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 Without Interest
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
If you decide to give the loan without charging any interest, be prepared to justify it to the IRS, because it literally is a gift in the IRS's eyes. The IRS can "impute" interest on your loan, whether you actually charged any interest or not, and require you to report that imputed interest as income.
Principal and interest are payable in lawful money of the United States of America. Maker may prepay this Note in full or in part at any time without a prepayment charge. DEFAULT/ACCELERATION.
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.
A simple promissory note will state the full amount is due on the stated date; you won't need a payment schedule. You can decide whether to charge interest on the loan amount and include the interest in the document if needed.
A promissory note must specify the percentage interest charged on the loan. All loans should carry some interest, even if it is between family members.
