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.
Automobile Bill Of Sale Texas With Promissory Note
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Description
How to fill out Texas Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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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...
The state does not require the document to be notarized, but it does suggest1 that both parties jointly visit the county tax office when the seller is signing over the title of the vehicle.
What You Should Include on a Bill of SaleThe date of the sale.The sale price.The full name and address of both the buyer and the seller.A general description of the vehicle, including its make, model, and condition.The vehicle identification and license plate numbers of the car.More items...
A vehicle promissory note is a legally binding document that functions as a written promise to pay someone for a car loan. It also functions as a transaction record with essential details of the loan transaction, making it useful if the IRS audits you or if a legal judgment is needed regarding the loan.
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan.
