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April 17, 2014

What Paperwork is Needed When Buying a Car in Texas?

Buying a car is an exciting process, but it can also be a time consuming one. When you are buying a car in Texas there are a number of documents that you should bring with you to make the buying process go as smoothly as possible. The two primary documents that you will need are your current driver’s license and your current proof of insurance. These documents will be needed to prove who you are, that you are legally licensed to drive and that you have auto insurance that meets the minimum coverage standards in Texas.

If you are also looking to secure financing when buying a car, you will also need to bring paperwork documenting your income and residency. For example, you should bring your most recent paystubs from your employer, copies of your most recent bank statements and utility bills or other proof of your current address. These forms can help us to complete and process your loan application in a timely manner. If you are self-employed, you will also need to be able to prove your income. Bank statements and recent tax returns can help with this process. To make the process go as smoothly as possible, the address on all income documents should correspond with the address on your driver’s license. You will also need to be able to provide your Social Security Number for identification purposes when applying for credit.

If you will be purchasing the car with another person, such as your spouse, both you and the other party will need to come to the dealership. Both people will also need identification to complete the joint vehicle purchase. If you are trading in another vehicle when making a purchase, you will need to bring the title and registration documents for that vehicle. If there is still a loan on the vehicle that you are trading in, bring contact information for the lender who holds the title to the vehicle along with the account number for the loan. This information should be included on all loan account statements, so bringing along a statement may be beneficial. It will also be useful for you to know the current payoff amount on the existing loan.

If you will not be financing your car purchase, you will need to bring along your checkbook or other form of payment in addition to your identification. Due to all of the paperwork involved with buying a car, the purchase process can take some time. However, by taking the time to be prepared and bringing along all the required documentation, you can reduce the amount of time that you will spend at the car lot completing the purchase and you can get to drive away and start enjoying your new vehicle sooner.

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