A vehicle loan agreement is a legal document drafted when an individual agrees to apply for a loan in order to purchase a vehicle. The agreement contains the terms and conditions of the loan. The loan amount and the interest rate of the loan is also mentioned in the agreement.
Sample Vehicle Loan Agreement
This vehicle loan agreement has been drafted as on this day of 10th of March 2011 between Roger Fraud the applicant and Tree financial Corporation, the financial creditor as Roger Fraud has applied for a vehicle loan from Tree financial Corporation.
The terms and conditions of the loan are as follows:
The loan amount to be given to the applicant is $10000. The applicant has to mortgage his vehicle as a security for the loan. In case he is unable to pay back, the vehicle will be confiscated.
The loan will be provided at an interest rate of 10% on the loan amount.
The vehicle to be purchased by the applicant is a truck.
The applicant assures that all the documents provided by him are genuine.
In assurance to the above terms and conditions both the parties have put their signature below:
Signature of the applicant: Signature of the creditor: