Vehicle Payment Plan Agreement Form Template PDF

Sophie Marx January 15, 2021 Agreement

The vehicle payment plan agreement is for just about any kind of vehicle at which the seller and buyer agree to get the cost paid in increments. Typically, the purchaser agrees to pay for a sum in advance, also called the down payment with interest rate (%), and also the term of the payment interval.

Once that is arranged, the payment plan is prepared to become authorized together with a vehicle Bill of Sale which lawfully tie up the parties involved into their fiscal obligations.

Common Terms Found in the Form

1. Co-Signer. Commonly known as a Guarantor which can be a person that promises the payment of this loan.
2. Down Payment. Upfront paid at the onset of payment agreement which often suggested to be 10 percent up to 20 percent of the purchase price.
3. Monthly Payment. Installment owed by the debtor on a monthly procedure.
4. Term. The duration of the charge period, which will got the average of 36 up to 60 Months.
5. Interest Rate. The expense of borrowing money, it`s the variable rate that depends upon the credit history of the debtor.