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What To Bring When Purchasing A Vehicle
Buying a vehicle is a big milestone, so it’s important to know what you need to have on hand when making the purchase with a dealership. No matter if you’re purchasing new or pre-owned, financing, leasing, or paying in cash, there will be a few documents that you’ll have to present to get the vehicle put in your name.
Must Have Documents
The first document you’ll need is a valid driver’s license. The dealership will use this to verify your driver’s license number and make sure that you’re legally allowed to drive the vehicle that they’re selling to you. For the quickest process, you’ll need to make sure that your driver’s license isn’t expired and that it has your current address on it. The dealership will then use a copy of your driver’s license to notify the DMV of the sale.
Most states require you to have proof of car insurance before you are able to drive the car off of the lot. You can streamline this process by calling your insurance company ahead of time to let them know that you will be buying a vehicle. After that, they’ll be able to make sure that you’re covered and have all of the documents you need to present to the dealership. From there, you’ll just need to get that vehicle added to your insurance and registered in your name once the purchase is complete.
Ask the dealership what forms of payment they accept. If you’ll be purchasing the vehicle with a credit card, you’ll want to ask about their processing fees. It may save you a little money by getting a check or money order instead. Another thing to do when buying with a debit card is notifying your bank or credit union of the upcoming purchase. Without notification, your bank or credit union may flag the transaction and decline the purchase when the dealership runs your card.
Documents When Getting A Car Loan
In some instances, you’ll need two forms of identification to get a car loan. A driver’s license and social security card are the most common, but you can also use other forms like a birth certificate or another document for proof of residence like a utility bill. A second form of identification isn’t always needed, so you’ll want to speak with the dealership or the financial institution that you’re planning to get the loan through.
To show proof of income, most people use their most recent pay stubs to show that they will be able to make monthly payments and pay the down payment of the vehicle. You can also use bank statements for this. Different financial institutions may have a specific income ratio that you have to meet before they will grant you the loan, but most of the time the minimum monthly income to make is at least $1,500.
Documents When You Have A Trade
The dealership will need the car title to take your trade. To make sure that you will be able to provide the title, you’ll have to know whether you’re in a title holding state and if you still have a payoff on the vehicle. In title holding states, the purchaser receives the vehicle title no matter if the vehicle has a payoff or if it is fully paid. If you’re located in a non-title holding state, the financial institution you financed through will hold the title unless the vehicle is fully paid off. In the case of a fully paid vehicle, the purchaser should have the title of the vehicle in their possession. The dealer will make sure that the title doesn’t have any stipulations such as “salvage” or “flood.” They will also check to see if there are any liens on the vehicle and if the vehicle has a clean title, you shouldn’t have any issues with the trade-in process.
You’ll need to have the car registered in your name and registered as operational to get the full trade amount put toward your new purchase. If your vehicle has been registered as “non-op” – non-operational – you might have to get this status changed and pay the difference before you can make the trade. Check with your dealership to see what their requirements are for a “non-op” vehicle.
Service records aren’t necessary to have when making a trade-in, but they can help aid in knowing the best price for your trade. Most dealerships will be able to look at the vehicle’s Carfax report and look at the service records themselves, but it would be helpful to you if you review the service records ahead of time. Reviewing the records before heading into the dealership will give you better tools to use when negotiating the amount the dealer will give you for your trade.
Still have questions? Reach out to our amazing team! We’ll be happy to answer any specific questions that you have no matter if you purchase from us or not.
Perfect Auto Collection
895 E. Tallmadge Ave
Akron OH 44310
Phone: 330-921-0895
Monday - Saturday
Sunday
10:00 AM - 7:00 PM
By appointment only