When should I use the financed vehicle page?
Use this page when your side by side sale in Illinois fits a financed vehicle scenario. It walks you through the specific disclosures and details that apply to this type of transaction.
Financed vehicle — Illinois
Illinois Side by Side bill of sale for financed vehicle | Printable PDF
Complete your Illinois side by side bill of sale for a financed vehicle transaction. Enter buyer and seller details, vehicle information, and generate a signed PDF in minutes.
IllinoisSide by SideFinanced vehicle
BN
What to know about financed vehicle sales in Illinois
If you are selling as a private party offering financing (seller financing), the transaction is governed by the Truth in Lending Act (TILA), Regulation Z (12 CFR Part 1026). You must provide the buyer a written disclosure of APR, finance charge, amount financed, total payments, and payment schedule. Failure to comply can expose you to civil liability.
What to include in your bill of sale
- Full legal names and addresses for both buyer and seller.
- Side by Side make, model, year, VIN, and current mileage.
- Agreed sale price, payment method, and transaction date.
- Any financed vehicle-specific disclosures required in Illinois.
Seller guidance
If you are selling as a private party offering financing (seller financing), the transaction is governed by the Truth in Lending Act (TILA), Regulation Z (12 CFR Part 1026). You must provide the buyer a written disclosure of APR, finance charge, amount financed, total payments, and payment schedule. Failure to comply can expose you to civil liability.
Buyer guidance
When financing through a bank or credit union, your lender will place a lien on the title. You will not receive a clear title until the loan is paid off. Under TILA, you have the right to a written disclosure of all loan terms before signing. Review the APR and total cost of financing carefully.
Illinois-Specific Note
Illinois records liens through the Secretary of State's electronic system. The buyer must carry minimum liability insurance (25/50/20) plus lender-required coverage. The lender holds the title electronically until payoff. Under 625 ILCS 5/3-114, the lender must release the lien within 21 days of payoff.
Legal considerations
Illinois records liens through the Secretary of State's electronic system. The buyer must carry minimum liability insurance (25/50/20) plus lender-required coverage. The lender holds the title electronically until payoff. Under 625 ILCS 5/3-114, the lender must release the lien within 21 days of payoff.
Checklist for this transaction
- 1Obtain pre-approval letter or lender commitment before finalizing sale price
- 2Confirm lender's payoff instructions if seller has an existing lien
- 3Record the new lienholder on the title at the DMV
- 4Review TILA disclosure for APR, finance charge, and payment schedule
- 5Retain a copy of the signed bill of sale and loan documents
- 6Carry minimum liability insurance (25/50/20) plus lender-required coverage
- 7Lien recorded electronically with the IL Secretary of State
- 8Lender releases lien within 21 days of payoff per 625 ILCS 5/3-114
Need the printable workflow?
Use the main Illinois side by side bill of sale flow when you are ready to generate the completed document.
Open Illinois Side by Side bill of saleFrequently asked questions
Why does the financed vehicle scenario have its own page?
Different sale scenarios — such as private party, dealer, or gifted transfers — have different documentation requirements. This page focuses on what buyers and sellers need for a financed vehicle transaction specifically.
What should be included in this bill of sale?
Include the buyer and seller details, vehicle identifiers, sale price, date, signatures, and any notes specific to the financed vehicle transaction.
Create Illinois Side by Side Bill of Sale
Free • 3 min • Printable PDF