Department of Motor Vehicle (DMV) procedures and requirements vary by state. Before setting out to shop, visit your state DMV website to inquire about the used car purchase process. Dealerships handle all DMV paperwork for you.
Resources
Shop for a used car in any local classified's section of the newspaper, or use Craigslist, which is updated often. Research local, free car-publication magazines or access local dealer websites to review current inventory. Your state DMV website provides in depth information, including printable forms and instructions for titling and registering, but call if you have any questions.
Considerations
If you want to finance a used car, get a preapproval beforehand. Apply to a local bank before shopping--the approval process takes several days. If financing, the bank may hold the title (depending on state) or you may get the title with a lien-holder present, meaning that you cannot sell it until the loan is satisfied at a later date(you will receive a lien release).
Paperwork
You'll need a valid driver's license to test-drive a vehicle and for identification at the DMV. Do not buy a vehicle without a title, one is required to transfer ownership (check with your DMV if unsure). Some states require a bill of sale for purchase price and odometer documentation. You'll need an insurance policy to provide to a lender, if applicable, and to the DMV to register your vehicle.
0 comments:
Post a Comment