The Car Loan Contract is essential for vehicle financing transactions in Singapore, where strict regulatory oversight exists through the Monetary Authority of Singapore (MAS) and various legislative frameworks. This document is used when an individual or entity seeks financing for a vehicle purchase, establishing the terms of borrowing, security arrangements, and repayment obligations. The contract must comply with Singapore's Hire Purchase Act, Banking Act, and MAS guidelines, particularly regarding loan-to-value ratios, tenure restrictions, and borrower protections. It serves as the primary document governing the lending relationship throughout the loan period.
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1. Parties: Identification of lender and borrower with full details including registration numbers, addresses and authorized representatives
2. Background: Context of the loan agreement, purpose, and summary of the transaction including vehicle details
3. Definitions: Key terms used throughout the agreement including financial terms, parties, and technical definitions
4. Loan Details: Principal amount, interest rate, tenure, and total amount payable including all fees and charges
5. Security Provisions: Terms regarding the vehicle as security, registration of charge, and lender's rights over the security
6. Repayment Terms: Payment schedule, method of payment, and consequences of default or late payment
7. Borrower's Obligations: Maintenance requirements, insurance obligations, usage restrictions, and general covenants
8. Events of Default: Comprehensive list of default events and their consequences, including repossession rights
9. Representations and Warranties: Statements of fact and assurances given by the borrower regarding their ability to enter into the agreement
10. General Provisions: Standard contractual terms including notices, amendments, governing law, and jurisdiction
1. Early Repayment: Terms and conditions for early loan settlement, including any applicable fees or penalties
2. Insurance Requirements: Detailed insurance obligations when lender requires specific insurance coverage beyond statutory requirements
3. Assignment: Provisions regarding the right to assign or transfer the loan agreement to third parties
4. Guarantor Provisions: Terms applicable when a guarantor is required to secure the loan
1. Schedule 1 - Vehicle Details: Complete specification of the vehicle including make, model, registration number, chassis number, and engine number
2. Schedule 2 - Repayment Schedule: Detailed payment schedule with dates, installment amounts, and breakdown of principal and interest
3. Schedule 3 - Insurance Requirements: Detailed insurance specifications including minimum coverage requirements and named beneficiaries
4. Appendix A - Disclosure Statement: Statutory disclosure requirements under Singapore law including all fees, charges, and interest calculations
5. Appendix B - Vehicle Inspection Report: Initial condition report of the vehicle at the time of loan disbursement
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Borrower
Business Day
Car
Vehicle
Certificate of Entitlement (COE)
Commencement Date
Conditions Precedent
Default
Default Interest Rate
Down Payment
Early Repayment
Effective Interest Rate (EIR)
Event of Default
Final Payment Date
Finance Charges
Guarantor
Insurance Policy
Interest Rate
Late Payment Fee
Lender
Loan Amount
Loan Period
Monthly Installment
Payment Date
Principal
Repayment Schedule
Security
Security Interest
Term of the Loan
Total Amount Payable
Transfer
Vehicle Registration Number
Working Day
Annual Percentage Rate (APR)
Borrower
Business Day
Car
Vehicle
Certificate of Entitlement (COE)
Commencement Date
Conditions Precedent
Default
Default Interest Rate
Down Payment
Early Repayment
Effective Interest Rate (EIR)
Event of Default
Final Payment Date
Finance Charges
Guarantor
Insurance Policy
Interest Rate
Late Payment Fee
Lender
Loan Amount
Loan Period
Monthly Installment
Payment Date
Principal
Repayment Schedule
Security
Security Interest
Term of the Loan
Total Amount Payable
Transfer
Vehicle Registration Number
Working Day
Clauses
Loan Amount and Purpose
Interest Rate and Charges
Repayment Terms
Security and Collateral
Insurance Requirements
Vehicle Usage and Maintenance
Default and Acceleration
Early Repayment
Assignment and Transfer
Representations and Warranties
Borrower Covenants
Events of Default
Remedies
Notices
Amendments and Modifications
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Confidentiality
Data Protection
Registration and Documentation
Vehicle Ownership
Termination
Indemnification
Costs and Expenses
Interest Rate and Charges
Repayment Terms
Security and Collateral
Insurance Requirements
Vehicle Usage and Maintenance
Default and Acceleration
Early Repayment
Assignment and Transfer
Representations and Warranties
Borrower Covenants
Events of Default
Remedies
Notices
Amendments and Modifications
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Confidentiality
Data Protection
Registration and Documentation
Vehicle Ownership
Termination
Indemnification
Costs and Expenses
Relevant Industries
Relevant Teams
Relevant Roles
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