Document background
A Car Loan Promissory Note is a fundamental document in vehicle financing transactions under Indonesian law. It serves as both evidence of debt and a security agreement, combining the features of a promissory note with specific provisions required for vehicle financing. This document is typically used when an individual or organization borrows money specifically for vehicle purchase, with the vehicle serving as collateral. The document must comply with Indonesian banking regulations, consumer protection laws, and fiduciary security requirements. It includes essential details such as loan amount, interest rate, payment schedule, vehicle specifications, and security arrangements. The document's format and content are influenced by OJK regulations and the Indonesian Civil Code, making it a crucial instrument in the country's vehicle financing landscape.
