The Car Loan Promissory Note is a fundamental document in Philippine vehicle financing transactions, used when an individual or entity borrows money specifically for purchasing a vehicle. This document serves multiple purposes: it establishes the debt obligation, provides evidence of the loan agreement, and creates security interest in the vehicle. The document must comply with various Philippine regulations, including the Truth in Lending Act, Consumer Act, and Chattel Mortgage Law. It typically includes detailed vehicle information, loan terms, payment schedules, and default provisions. The promissory note is often accompanied by a chattel mortgage agreement and various disclosure statements required by Philippine law. This document is particularly important as it protects both lender and borrower interests while ensuring transparency in the loan transaction.

1. Parties: Identification of the Lender and Borrower with complete details including names, addresses, and contact information

2. Background: Brief context about the loan purpose and vehicle purchase

3. Definitions: Key terms used throughout the document including 'Vehicle', 'Loan Amount', 'Interest Rate', etc.

4. Loan Details: Principal amount, interest rate, term, and total amount payable

5. Payment Terms: Payment schedule, method of payment, due dates, and computation of installments

6. Vehicle Details: Complete description of the vehicle including make, model, year, color, engine number, chassis number

7. Security Provisions: Details of the vehicle as collateral and chattel mortgage arrangements

8. Borrower's Representations: Warranties and representations regarding capacity to pay and vehicle ownership

9. Default Provisions: Definition of events of default and consequences

10. Remedies: Lender's rights and remedies upon default, including repossession terms

11. Governing Law: Specification of Philippine law as governing law and jurisdiction