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 Collateral Sample
Category:
State:
Illinois
Control #:
IL-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Auto Promissory Note With Collateral Sample?
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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...
A secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.
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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Add a detailed description of the loan or note terms. For example, you'll need to include what the loan or payment is for, who will pay it and how.3) "Borrower" means . When can the lender take possession of the collateral (for example, after three months of missed payments? One year?) Interest rate. For example, perhaps the borrower is putting up a piece of property as collateral. Promissory notes are written loan agreements between a lender and borrower. What Is A Promissory Note? A Florida promissory note can be either secured or unsecured.
