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:
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.