If you plan to buy a car, there are several important things to keep in mind and procedures to follow. Here are some helpful tips and guidelines to ease you through the process.
Make a list of priorities. What kind of car fits my lifestyle? How much am I willing to pay? Am I looking for a new or used car? Do I want to buy from a car dealership or a private owner?
Get informed. Browse through Consumer Reports or automobile magazines to learn the costs of maintenance and repairs, vehicle registration and licensing, and to compare car models and mileage ratings. Also, make sure to research the fuel economy to maximize your car’s potential mileage.
Finding the car. Determine a price in your budget range. To find the right car for you, check out car lots, ads in newspapers, magazines and online. You can get a free price quote for a car online or by phone.
Protect yourself. If you have chosen to buy a used car, ask the owner for the VIN (Vehicle Identification Number) to run a vehicle history report. This will give you an accurate account of all important background information on the car, e.g., the number of previous owners, whether the car was ever involved in accident, any previous mechanical problems, and so forth. Reports are inexpensive and worth the effort—you don’t want to run the risk of buying a used car with costly hidden problems.
Payment. Whether you’re buying a used or new car, you can pay the full amount in cash or place a down payment and then finance the balance later. If you decide to finance, which most people do, you must know your credit score. If you do not know your credit score, be sure to request a copy of your credit report at least 60 days before you plan on buying. If there is an issue with your credit, contact a credit bureau.
Sealing the Deal. Making the car sale final requires specific paperwork. Requirements for paperwork vary by state, so be sure to consult your state’s DMV to find out what documents you need. Most states require a Car Bill of Sale which is a document used to transfer the title of a motor vehicle to a buyer. It includes the purchase price, the VIN, the model and year of the vehicle, the warranty and odometer provisions, and the signed legal names and addresses of both the seller and the buyer. The Car Bill of Sale only represents the transfer of the RIGHT to ownership; the vehicle's certificate of title represents ACTUAL ownership. Thus, this document and a certificate of title are needed to complete the transfer of the vehicle.
If you plan to buy a car, you can find the Car Bill of Sale legal form at RocketLawyer.com. We provide you with a quick and easy way to create the document you need, and it’s free to try.