A truck loan contract is an agreement between a bank or a finance providing institution and an interested client who wants to borrow money to purchase a truck. It lays down the terms and conditions agreed agreed by both the parties.
Sample truck loan contract:
This agreement is made between Mr. Richard Matthew who is the CLIENT in the agreement and Thomas Finance institute known as the OBLIGOR.
The agreement is made on 21’st October, 2010 at the 12th office branch of the bank in London.
The effective date of commencement of contract is 1’st November, 2010.
Address: 23, ray park district, London
Model type: 34rt Fiat 2 door, 1988 make in good condition.
The amount borrowed from obligor for the truck loan is $1000.The client agrees to repay the loan amount in a year’s time through installments.
Terms and conditions:
- No coverage will be provided for the finance agreement if term exceeds 84 months.
- The installments must be done in the first week every month and late fee charge will be $100.
- The obligor will be entitled to call for case against the client in case of no payment.
- The installments should be paid with rate of interest 10% per annum.
- Both the parties must retain copies of this document as well as primary insurance check.
- This document is legally binding for both the parties and shall hold legal implications in case of breach and misconduct.
- The contract does not cover any charges in case the truck is damaged or defected.
Richard Matthew (client)
Greg Jones (Thomas finance institute)