It is probably one of the most exciting and happiest moments or days of your life buying a car or a vehicle of your choice and liking, especially if it is your very first time having to make the purchase from your own hard-earned cash, which can be considered as one of your milestones in life that ought to be celebrated!
It is also essential to gain some knowledge, insights, and accurate detailed information about some car purchase agreements before you buy the actual car. Here are also some Sample Agreements that you may find useful as a reference.
Vehicle Purchase Agreement Sample
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Important Parts of a Vehicle Purchase Agreement
Pricing and Sales Information
This is the complete or the total cost when buying your car unit. And this is also the breakdown of the following fees:
- sales price of the car or vehicle
- and price of each added customization or features.
Financing or Terms Information
If you choose to have the financing terms option of your car, the details of the terms will be on this part of the document section. It includes the following:
- the interest rate of your loan,
- total costs or amount of your financing terms,
- the length or the duration of your payment period,
- your trade-in value, and
- the total amount that you paid for on your down payment.
Buyer’s or the Purchaser’s Details and Information
Contains your basic personal information, specifically the ones that are taken from your driver’s license. Also upon talking to your car dealer, he or she would initially ask you some details about your background, which will then be included on the buyer information. If you plan to have a co-owner with regards to the vehicle, his or her information will also be included.
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Vehicle purchase agreement, or you can also call it as car sales agreement, is typically a sales agreement between the buyer and the seller of the car or vehicle. It is also used to finalize a car sale. There are also a lot of things to consider before actually buying the vehicle. And it is very important to take note of and to know what are those things that should be included on the car purchase agreement. These are as follows:
- name and address of the seller;
- name and address of the buyer;
- the specified and exact date of the sale;
- the paid purchase price of the car or vehicle;
- the make, model, year, color—basically the description of the purchased car or vehicle;
- the car or vehicle’s vehicle identification number (VIN);
- the mileage achieved of the vehicle with the exact time, date, and year; and
- the signatures of both the buyer and the seller.
You can also check out Commercial Lease Agreements, which can be found on this page and which you might find useful as a reference as well as a guide for your car-purchasing journey.
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