Planning on buying a used car but unsure on how to proceed with all the title transfer paperwork?
In 2019, private vehicle ownership in the US reached a whopping 107 million. People often buy cars through dealerships.
However, there’s an increase in people purchasing their cars from private sellers. Some have even turned to friends and family. Whether you’re a buyer or a seller, you need to know how to file a car title transfer.
In these cases, filing for a car title transfer is necessary, both as a seller and a buyer. Read on to discover how you can change a name on the registration for your vehicle title transfer.
Track and Prepare Your Existing Title
The first step to changing the name in your car title is tracking and preparing your existing title. Getting hold of your old title is essential when you’re planning to do a car title transfer. If you’re missing the document, you can contact your local DMV so that you can apply for a replacement.
Sign the Title’s Seller Lines
The next thing you must do after is to sign your signature on the title’s seller line. This is popular with cars bought from private sales or those gifted from family members. Did you know that over 13.5% of car buyers in the US prefer buying used cars from private sellers?
Your buyer can also add their names to the car title. It helps to note that some states may need to have a notary present for this process. If you’re a private car seller, you can also get your buyer to sign on a car title loan.
Fill Out the Transfer of Title Form
While finalizing documents for the title transfer, consider visiting your state’s DMV website. From here, you can download a copy of the transfer of title form.
Print out a copy and fill it in with all the necessary information. After you’ve done this, you may either submit the form to your local DMV or mail it to them.
Update Your Car’s Registration
In some states, you can add a person to your existing registration without much hassle. However, if you want this done ASAP, expect to receive more paperwork.
Notify Your Insurance Company
Keep in mind to notify your car insurance company about adding names on your car’s registry. Getting your insurer in the loop of what’s happening will avoid any problems in the future. It’s also best that you submit to them a copy of the title transfer form so that your title deed will get revised faster.
A Quick and Easy Guide on Car Title Transfer
Although a car title transfer can look taxing, in reality, it’s easy and quick. It’s crucial to familiarize yourself with how you’ll change the name on your car’s registry during the transfer. That way, you won’t run into trouble in the future.
Want to learn more about buying and selling cars? Why stop here? Check out our other blog posts to find more guides about car ownership and care.