If you have purchased a car, it is a good idea to think about the title of the vehicle. Not only is it legal proof that you own the vehicle, it can also protect you from a carjacker. Also, you may be able to refinance your loan at a lower rate or extend the term.
However, transferring a car isn’t as straightforward as you might imagine. First, you’ll need to get the vehicle’s license plate to the correct agency. Once this is done, you can apply for a new title in your name.
The process can be a bit complicated depending on how you decide to transfer the title. In some cases, you’ll be required to get a court order. You can find out more about transferring the title by checking with your local DMV.
While you’re at it, you should also consider the car’s insurance. Many insurance carriers offer a five to thirty day grace period. By the same token, you can’t just hand over a car without paying a sales tax.
For a smooth transaction, make sure you have your old car title handy. It’s a good idea to keep the document in a safe place. Ideally, it should be in your wallet, not on your person. Taking the time to put together a car title checklist will help ensure you don’t make a costly mistake.
While you’re at it, don’t forget to check the odometer. Some states will require you to disclose the odometer’s current value on the title.
