Document background
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.
