Car loan, Insurance & Documentation for Direct Owner Sale

STEP 1

OPTIONAL

Test Drive

Schedule a Test Drive with your Buyer/Seller: Although optional, this is an important step to
ensure that the Car's condition is as advertised. Interested parties who wish to test drive the
Car need to sign the Indemnity Form for Test Drive.

STEP 2

Signing the Sales Agreement

Both buyer and Seller agree on a price for the Vehicle: Once a price has been agreed, both
the parties will decide on a handover date, and sign the Sales Agreement Form. Sellers will
need important Vehicle details such as Engine No., Chassis No. & Road Tax Expiry. At this
point, the Seller should issue a Receipt for the Deposit collected.

Upload your Sales Agreement, and we'll handle the rest.

STEP 3

Issuance of Receipt

After the deposit has been placed by the Buyer, the seller should issue a Receipt for the
deposit collected.This prevents potential disagreements by serving as a confirmation for the
receipt of the deposit given by the buyer to the seller.

STEP 4

Source for Loan & Insurance

Unless the Buyer is paying Cash in Full for the Car, he/she will need to source for any Loan
facilities on his own accord, and activate a Motor Insurance under his name - which is
necessary for the Transfer of Ownership of the vehicle later.

Sgcarmart Connect can help both parties transact smoothly, by helping the Buyer source for Loan facilities & Motor Insurance.

Buyer & Sellers: Get help with sourcing for Loan & Insurance

STEP 5

Full Settlement of Existing Loan

If the vehicle is still under financing, the Seller needs to fully pay off the outstanding balance
before Transfer of Ownership to the Buyer.

Sgcarmart Connect can help Sellers with the existing Loan Settlement quicker, and get cash disbursement earlier.

▼ The following steps should be done on the same day: ▼

STEP 6

Transfer of Ownership

According to LTA's processes, a Transfer of Ownership request will be initiated by the Seller
via OneMotoring. Acceptance of the request will then be done by the Buyer via
OneMotoring(a transfer fee levied by the LTA will be applicable) within 5 days. Logging into
OneMotoring will require a SingPass/CorpPass with 2FA Authentication.

Sgcarmart Connect can guide you through Transfer of Ownership to the New Owner.

STEP 7

Balance Payment to Seller

If the Buyer did not take a loan to pay the outstanding balance of the Vehicle, they will have
to make payments to the Seller in the form of Cash or Cashier's Order. The Seller should
issue a Receipt upon collection of payment.

For Buyers taking a Loan, Sgcarmart Connect can arrange instant payout for the Balance Payment directly to the Seller. *Special arrangements and fees may apply.

STEP 8

Signing Hand-Over Form

Once the Transfer of Ownership has been done, the Vehicle is ready to be handed over to
the Buyer. After signing the Hand-Over of Vehicle Form, the Buyer bears the responsibility
of any fines, summons or any claims relating to the vehicle thereafter.

Sgcarmart Connect will facilitate the Hand-Over for both Buyer and Seller.

Essential Forms for Direct Selling/Buying: Sales Agreement, Indemnity Form, Receipt, Hand-over Form

Your Essential Forms

»Sales Agreement

To let buyers sign when
confirm purchase of vehicle.

»Indemnity Form for Test Drive

To let interested buyers sign
before test-drive.

»Receipt

To issue to buyers whenever
they make an payment.

»Hand-over Form

To let buyers sign when you
hand-over the vehicle.

Settle your Paperwork with Connect

Send us your completed Sales
Agreement, and we'll help both
parties with Car Loans, Motor
Insurance, Payments &
Ownership Transfer.