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Vehicle Financing / Hire-Purchase Agreement
This Vehicle Financing / Hire-Purchase Agreement (this “Agreement”) records indicative financing terms for the customer identified below (the “Customer”). Financing is provided by the financier named and is subject to the financier's approval; 360CarMart Pte Ltd facilitates the referral. Figures are indicative and not financial advice.
Particulars
- Customer name & NRIC
- Vehicle make / model / reg no.
- Cash price (S$)
- Downpayment (S$ / %)
- Loan / principal (S$)
- Interest rate (% p.a.)
- Tenure (months, max 84)
- Monthly instalment (S$)
- Financier
1. Facility
The financier agrees to provide, and the Customer agrees to take, financing for the Vehicle on the terms in the Particulars, subject to the financier's credit approval.
2. Downpayment & loan limits
The Customer pays the downpayment up front. Financing observes the prevailing MAS framework — currently a minimum 30% downpayment (maximum ~70% loan-to-value) and a maximum tenure of 7 years for motor vehicles.
3. Instalments & interest
The Customer pays the monthly instalment by the due date each month for the tenure. The total amount payable comprises the principal plus interest at the stated rate.
4. Title (hire-purchase)
Under a hire-purchase, ownership of the Vehicle remains with the financier until all sums are paid; the Customer hires and has the option to purchase on final payment.
5. Default & repossession
Late payment may attract fees and interest. Persistent default entitles the financier to repossess the Vehicle in accordance with the Hire-Purchase Act and applicable law.
6. Early settlement & insurance
Early settlement may be made subject to the financier's terms and any rebate of charges. The Customer must keep the Vehicle comprehensively insured throughout.
7. Indicative only & governing law
All figures are indicative, subject to financier approval, and do not constitute financial advice. This Agreement is governed by the laws of Singapore.
Signatures
The Customer
Name:
Date:
Financier / facilitated by 360CarMart Pte Ltd
Name:
Date: