The Promissory Note For Car Loan is a crucial document in Philippine vehicle financing transactions, combining elements of both a promissory note and a security agreement. It serves as formal documentation of the borrower's obligation to repay the loan and the lender's security interest in the vehicle. This document is commonly used by banks, financing companies, and car dealerships in the Philippines when extending credit for vehicle purchases. It must comply with several Philippine laws, including the Civil Code, Truth in Lending Act, and Chattel Mortgage Law. The note typically includes the loan amount, interest rate, payment schedule, vehicle details, and default provisions, while also incorporating mandatory consumer protection disclosures required by Philippine regulation. It's designed to protect both the lender's interests by securing the debt and the borrower's rights through clear disclosure of all loan terms.
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1. Parties: Identifies the Lender and Borrower with complete names and addresses
2. Principal Amount: States the total amount being borrowed in both numbers and words
3. Interest Rate: Specifies the interest rate, whether fixed or variable, and calculation method
4. Payment Terms: Details the payment schedule, installment amounts, and due dates
5. Vehicle Description: Complete description of the vehicle serving as security, including make, model, year, and VIN
6. Security Interest: Declaration of the vehicle as collateral and creation of security interest
7. Default Provisions: Consequences of missing payments and definition of events of default
8. Representations and Warranties: Borrower's declarations regarding their ability to repay and vehicle ownership
9. Signature Block: Space for signatures, dates, and witness attestation
1. Co-Maker/Guarantor: Include when there is a guarantor or co-maker for the loan
2. Insurance Requirements: Include when specific insurance coverage is required for the vehicle
3. Prepayment Terms: Include when early payment is allowed with specific terms or penalties
4. Assignment Clause: Include when the lender may want to assign the note to another party
5. Attorney's Fees: Include when legal costs recovery is to be specified in case of default
6. Collateral Release: Include terms for releasing the security interest upon full payment
1. Schedule A - Vehicle Details: Detailed specifications of the vehicle, including registration documents and condition report
2. Schedule B - Payment Schedule: Amortization table showing all payment dates, principal and interest breakdowns
3. Schedule C - Truth in Lending Disclosure: Mandatory disclosure of total loan cost, fees, and APR as required by Philippine law
4. Appendix 1 - Vehicle Photos: Documentary photos of the vehicle at time of loan execution
Relevant legal definitions
Clauses
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Banking & Financial Services
Automotive
Insurance
Legal Services
Consumer Finance
Vehicle Dealership
Asset Finance
Transportation
Relevant Teams
Legal
Finance
Credit
Compliance
Risk Management
Collections
Operations
Documentation
Auto Finance
Customer Service
Relevant Roles
Loan Officer
Credit Analyst
Legal Counsel
Finance Manager
Compliance Officer
Auto Finance Specialist
Collections Manager
Risk Manager
Branch Manager
Credit Manager
Vehicle Sales Manager
Documentation Specialist
Contract Administrator
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