For most people, buying a car is one of the largest financial transactions that they will make. Shortly after the purchase of a vehicle, the buyer receives the title to it. There are several important things that everyone should know about their car title. Here are a few.
Proof Of Ownership
Each state has a Department of Motor Vehicles that issues car titles. The title is a legal record of ownership. In this case, your title proves that you own the vehicle that is listed on it. Your title will include vital information about you as well as that for your vehicle.
History Of Vehicle
The title to a vehicle contains historical information about it. If the vehicle has been in an accident or has been owned by someone else, you can find that information on a car title. This is important information especially when you are considering purchasing a used vehicle.
Your title will include the vehicle’s VIN, vehicle identification number. That number must match the VIN that is on the vehicle. You can usually find VIN numbers located on a vehicle’s dashboard or the driver’s side door post. Stand outside of your car on the driver’s side and look at the dashboard. You should be able to see the VIN number. On the inside of the driver’s side door, you should see a sticker that also contains the VIN number. Each vehicle has its own unique VIN.
Buying And Selling Cars
Any transactions involving a vehicle must include a title. You should think twice about purchasing a car that does not have a proper title. If you are selling a car, you must have the title to transfer ownership to the new owner. If you lose a car title, you can always contact your state’s Department of Motor Vehicles and request a duplicate.
You can actually use your car title to get a loan. If you pay our vehicle off and do not have any liens on your title, you can use it as collateral to get a vehicle title loan. There are title loan companies, like Embassy Loans of Florida, who will provide you with funds, if needed, based on the value of your car or truck. The loan process is very quick and easy. You get to keep driving your car, but the title loan company can repossess it if you do not repay the loan. Most title loans are processed in an hour and offer people a way to access emergency cash.