Auto Loan Contract is a legal document which is drafted when an individual or an organization takes loan from another individual or financial institution in order to buy an automobile. These types of contracts lays down the amount of loan, its rate of interest, time period of repayment and other terms and conditions.
Sample Auto Loan Contract:
Contract Number: DC 4564
This legal contract has been registered on the 4th of December, 2010, between Mr. Thomas Burke referred to as the loan provider having registered office at 3444 Ryan Ave, Philadelphia, PA and Mr. Peter Edison referred as the applicant of the loan who is residing at 4309, S Morgan Street, Chicago, IL, 60609
Terms and Conditions:
- The loan amount of $ 10000 will be transferred to the account of the applicant within a period of fifteen days after he/ she has provided all the necessary documents.
- The applicant is expected to repay the amount of loan through installments over a period of ten years at the interest rate of 8.5%.
- In case the applicant fails to pay the installments at a constant basis, the loan provider has entire rights to have possession of the commodity for which the loan was provided.
- The contract will no longer be valid if at any point of time within the ten years, the applicant chooses to repay the pending amount of the loan.
Hence, both the parties are in approval of the above contract:
Signature of the loan provider:
Signature of the Applicant: