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 Template
Category:
State:
Illinois
Control #:
IL-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Auto Promissory Note With Collateral Template?
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FAQ
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.
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...
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.
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.
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Real estate loans and mortgage down payments. There are two kinds of promissory notes: secured and unsecured.When can the lender take possession of the collateral (for example, after three months of missed payments? One year?) Interest rate. Collateral may be in the form of a hard asset (aka physical asset) like a home, rental property, or vehicle. What Is A Promissory Note? Learn about your loan's Promissory Note and Truth in Lending Disclosure.
