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1. Parties: Identifies the family members involved as lender and borrower, including their full legal names, IC numbers, and addresses
2. Background: Explains the context of the family loan arrangement and the purpose of the vehicle purchase
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the exact loan amount and confirms it is for vehicle purchase, including vehicle details
5. Repayment Terms: Details the repayment schedule, installment amounts, and payment method
6. Interest Rate: Specifies whether interest is charged (if any) and the agreed rate, acknowledging the family relationship
7. Vehicle Ownership and Registration: Clarifies vehicle ownership arrangements and registration details
8. Default and Remedies: Outlines what constitutes default and the agreed-upon remedies, considering the family relationship
9. Representations and Warranties: Basic warranties about the capacity to enter into the agreement and vehicle ownership
10. Termination: Conditions under which the agreement can be terminated by either party
11. Governing Law: Confirms the agreement is governed by Malaysian law
1. Security Arrangements: Required if any assets or guarantees are being provided as security for the loan
2. Insurance Requirements: Included if specific insurance arrangements are required for the vehicle
3. Early Repayment: Details terms for early loan repayment if this option is desired
4. Death or Incapacity: Provisions for what happens to the loan in case of death or incapacity of either party
5. Vehicle Usage Restrictions: Include if there are specific restrictions on vehicle use or geographical limitations
6. Maintenance Requirements: Include if specific vehicle maintenance obligations are to be imposed on the borrower
7. Dispute Resolution: Optional section for family-specific dispute resolution procedures before legal action
1. Schedule 1 - Vehicle Details: Detailed description of the vehicle including make, model, year, chassis number, and registration details
2. Schedule 2 - Repayment Schedule: Detailed breakdown of payment dates, installment amounts, and running balance
3. Schedule 3 - Vehicle Documentation: Copies of vehicle registration, insurance certificates, and other relevant documents
4. Appendix A - Payment Records: Template for recording payments made and remaining balance
5. Appendix B - Vehicle Inspection Report: Initial condition report of the vehicle at the time of agreement
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