asked about General

about 1 month ago

I want to buy a bike from someone which is still under hire purchase, I want to retain my vehicle plate and use it to the hire purchase bike, is it possible ?

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2 Answers

0
Beh

No experience here but theoretically it seems like this:

Is your bike fully paid? If yes, you can transfer the bike to that person's name (pay transfer fee), retain your plate to existing bike ($1,300), then transfer back to bike to your name to sell/scrap. Then you carry on with instalment on your own agreement and terms.

https://onemotoring.lta.gov.sg/content/onemotoring/home/selling-deregistering/retain-replace-vrn.html

If not fully paid, I think it'll be troublesome...

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about 1 month ago

0
Katherine

Hi Ahmad Fatris, thank you for leaving a question. You have to pay LTA $1300 transfer fee to retain your existing plate.

For the other bike that you intend to buy, do make sure that the loan have been fully cleared so that the ownership is transferred to you.

Only when the bike is transferred under your ownership, it will be possible to replace the plate.

If the bike is under "carry on installment" it could not be done. Check this link for more details: https://onemotoring.lta.gov.sg/content/onemotoring/home/selling-deregistering/retain-replace-vrn.html

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about 1 month ago