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The Car Loan Promissory Note is a specialized financial instrument used in the United Arab Emirates when a person or entity obtains financing for a vehicle purchase. This document type combines the legal requirements of a promissory note under UAE Federal Law No. 18 of 1993 with specific provisions related to vehicle financing and security interests. It is typically used by banks and financial institutions in the UAE to document the borrower's promise to repay the vehicle loan while establishing a security interest in the financed vehicle. The document must comply with UAE Central Bank regulations regarding consumer lending and include specific details about the vehicle, payment terms, and security arrangements. This instrument is crucial for both the lender's security and the borrower's understanding of their obligations under UAE law.

1. Promissory Note Declaration: Opening statement declaring this as a promissory note, including place and date of issuance as required by UAE law

2. Parties: Identification of the promisor (borrower) and promisee (lending bank), including full legal names and addresses

3. Principal Amount: Clear statement of the loan amount in both numbers and words

4. Payment Terms: Specific details of payment including due date(s), installment amounts, and payment method

5. Interest Rate: Statement of applicable interest rate and calculation method in compliance with UAE Central Bank regulations

6. Vehicle Details: Specific identification of the vehicle including make, model, year, chassis number, and registration details

7. Security Interest: Declaration of the vehicle as security for the loan

8. Default Provisions: Consequences of default and acceleration clauses

9. Governing Law: Statement specifying UAE law as governing law and jurisdiction