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A Promissory Note For Car is commonly used in Singapore when purchasing vehicles through financing arrangements or installment payments. This document is essential when the full payment for a vehicle is not made upfront, creating a legally binding obligation for the buyer to pay the specified amount according to agreed terms. The note must comply with Singapore's Bills of Exchange Act and typically includes details about the vehicle, payment terms, interest rates, and consequences of default. It provides security to the seller or financing institution while giving the buyer possession of the vehicle before completing all payments.
