Chris. Remember, this is the blessed spirit of the season, to give as we have been given.
When You Think About Me
She empties the last drawer and, between stray baubles, there's the cookie tin, the one hunted down from some narrow shop in Liverpool because it didn't ship here.
Gift Of The Magi
Let's say you never intended to use Magi. Let's say you know about all the scandals: the accusations of stolen data, the EU lawsuits, the CEO's abhorrent behaviour. Let's say you don't even believe the outlandish social media claims that the app is magical, like actual magic. You know it's not possible it reads your mind, plumbs your soul, knows your heart's desires. You're not so gullible.
Ho Ren Yung: Steering global brand evolution of Banyan Group
Ms Ho Ren Yung, deputy chief executive of Banyan Group, oversaw the company's brand relaunch in a bumper year of 19 openings in 2024. These included Banyan Tree Higashiyama Kyoto in Japan and Angsana Tengchong in China.
Jury-rigged Hotpot
The Japan Home folding table was just big enough to accommodate two.
Tales of love, peace and hope
The Sunday Times invites five authors to pen short stories around the theme of A Christmas Gift
Japan: Taking centre stage in Singapore and beyond
Scroll through your social media feed this holiday season, and practically everyone you know is in Japan or making plans to vacation there.
UOB: Most influential patron in Singapore art scene
UOB's \"day job\" is handling loans, deposits and a wealth of diverse portfolios. But the bank cemented its role as the most influential patron in the Singapore art scene in 2024, investing good chunks of cash in both arts and arts education.
Fong Chi Chung: Putien restaurants make dining out more affordable
In a year where diners made themselves scarce - preferring to spend their strong Singapore dollars overseas, and leading restaurant owners and chefs to despair over empty dining rooms - this power lister made a power move that others in the industry are watching closely.
