In the majority of the cases, buying used goods is a simple transaction, but buying a used car from a dealer or a private party requires you to make sure all paperwork is in order. Undoubtedly, buying a used car can seem to be less of a hassle if a person keeps all the paperwork in order when making the payment. Whether you purchase the car from an individual or a dealership, several documents require to be transferred under your name. So, when purchasing a used car, ensure you have the following papers in order while applying for a mortgage, a checklist of documents necessary to transfer ownership of a car can make the buying process for both parties smoother.
Unquestionably, the last step to buying a used car is arranging out all the documents needed. The important thing is that you don’t need to provide much paperwork when buying a used car in Mumbai, but the papers you definitely, require are all substantially important as you won’t be allowed to drive your car home without them.
These essential documents are a driving licence, insurance policy, road tax, payment document and once a person has selected and is ready to purchase your car, ensure that you’ve got all the information you need from the seller as well.
Driving licence
The first and the foremost important thing is to make sure you have your driving license to prove that you can lawfully drive the car and to prove your identity so that the trader can match the details with the buyers.
Insurance policy
Buying a car does not need to have an insurance policy in place but driving the car back home require it. While driving on road definitely, your car needs to be insured and setting up an annual insurance policy can take some time, which is why some dealers may offer you driveaway insurance. This will cover you for the first few days at an additional cost.
Title
The most important document to transfer during the sale of a used car is its title, the document that on the record registers vehicle ownership with your state. Sellers should provide a copy of the title and sign the title over to the new owner to transfer ownership.
Payment documents
Before buying, it is vital to ensure that you’ve got all the required paperwork with you when making the payment, particularly if you have bought the car on finance or applying for a loan.
The well-detailed service history is constantly a good sign when buying a used car. A person wants to be sure that their new car has been well looked after. And a service book is a quick way to determine that. This next one will cost you but a complete history check could save you a lot of hassle and money in the future.
Apart from the necessary documents, make sure the owner’s manual is handed over to you and so are the other accessories related to the car that you mutually agreed upon.