Document background
A Car Loan Cancellation Letter To Bank is used when a borrower wishes to terminate their vehicle financing arrangement before the original loan term expires. This document is particularly important in Singapore's strictly regulated banking environment, where early loan termination must follow specific protocols under the Banking Act and MAS guidelines. The letter serves as official documentation of the borrower's intent, includes necessary loan and vehicle details, and typically requests final settlement figures. It's commonly used in situations such as early loan repayment, vehicle sale, or refinancing with another institution.
