A private loan agreement is a agreement between 2 people that is not publicly filed with any outside agency. Most private loan agreements are between family members.
What does a sample private loan look like?
What does a sample private loan look like?
Continuing Education Loan (private)
You can't with out a written agreement
If you do not have this agreement in writing then you do not have proof that this was negotiated with the lender.
Here is a trusted link for a free Basic Loan Agreement Template http://www.zigcigs.com/Loan-Agreement-Template-Free.htm
In short, yes. You just have to sign a legal agreement that the person that currently owns the car is willing to put up the title of the car as collateral for the private loan. Make sure the person who has the loan possesses the title and has filed a lien with the Department of Motor Vehicles. *Always consult an attorney for legal matters.
Financial hardship in a loan agreement refers to the fact that the person is struggling to repay their loan. They may be struggling to repay to the lender's agreement.
Unless you can enter into a mutual agreement with the lender they have the right to take your house or what other equity you may have used to guarantee the loan.
Check out "promissory note" at your local law library. You should be able to photocopy a form.
What the interest rate is and loan agreement
Simply a loan agreement that is made in good faith.