A Car Loan Promissory Note serves as a fundamental financial instrument in vehicle financing transactions under English and Welsh law. This document is typically used when an individual or entity requires financing to purchase a vehicle and agrees to repay the loan according to specified terms. The promissory note includes essential details such as loan amount, interest rate, payment schedule, and the vehicle's details serving as security. It must comply with various regulations, including the Consumer Credit Act 1974 and FCA requirements, and provides legal protection for both the lender and borrower.
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1. Parties: Identification of borrower and lender including full legal names and addresses
2. Background: Brief context explaining the loan purpose and vehicle purchase
3. Definitions: Key terms used throughout the document including 'Vehicle', 'Loan Amount', 'Interest Rate', etc.
4. Principal Amount: Statement of the total loan amount being borrowed
5. Interest Rate: Specification of the interest rate, calculation method, and total interest payable
6. Payment Terms: Details of payment schedule, frequency, and method of payment
7. Vehicle Details: Specific information about the financed vehicle including make, model, VIN, and registration
8. Security Interest: Terms establishing the lender's security interest in the vehicle
9. Default Provisions: Consequences and remedies in case of default
10. Signatures: Execution block for all parties including witnesses if required
1. Late Payment Provisions: Additional terms regarding late payments, penalties, and grace periods
2. Prepayment Terms: Conditions and calculations for early repayment of the loan
3. Insurance Requirements: Specific insurance requirements and minimum coverage levels for the vehicle
4. Assignment: Terms regarding the ability to assign or transfer the loan
5. Governing Law: Explicit statement of jurisdiction and applicable law
1. Schedule 1 - Payment Schedule: Detailed amortization schedule showing all payment dates, amounts, and interest portions
2. Schedule 2 - Vehicle Specification: Complete technical and legal description of the vehicle including condition report
3. Schedule 3 - Insurance Requirements: Detailed insurance specifications and certificates
4. Schedule 4 - Notice of Security Interest: Form for registering the security interest in the vehicle
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