What to Bring to the Dealership when Buying a Car
There’s a lot of paperwork required at the time of purchasing a car. It might sound simple and exciting but, it certainly takes a lot of patience throughout the process. The average time of purchasing can be long. Sometimes, people are unaware of the type of documents that they need to carry for purchasing a car which extends the time. So, it’s important to know the type of documents that one needs to bring while heading to the dealership. It will save them time and aggravation besides making the purchasing process much smoother. Let’s take a look at the type of documents that people should carry while purchasing a car.
- Proof of Identity:
One needs to present satisfactory proof of identity to the dealership at the time of purchasing a car. Usually, any identification card issued by the government is sufficient to proceed further. So, people can carry their passports or driving licenses to make the purchase, but ensure there are an address and photo on it.
- Income Certificates:
There are several ways one can pay for their vehicle. Either people can fund the complete amount as down payment, or they can opt for a loan. In such cases, the creditors should have the assurance that the vehicle owner is eligible to repay the loan. So, they will check the past six months of pay stubs to evaluate the financial capability of the person. In case the person is self-employed, he needs to borrow the tax returns and return transcripts as proof of income. If there are any other sources of income, then there should be valid documentations to showcase. Else, there will be trouble in processing the financing.
- Proof of Insurance:
It’s important to carry proof of insurance at the time of purchasing a car. The insurance cost may vary based upon the vehicle’s models, but people should speak with the insurance agent and ask for this proof of insurance before visiting the dealership. Otherwise, it may delay the purchasing process.
- Proof of Residence:
It’s important to prove that the address provided on the loan application is authenticated. So, people will need to showcase their utility bills, property tax bills, bank statements, or credit card statements as proof of their residence, but make sure the documents that one chooses to prove the address matches the address of the person’s ID card or the passport. Else, it might create a lot of trouble in the long run.
- The Vehicle’s Information:
The bank will need the vehicle’s model number, make, year, purchase price, and VIN number in case one applies for financing at the bank. So, it’s significant to collect all the information about the vehicle before applying for financing. Else, it will only delay the purchasing process.
- Documents for Any Rebates:
In some cases, people may get special rebates on the purchase price of the car- for instance, the spouses of military members or recent college graduates. However, one needs to bring supporting documents to showcase their eligibility to yield the advantages of this facility. So, it’s prudent to carry these supporting documents to grab a good rebate on the purchase price of these vehicles. These are the documents that one should bring at the time of purchasing a car.
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