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.
Pennsylvania Promissory Note Without Interest
Category:
State:
Pennsylvania
Control #:
PA-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Pennsylvania Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
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.
Promissory notes legally bind the borrower and lender in an agreement where the borrower is responsible for paying back a loan or debt. They lay out the conditions of the loan and detail the time frame for paying back the loan as well as any interest that might accrue over the life of the loan.
You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
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.
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.
