15 Sample Promissory Notes for Car Loan Agreements

Sample 1: Basic Car Loan Promissory Note Between Individuals

I, [Borrower’s Name], residing at [Address], promise to pay [Lender’s Name], residing at [Address], the total amount of $[Loan Amount] for the purchase of a [Year, Make, Model of Vehicle], beginning on [Start Date], with monthly payments of $[Payment Amount] due on the [Day] of each month, until the full amount is repaid by [End Date]. No prepayment penalty applies. This note is secured by the vehicle titled in the borrower’s name.

Sample 2: Car Loan Promissory Note With Interest

I, [Borrower’s Full Name], agree to repay [Lender’s Full Name] a principal amount of $[Amount] for a [Year, Make, Model of Vehicle], with an annual interest rate of [Interest Rate]% compounded monthly. Payments of $[Monthly Amount] will begin on [Start Date] and continue until [End Date], when the final balance is due. The lender may repossess the vehicle if the borrower fails to pay.

Sample 3: Zero-Interest Car Loan Promissory Note

I, [Borrower], agree to repay [Lender] the sum of $[Amount] in twelve (12) equal monthly installments of $[Amount], starting on [Date]. This loan is interest-free and is solely for the financing of a [Car Description]. Payment is due on the first of each month.

Sample 4: Balloon Payment Promissory Note for Vehicle Loan

This is to certify that I, [Borrower], owe [Lender] the sum of $[Amount] for the purchase of a [Vehicle Info]. Payments of $[Amount] will be made monthly for 12 months, with a final balloon payment of $[Final Amount] due on [Date]. Failure to pay in full will result in vehicle repossession.

Sample 5: Promissory Note With Down Payment Clause

I, [Borrower], agree to pay $[Total Loan] to [Lender], of which $[Down Payment] is paid upfront on [Date]. The remaining balance will be paid in equal installments of $[Amount] starting [Date], due on the [Day] of each month, over [# of Months].

Sample 6: Vehicle Loan Promissory Note Between Friends

As of [Date], I, [Borrower], agree to borrow $[Loan Amount] from my friend, [Lender], for the purchase of a [Vehicle Details]. Monthly payments of $[Amount] will be made by [Date of Each Month], beginning [Start Date] and ending [End Date].

Sample 7: Family Car Loan Promissory Note

This note is between [Lender, e.g., John Doe] and [Borrower, e.g., Jane Doe], relatives. Loan amount: $[Amount] for [Car Details]. Payments: $[Monthly Amount], interest-free, due the 1st of each month beginning [Date]. Default may result in civil enforcement.

Sample 8: Car Loan Promissory Note With Late Fee Clause

I, [Borrower], promise to repay $[Amount] to [Lender] in [Number] monthly payments of $[Amount], starting [Start Date]. A $25 late fee will apply if payment is not received within five (5) days of the due date. The car serves as loan collateral.

Sample 9: Vehicle Promissory Note With Cosigner

I, [Borrower], agree to pay [Lender] $[Amount] for [Car Details]. My cosigner, [Cosigner Name], agrees to take full responsibility if I default. Payments of $[Monthly Amount] begin on [Date].

Sample 10: Employer-Financed Car Loan Promissory Note

On [Date], I, [Employee Name], promise to repay [Employer] $[Loan Amount] for a [Vehicle Description]. $[Monthly Amount] will be deducted from my paycheck beginning [Date]. The balance is due by [End Date].

Sample 11: Promissory Note for Used Car Sale With Installments

For the private sale of a [Used Vehicle Details], I, [Buyer], agree to pay the seller, [Name], $[Total Amount] in [Number] monthly payments of $[Amount], starting [Date]. The car will be registered in the buyer’s name upon full payment.

Sample 12: Promissory Note for Car Loan With Prepayment Clause

I, [Borrower], agree to repay $[Loan Amount] to [Lender] for [Car Details], with monthly payments of $[Amount] starting [Date]. Borrower may prepay the loan without penalty. Final payment is due on [Date].

Sample 13: Vehicle Loan Note With Payment Acceleration Clause

This note, signed on [Date], is for a $[Loan Amount] vehicle loan to be repaid over 24 months. If borrower misses two consecutive payments, full balance becomes due immediately. Collateral: [Car Details].

Sample 14: Interest-Only Car Loan Promissory Note

For the first 6 months, I, [Borrower], will pay interest-only payments of $[Amount] on a $[Loan Amount] loan from [Lender] for [Car Info]. After 6 months, equal principal and interest payments will continue until [End Date].

Sample 15: Lump-Sum Car Loan Repayment Note

I, [Borrower], promise to pay [Lender] a one-time lump sum of $[Loan Amount] on or before [Due Date] for the financing of [Vehicle Info]. No interim payments required. The lender retains the vehicle title until paid in full.