Are you planning to get into a hire purchase agreement and you just cannot figure out how it works? If you are a citizen or a permanent resident in Singapore, you can stipulate a hire purchase agreement provided the total value of the vehicle you want to buy does not exceed $55,000 (excluding the cost of the certificate of entitlement). If you are a foreign resident in Singapore, you can also enter a hire purchase agreement provided you have a local guarantor to back you up.
But there are lots of important aspects you need to know in relation to a hire purchase agreement, so hold on. The following guidelines will help you acquire a comprehensive knowledge of the commonly used terms in the sphere of hire purchase.
- A Valid ...