vehicle repair satisfaction note template

The lender may also require the borrower to obtain insurance if the loan is for a vehicle. Collateral may be a vehicle, jewelry, or other assets. If the borrower defaults, the lender seizes the collateral.

Collateral and insurance: A borrower may use collateral to secure the loan.

The lender may also penalize overdue payments by charging late fees or increasing the interest rate.

Interest and late fees: If the lender charges interest, they may specify the percentage of interest and how often it’s compounded (monthly, every six months, or yearly).

Payment plan: Create a repayment schedule, including whether the borrower may repay the loan in a single payment or regular payments, when the final amount is due, and if the borrower can repay the loan early or in lump sums.

Loan amount: Specify how much money the lender will loan.

You may also include a co-signer who agrees to pay the debt if the borrower defaults on the loan. The lender may be a corporation or an individual.

Party details: Identify the lender and borrower.

The information you'll need to write a Promissory Note includes: The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.

This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender.

This Note will be construed in accordance with and governed by the laws of the State of.

If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result.

The Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete legal costs of the Lender incurred by enforcing this Note as a result of any default by the Borrower and such costs will be added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon demand of the Lender.

This Note will be repaid in full on September 24th, 2021.FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of $_ USD, without interest payable on the unpaid principal, beginning on September 24, 2021.

Vehicle repair satisfaction note template