Download a Free Promissory Note Template

>> Thursday, July 29, 2010

When you are in the business of lending money such as running a "Buy Here -Pay Here" used car lot you will need to have a promissory note that both you and the borrower can sign to provide legal proof of the fact that the loan exists. Unless you already have your own documents that you can use, you may want to consider downloading a free promissory note template from one of the many sites that offer them online. Once filled out properly this note will become a legally binding document that can be used to collect on the debt should the borrower default on their loan.
When you go looking for a template you will need to find one that covers everything including who is lending the money, who is borrowing the money and their respective contact information. It should also cover how much money is being borrowed and the interest rate that is being charged. You should also list who the payments are to made out to in case your financing department is listed as a separate company.
Your promissory note must explain what actions will be taken if the borrower is late on a payment including the amount of any late fees you are going to assess. You may even want to consider what will happen if the borrower should die during the term of the loan. While there may be a plethora of different promissory notes they can be easily broken down into two basic formats, secured and unsecured. If the note is secured by collateral such as real property you must stipulate what will be done with this property in the event of a default.
If you have never used this type of contractual form you will find there are dozens of sites online that offer a free promissory note template that you can download and use. One word of caution however, check with your local authorities to make sure the template you plan to use meets with all of the legal requirements of your state. This way if you have to take a client to court for your money, the courts will be on your side.

If you are in need of finance template, you may visit my website at And you will get helpful tips on Free Promissory Note Template.

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