Document background
An Authorization Letter For Car Loan Settlement is a crucial document in Singapore's banking and automotive financing sector. It is typically used when a loan holder needs to authorize early settlement of their car loan or when delegating settlement authority to a third party. The document must comply with Singapore's strict banking regulations, including MAS guidelines and the Hire-Purchase Act. It contains essential information such as vehicle details, loan account information, authorized party details (if applicable), and specific settlement instructions. This authorization letter serves as legal evidence of the loan holder's consent and instructions regarding the loan settlement.
