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.
Auto Promissory Note With Balloon Payment
Category:
State:
Illinois
Control #:
IL-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Illinois Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end. This lending document helps you to clarify the terms of a loan, define the payment schedule, and provide an amortization table, if the loan includes interest.
A balloon payment is a larger-than-usual one-time payment at the end of the loan term. If you have a mortgage with a balloon payment, your payments may be lower in the years before the balloon payment comes due, but you could owe a big amount at the end of the loan.
Typically, a balloon payment would represent a percentage of the purchase price of the vehicle. For example, for a car costing R300 000, a 20 % balloon payment would work out at R60 000. This would be paid in one lump sum at the end of the contract period for example 60 months or five years after purchase.
When your balloon payment is due, you have two choices to pay it off: You can take out another mortgage for the amount of the balloon payment or you can sell your home and use the proceeds to pay it off.
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.
