The Auto Loan Agreement: Everything You Need to Know Plus an Example
What’s a Car Loan Agreement? An auto loan agreement is a legal contract, usually for a specified period of time and at a specified interest rate, that lays out the purchaser’s obligation to pay for a car over time. The contract also stipulates what will happen if payments are missed. The vehicle itself—and not the borrower or borrower’s personal property—is used as collateral for the loan.For many people, a car is one of the largest…