Auto Loan Agreement
This Auto Loan Agreement (“Agreement”) is made on this 5th day of December 2050, by and between:
Lender:
[Your Company Name]
[Your Company Address]
[Your Company Number]
Borrower:
John Doe
456 Elm Street, Townsville, State 67890
Phone Number: (555) 987-6543
1. Loan Amount and Terms
The lender agrees to loan the borrower the amount of $35,000 to be used for the purchase of a vehicle. The vehicle details are as follows:
Make: Tesla
Model: Model X
Year: 2050
VIN: 5YJ3E1EB7LF000123
2. Interest Rate
The annual interest rate on this loan is 4.5%.
3. Repayment Schedule
The loan will be repaid in monthly installments of $700, due on the 15th day of each month, beginning on January 15, 2051. Payments must be made via automatic bank transfer or check.
4. Down Payment
The borrower will make a down payment of $5,000 at the time of signing this loan agreement.
5. Collateral
The vehicle described above serves as collateral for the loan. If the borrower defaults on the loan, the lender has the right to repossess the vehicle.
6. Insurance Requirement
The borrower must maintain comprehensive and collision insurance on the vehicle for the duration of the loan and provide proof of insurance to the lender within 10 days of signing this Agreement.
7. Late Fees
A late fee of $50 will be assessed if a payment is not received within 5 days of the due date.
8. Prepayment
The borrower may prepay the loan in full or in part at any time without penalty.
9. Default
In the event of default, including but not limited to failure to make payments for more than 30 days, the lender has the right to repossess the vehicle and pursue legal action to recover the outstanding loan balance.
10. Signatures
This Agreement is effective as of the date signed below:
[Your Name]
[Date]
John Doe
[Date]
Agreement Templates @ Template.net
