A personal car loan contract is used as the official evidence between borrower and money lender highlighting that the loan has been given for purchasing the car. This type of contract includes the details of the borrower and lender, specifications & details of the vehicle involved and commitment clauses.
Sample Personal Car Loan Contract:
Personal car loan contract Number: 94/ SC
This personal car loan contract entered between Mr. Ashton L. Symonds, hereinafter known as the lender, AND, Mr. Adam Ray, hereinafter referred as the borrower.
Permanent address details of the parties:
- The Borrower
Address: #72, Wellesley Sir, MA, USA
Phone: 789 654 6712
- The Lender
Address: House no. 24, water Oak Drive , MA , USA
Phone: 712 342 6522
Hereby, to obey the personal car loan contract, following mentioned are the conditions:
Borrower has received an amount of $ 5,000 from the lender as the loan for buying a personal car Hyundai i20 1.4 Asta (AT), with an interest rate of 12% as personal car loan.
- Obligations & Responsibilities:
The borrower will have to pay $500 per month as the monthly instalment for loan repayment on the 10th of every month. Borrower will have to pay these instalments until the principal amount and applied interest are fully paid back and the purchased vehicle will act as security for the loan.
Hence, both the parties are requested to validate the contract:
Signature of the Lender:
Mr. Ashton L Symonds
Singed by the Borrower:
Mr. Adam Ray
Signature of the Witness: