When purchasing a used car, there are a few things you should be looking at specifically when you do your research on the soon to be automobile.
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When purchasing a used car, there are a few things you should be looking at specifically when you do your research on the soon to be automobile. This article is to inform you about Used Vehicle Titles and Understanding Title Issues even when you are going after an auto loan for bad credit.
Used Car Titles – The certificate of title is the legal form establishing a person or business as the legal owner of a vehicle.
While there is no standard to follow, most states have similar certificates of a title which include the following pieces information:
It will have information identifying the vehicle such as the Vehicle Identification Number or VIN, as well as the car make, model, and year.
The issued license plate.
Technical information; vehicle weight, motor power, and the purchase price when the car was new.
The name and address of the purchaser or registered owner.
If the car is not paid off, then the name of the lien holder or “legal owner” who money is owed will be on the title as well
When doing your background checks on an autos and bad auto car loans Fargo ND for example if that is where you reside, you may come across a salvage title. And in some cases you may be unsure about what could have happened to the vehicle in the past. This is not uncommon but it will be a good idea to check into some of the identified issues that may be listed. Here is a list of the damage categories that your vehicle could fall under and will be present on a title.
Flood damage – most states will clearly state that there has been flood damage on the title. Other states will just list it as a salvage title.
Theft recovery – Theft recovery is when an insurance company resells as vehicle that has been recovered. Some states will also list this under “salvage title” as well.
Vandalism – Most states will not disclose weather a vehicle has been vandalized before the next purchase; this will also fall under the category of “salvage title.”
Non-repairable – A non-repairable title only allows for a vehicle to be sold for parts or to a scrap yard. This is also known as a “junk title.”
So in most cases depending on your states title requirements some issues may not be revealed but listed under title salvage, so when you see that further investigating will be necessary. After purchasing the car, you must register your vehicle for a license plate, or to transfer plates if you had a car prior to the one you are buying. There is a penalty after 30 days if you have not registered your vehicle. However, most dealerships offering bad credit auto loans have the capability to take care of that process for you.
In closing when you are about to purchase a used automobile form a private seller or by way of a dealership bad credit auto loans for North Dakota, you need to have an up to date title. If not there might not be any other way to determine that you are the current owner of the car.