This form is a Promissory Note in connection with the sale of a vehicle where the Buyer is to pay a portion of the purchase price over time.
Indiana Promissory Note in Connection with Sale of Vehicle or Automobile
Category:
State:
Indiana
Control #:
IN-00431-D
Format:
Word;
Rich Text
Instant download
Description
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FAQ
200b200bThe promissory note should contain: The car's VIN number, model, make and year of manufacture. The statement that the borrower promises to pay the lender a specific amount, how much each payment will be, the annual interest rate and when the loan will be completely repaid.
Debt Classification A promissory note is a type of written contract a lender uses for secured debts where the lender has collateral to seize in the event of default. It is more likely your car loan is a promissory note if you have a schedule of payments and a fixed interest rate spelled out on your loan document.
A vehicle promissory note is a legally binding document that functions as a written promise to pay someone for a car loan.
Promissory notes are a valuable legal tool that any individual can use to legally bind another individual to an agreement for purchasing goods or borrowing money. A well-executed promissory note has the full effect of law behind it and is legally binding on both parties.
A promissory note is often included in a mortgage, student loan, car loan, business loan, or personal loan agreement. If you're loaning someone a large sum of money, you'll likely want a legal record of it. Therefore, promissory notes can be used in personal transactions as well.
Is a promissory note legally binding? A promissory note should contain all of the terms and conditions associated with the agreement between the issuer and the payee. It's only valid if it involves an exchange of money.
Yes, Indiana requires a bill of sale for private party vehicle transactions. Form 44237 is what you need, and it requires signatures from both the buyer and the seller.
