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Car Finance Contract
"Need a Car Finance Contract for a luxury vehicle purchase of SGD 150,000, with a 7-year loan term starting March 2025, including provisions for early settlement and requiring comprehensive insurance coverage from an approved Singapore insurer."
1. Parties: Identifies the finance provider and the borrower
2. Background: Explains the context of the financing arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Vehicle Details: Specific details of the financed vehicle
5. Financial Terms: Purchase price, loan amount, interest rate, payment schedule
6. Security Interest: Lender's rights over the vehicle
7. Insurance Requirements: Mandatory insurance coverage terms
8. Default and Remedies: Consequences of default and lender's remedies
1. Early Repayment Terms: Optional section covering terms and conditions for early loan settlement
2. Guarantor Provisions: Optional section specifying terms applicable when a guarantor is involved in the financing arrangement
3. Electronic Payment Authorization: Optional section detailing terms for automatic payment arrangements when offered
1. Payment Schedule: Detailed breakdown of payments and due dates
2. Vehicle Specification: Detailed description of the vehicle including registration details
3. Insurance Requirements Schedule: Detailed insurance requirements and minimum coverage
4. Disclosure Statement: Mandatory disclosures under Singapore law
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