You found a great deal on a used car from someone who no longer needs it. The car runs well and looks immaculate. But, they admit that they lost the title a while ago.
Used car sales have skyrocketed over the last couple of years. In 2018, consumers bought over 40 million used cars compared to only 17 million new car sales!
You don’t need to lose out on a great deal for a sweet ride because of a missing title. Keep reading to learn how to get your hands on a car title.
What Is a Car Title?
The title of a car proves ownership of the vehicle and ownership. Other names for a title are pink slips or a certificate of title.
An individual or a business can own a car and hold the title. Or, if you’re still paying on the loan, the bank may hold the title to a car.
Why Do You Need One?
Do you need to have a copy of the car’s title? Aside from the ability to prove that you’re the legal owner of a car, having the title gives you a few benefits.
One of the most common reasons you’ll need the title is to apply for a car title loan. If you need money and want to put the car up as collateral, you’ll need to show the title to the loan company. For more information about getting a loan with your car in Canada, check out fastaction.ca.
Are You Buying a Stolen Car?
We’re not saying that every individual trying to sell a used car is a car thief. But a common reason someone might not have the title is if the car isn’t theirs to sell.
It’s a good idea to check the VIN against a government database for theft or reports that someone used the car during an illegal activity.
Who Can Apply For a Duplicate Title?
Only the legal owner of the car can apply for a duplicate title. But, it’s not complicated. All you need to do is take a trip to your local DMV!
Check with your state to see what documents they need to see before you head to the DMV. There’s nothing worse than waiting through a long line at the DMV only to find out you don’t have what you need and you’ll need to come back!
It’s Not a Used Car… It’s Experienced
There are tons of reasons to buy a used car. You get the best deals and the least amount of depreciation, as long as you find the right car.
Not every car owner keeps up with their paperwork. But, a missing title doesn’t have to kill your dream of owning a particular car.
We hope you loved reading this article and that you learned how to get your hands on a car title. If you’re looking for more helpful articles about saving money, life improvements, business, and much more, check out the rest of our blog today!