Car Loan Agreement: Protect Yourself When Borrowing a Vehicle
Borrowed-car agreements are used frequently at car dealerships to allow prospective car buyers the option of borrowing the car they are contemplating purchasing. The agreement allows the buyer to borrow the vehicle for a specified period.
Purpose
A person deciding to purchase a car may ask the dealer if it offers borrowed-car agreements. Such an arrangement allows a person to take a car home for the night or for a specified amount of hours. This time allows the buyer to decide if the car is something that is really needed and suitable for this person's needs.
Details
A borrowed-car agreement states the customer's name, address, insurance company name, insurance policy number and the customer's driver's license number. It lists the vehicle's description and Vehicle Identification Number. It outlines the agreement between the dealer and the customer and lists fees if the contract is violated. A car inspection form is completed by the borrower and the borrower then signs the contract.
Benefits
Borrowed-car agreements allow customers to avoid buyer's remorse, the syndrome people feel after making an impulse purchase. This also gives the customer time to negotiate prices and get a feel of the vehicle.
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