3 Key Pieces of Paperwork for Buying Used Cars
Buying a new or used car is a major transaction, so it involves a lot more paperwork than most other purchases. When buying from a car dealership, you can trust their team to handle much of the paperwork for you, including transferring the title and drafting up the buyer’s order. However, you will still need some paperwork of your own to drive off the lot with a vehicle.
What Paperwork Do You Need to Buy a Used Car?
1. Proof of Insurance
Proof of insurance shows that you have insurance coverage for your new vehicle, which is required in most states. Make sure to bring a copy of your insurance policy, or at least your insurance card, with you when you go to the dealership. The dealership will need to see proof of insurance before they can let you drive away in your new car.
2. Proof of Income
Proof of income document shows that you have a steady source of income, which is important for lenders who will be financing your purchase. Lenders want to be sure that you can make your car payments on time.
The dealership will typically require a recent pay stub or a copy of your W-2 form as proof of income. If you're self-employed, you may need to provide additional documentation, such as tax returns or bank statements.
3. A Valid ID
A valid ID proves your identity and helps prevent fraud. The dealership will need to see a government-issued photo ID, such as a driver's license, to confirm your identity.
Make sure that your ID is up-to-date and that the name on your ID matches the name on your other paperwork. If you've recently moved, you may need to provide additional documentation, such as a utility bill or lease agreement, to prove your current address.
If you’re in the market for a quality used car, Discount Auto Sales in Mountain Home, AR, will provide great service and fair pricing. Dealer Principal Jamie Mann draws on over 15 years of industry experience to ensure each vehicle is in great shape while also fostering a no-pressure sales atmosphere. To learn more about their inventory, visit them online or call (870) 425-1775.
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