Ohio Simple Promissory Note for Vehicle Purchase
Description
How to fill out Simple Promissory Note For Vehicle Purchase?
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FAQ
You can create a Promissory Note as a lender or borrower by following these steps:Select the location. Our Promissory Note template will customize your document specifically for the laws of your location.Provide party details.Establish the terms of the loan.Include final details.Sign the document.
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 .
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...
Signatures. Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money. Generally, they also state due dates for payment and an agreed-upon interest rate.
There is no legal requirement for promissory notes to be witnessed or notarized in Ohio. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan.
Simple Promissory Note SampleInclude the date you are writing or the date you plan to send the note at the top. Write the total amount due in both numeric and long-form. Add a detailed description of the loan or note terms. For example, you'll need to include what the loan or payment is for, who will pay it and how.
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.
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.
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
