Like most people no one knows what exactly to bring when you are purchasing a vehicle. Every one knows that when you purchase a vehicle it takes hours. So I am going to let you in on a little secret that will help cut that time down.
The first step of purchasing is know what you are looking for. Now a days, the internet is a tool that can and should be used when you are purchasing a vehicle. The vehicle search engines have so many resources that will help you find the make, model, color, features, price, and some will even give you a rough estimate of what your trade in is worth. When you appraise your vehicle, you must be honest. After you find the vehicle that you are interested in and that is with in your price range, just remember that the price of the vehicle is just for the vehicle. It doesn’t include the taxes, and handling fees. Just be prepared for the price to fluctuate.
The second step of purchasing is bring your drivers license with you. I know that sounds like common sense, but many people forget it, or just don’t have one. When purchasing a vehicle from a dealership you must have a valid drivers license, and you must have it with you. The reason why you want to have that piece of information is because: 1. You will not be allowed to test drive the vehicle that you are looking at. 2. With no drivers license you will not be able to title the vehicle. If you can't title the vehicle, you can't buy it.
The third step of purchasing is having an up-to-date insurance card. If you are financing, it must be for full coverage. Insurance is required with no exceptions. The buyer must have the required coverage or the buyer will not be approved.
The fourth step of purchasing is to bring your social security card. This step is for Special Finance buyers. Dealerships do this so that they know who is purchasing the vehicle. Rest assured that all of your personal information is kept strictly confidential.
The fifth step of purchasing is to have 10 references. Now if you are like me, I keep everything in my planner and phone. So, it is smart to bring that with you. You will need 4 references from your direct family and 6 from others. Others may be friends or co-workers. It needs to be someone other than is related to you through marriage or blood. The references that you use, it is a good idea to let them know that you are using their name, because they will be contacted.
The sixth step of purchasing is your proof of residence. They will need a utility bill. It must be a piece of mail that is addresses to the buyer at their current address and it must be post marked with in 30 days. This step applies to all.
The seventh step of purchasing is to bring your phone bill. Now, this step is only for Special Finance buyers. The finance company requires you to have a phone bill that is post marked with in 30 days. This provides the finance company with another document that shows proof of residence and that you have a home telephone.
The eighth step of purchasing is only for the home owner who is a Special Finance buyer. If you are a home owner, you must bring your mortgage statement. It has to be dated with in 30 days. If you are a mobile home owner, you must show proof that you own the space/land that your home resides on. Last but not least, you must reside at that residence. The reason for this is so that the finance company has three forms of identifying that you have a home address.
The ninth step of purchasing is to bring your proof of income. This step is for the salary or hourly employee. The documentation that is required is a current pay stub that shows your year to date earnings. The pay stub must be dated with in 30 days. If you do not have a YTD pay stub, then you must bring four consecutive pay stubs. This supplies the dealership and finance company proof of your wages.
The tenth step of purchasing is for self-employed buyers only. The things that are necessary are a little different from regular employees. Instead of bringing your pay stubs as proof of income, you must bring at least three months of bank statements. This supplies the dealership and finance company proof of your wages.
If you arrive ready, the process will go smooth and as pain free as possible. Don’t get discouraged if you are a Special Finance buyer. There are plenty of dealerships across the front range that will except Special Finance buyers and they will also be willing to work with you on your purchase. Do not forget to bring your check book when you are ready to buy. I hope that the 10 steps to buying will allow you to be prepared when you purchase that dream car. Happy Buying.