Free preview Simple Promissory Note for Car Loan
Free preview
Simple Promissory Note for Car Loan
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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.
Date. The promissory note should include the date it was created at the top of the page. Amount. Loan terms. Interest rate. Collateral. Lender and borrower information. Signatures.
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.
Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.
Writing the Promissory Note Terms You don't have to write a promissory note from scratch. You can use a template or create a promissory note online.
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.
Write the date of the writing of the promissory note at the top of the page. Write the amount of the note. Describe the note terms. Write the interest rate. State if the note is secured or unsecured. Include the names of both the lender and the borrower on the note, indicating which person is which.