A Promissory Note For Car is commonly used in Malaysian vehicle transactions when the buyer agrees to pay for a vehicle in installments or at a future date. This document, regulated under Malaysian law, particularly the Bills of Exchange Act 1949 and Hire-Purchase Act 1967, creates a legally binding obligation for the buyer to pay the specified amount according to agreed terms. It includes essential details such as the vehicle's specifications, payment schedule, interest rates, and default provisions. The note may be used in direct sales between private parties, through dealerships, or in conjunction with financial institutions. It provides security to the seller while offering structured payment options to the buyer, and can be particularly useful in both commercial and private vehicle sales transactions.

1. Date and Place of Execution: Specifies when and where the promissory note is executed

2. Parties: Identifies the maker (promissor/debtor) and payee (promissee/creditor) with full legal names and addresses

3. Promise to Pay: Clear and unconditional promise to pay a specific sum of money

4. Principal Amount: States the total amount of debt in numbers and words

5. Payment Terms: Specifies payment schedule, installment amounts, and due dates

6. Interest Rate: States the applicable interest rate and calculation method

7. Vehicle Details: Complete description of the vehicle including make, model, year, color, and VIN/chassis number

8. Default Provisions: Consequences of missing payments or defaulting on the note

9. Governing Law: Specifies that Malaysian law governs the promissory note

10. Signature Block: Space for signatures of maker, witness(es), and any required attestation