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.
Automobile Promissory Note With Balloon Payment
Category:
State:
Georgia
Control #:
GA-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Georgia Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
When you write the promissory note, make sure to contain the following information:Name and address of the borrower and lender.Model, year, make, and VIN of the vehicle.Loan amount, interest rate, length of the loan, and maturity date.Late fees and penalties.Collateral information.Odometer reading.More items...
What is a balloon payment? In short, a balloon payment is exactly the same as paying a deposit on a motor vehicle, but with one very important difference: A deposit is paid by the vehicle buyer upfront, while a balloon payment is paid at the end of the finance period.
Balloon payment finance is a Hire Purchase agreement. You can finance cars up to 10 years old or 100,000 miles at the start of the contract. Keep in mind that this will mean that you won't own the car outright until you've made the final payment.
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan. When lenders loan out money especially when it's a large sum it formalizes the loan by creating a promissory note.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
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The payments will include interest until the total loan is paid off. Balloon. Whether for help with a down payment, credit card debt or family loans, any loan agreement can have legal, financial or tax implications.When must the entire loan be repaid? When is the final payment due? A promissory note is a written commitment to pay someone. Basically, you offer something of value like a car and if you don't pay the money back, the lender can take your car to make up for it. Ending Balloon Payment: Total of All Payments: Effective Annual Rate: Generate Loan Amortization Schedule? When applying for a car loan, you'll come across the term "balloon payment" while reviewing the loan agreement.
