Buying a new car can produce a countless of emotions.
On one hand, there is the satisfaction of achieving your own goal and getting a tool that will facilitate your mobility on the road. On the other hand, you might unbottle the tension of “paperwork” and the stress that the application process can cause.
We know that “paperwork” is one of the biggest concerns for those interested in purchasing a new car. Although each case is evaluated independently, there are some documents that are necessary in most purchases.
Here we share some of those basic requirements:
Valid identification – a valid photo identification is required to validate the person’s identity. The person interested in purchasing a vehicle must be of legal age. They will most likely also ask for your social security number to complete the required documents.
Valid driver’s license – you must have a current driver’s license. It is important that you know that depending on the type of vehicle you want, you must consider the category of your license.
Pay stubs, letters and employer contact – it is necessary to verify the employment you have and the salary you generate to know if you can bear the responsibility of financing your vehicle. For this reason, it is recommended that you bring an original copy of your checkbook, a letter or document from your employer that certifies that you work there, and the contact information about your employer so that the seller can call and investigate your history.
Credit history – This history will help you know what credit score you have and what the approximate interest applied to your sale and the possible monthly payment would be. It is important to know that if you do not have it on hand, the seller will be able to provide you with one.
Evidence of your residential address – it is very likely that the seller wants to verify your residential address and for this reason will ask you for evidence. Regularly, a copy of the bill for services such as electricity or water are sufficient.
Proof of income – with copies of the last two returns certified by the Department of the Treasury or the most recent financial statements prepared by a Certified Public Accountant (CPA) you will be able to demonstrate your annual earnings to the seller. Self-employed people should also be prepared to be asked for a Use Permit, Merchant Registration or Municipal Patent. Likewise, if this is a second or third vehicle you are purchasing, the seller may require evidence of payment.
These are the documents that are regularly requested from individuals who are going to buy a new car. Depending on the case, they may vary or even be more specific in a request. Finally, at the time of purchase, remember to bring a valid payment method to purchase the insurance policy, the tag, the license plate and the receipt for your car, if this is your purchase option.
Once the process is finished, don’t forget to live the adventure in your new car.
