A horse loan contract is a document which is drafted when an individual referred to as the borrower takes a loan from a bank or a financial institution referred to as the lender to buy a horse. These types of contract mention the details regarding the loan amount, its interest rate, repayment options and other terms and conditions.
Sample Horse Loan Contract
Loan contract number: HJ5241
Date of registering the contract: 15th of April 2011
This contract has been drafted between Glenn Finance referred to as the lender with office address located at:
52 Joy High Road,
New York, New Jersey 4512.
And Jack Lee referred to as the borrower. As per this contract Jack Lee will be taking a loan of $50000 for the purpose of buying a horse.
As per the contract, both the parties have to agree to the following:
- The borrower will have to make sure that the documents submitted by him are genuine. In case during the investigation period, if any of the documents are found not to be genuine, the lender can take legal action against the borrower.
- The interest rate on the loan amount is 10 % Per Annum.
- The borrower has to pay a monthly installment of $500 to the lender. In case if he fails to pay monthly installment, he will have to pay a penalty of 25%.
Find the signature of both the parties below:
Signature of the borrower: Signature of the lender:
Jack Lee Henry Cooper
(On behalf of Glenn Finance)