Freeze car loans during covid 19 outbreak

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Due to the recent Circuit Breaker measures by the Singapore government, the authorities has issued a notice to prohibit the movement of people within Singapore ending face to face meetings.

As a result, the sales people, private tutors and PHV drivers cannot fully utilise their cars, and business has almost come to a complete halt from 7th April to 4th May.

The government has rolled out several budgets, however, people who depend on cars to make a living have unfortunately been excluded. There are reliefs passed to landlords so that the landlords can pass down the relief to the tenants. In our case, the landlords are the banks and finance companies.

The government has helped landlords by getting banks and finance companies to freeze the property loans during this tough period, however, due to the sudden announcement that there is not supposed to be any more face to face meeting, sales persons and private tutors are feeling the full impact of this, private hire drivers also have seen their earnings drop drastically hence not being able to fully utilise their vehicles during this period.

Maintenance of the vehicles have to continue as well as road tax to be paid even if the vehicles are not being used. As the pandemic drags on, and the situation is not going to be improving soon, we hope to garner enough support to get the authorities to help freeze car loans together with interest payable till the situation improves or at least for 3 months.