Sample approval letter of a car loan application

GUIDELINES

  1. This is an informal or formal letter including transaction fees, interest and repayment amount. Keep in mind that the law is different for consumers and commercial establishments. Remember that all the credit approvals should follow the state and federal rules. This program does not include all the disclosures required for consumer credit. If such disclosures are necessary, only a cover letter would be enough. General details referring to the disclosure forms would be discussed in the cover letter.
  2. This letter should inform the recipient about the approval of the loan.
  3. It should discuss terms and conditions for repayment.
  4. You could choose to offer help to the recipient with the process. A friendly note may be included.
  5. Check your grammar for free here

SAMPLE LETTER

[Senders Name]
[Address line]
[State, ZIP Code]

[Letter Date]

[Recipients Name]
[Address line]
[State, ZIP Code]

[Subject: Normally bold, summarizes the intention of the letter] -Optional-


Dear [Recipients Name],

We are pleased to inform you that your car loan application for $5,000.00 has been reviewed and approved. We can offer you a payment scheme for three years at an interest rate of 7%. We expect a 5% down payment one month after loan approval, after which you will be paying the specified monthly amortization rate until the loan has been completely paid. Kindly get in touch with us at 333-3333 for confirmation and further inquiries. Ibiza Financial Services is happy to serve you.

Sincerely,

[Senders Name]
[Senders Title] -Optional-

[Enclosures: number] -Optional-
cc: [Name of copy recipient] -Optional-