Michigan Simple Promissory Note for Car Loan
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How to fill out Simple Promissory Note For Car Loan?
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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 promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
A valid promissory note only needs the signatures of the participating parties involved in the agreement, not necessitating acknowledgment or being witnessed by a notary public to be legitimate.
There is no legal requirement for most promissory notes to be witnessed or notarized in Michigan (a promissory note for a home loan, however, may need to be notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
A bank can issue a promissory note, but so can an individual or a company or business. Anyone who lends money can do so. A promissory note isn't a contract, but you'll likely have to sign one before you take out a mortgage.
Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.
Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like or .
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan.
Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.
In any event, a promissory note does not have to be notarized to be binding. The private respondents have admitted signing the two notes and they have not succeeded in proving that they did so "under duress, fear and undue influence."
