Automobile Loan Agreement


An automobile loan agreement is a legal document which is drafted when a party or person wishes to take loan from a bank for the purpose of purchase of an automobile or automobiles. This agreement is based upon legally binding terms and conditions which must be abided by the involved parties under any circumstance.

Sample Automobile Loan Agreement:

This agreement is made between CLIENT and the BANK on the effective date of 6th June of 2011.

The BANK agrees to grant the CLIENT a loan for the purpose of purchase of an automobile of his choice.

Details of the CLIENT

Name: Mr. Newton Marshall

Address: 5-f, second floor, Roberto tower, London

Contact number: 438983470932

Details of the BANK

Name: London International Bank

Address of bank: 42-P, Henry tower, Second block, London

Name of bank officer: Mr. Kell Tim

Contact number: 473948948340

Details of home loan:

Amount: $7000

Termination date of agreement: 6th June 2012

Effective period of loan repayment: 12 months

Details of automobile:

Model and name: Volkswagen Toronto

Terms and conditions to be followed by both parties:

  • The bank agrees to provide the client with an automobile loan for a period 12 months.
  • The CLIENT must repay the automobile loan within the given time frame.
  • The BANK must be provided with the documents of the automobile to provide as proof.
  • In case where the CLIENT is found to violate any terms of this agreement, he shall be charges under law.
  • The Bank must abide by the certain terms and conditions too.

Signatures:

Newton Marshall

Kell Tim

Category: Loan Agreements

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