A car payment contract is a legally binding agreement between a buyer and a seller of a car. The car could be a used car or a new one. This kind of contract should be filled with details regarding the payment that has been made by the seller to the buyer.
The details of the car and its make are to be included in the car payment contract along with the details of the buyer and the seller. Since the contract is majorly for the payment of the car that was sold, every detail of the payment is to be included in the contract, like the method of payment, amount of payment, detail of each instalment of payment and fine fee amount. Any other obligations that are involved with the payment of the car are also to be included in the contract.
A car payment contract should be made before or on the purchase of the car and a copy of it should be given each to the buyer and the seller of the car. All the terms and conditions in the contract are to be accepted by both the parties.
Sample Car Payment Contract