Purchasing a used car can be a hassle should you maintain all the paper work in order when making the payment. Whether you purchase the car from an individual or a dealership, there are particular documents which need to be transferred under your name. So when buying a used vehicle, be sure to have the subsequent papers so that you can
How to Buy a Used Car?
1. Registration Certification
The enrollment certificate (RC) provides you with the significant information related to the car such as the VIN number, engine number and telephone number. The older automobiles will possess the RC publication, while the newer cars receive a smart card. Additionally, it mentions the owner details, registration number, colour and so forth. You need to check if all the details on the RC match with the car too. Any modifications such as the engine or colour has to be upgraded on the RC too. When getting the automobile transferred, you will need to make the possession changes on the RC beneath your name. On the wise card, you’ll have to update the OSL (Owner Serial Number) to No. 02 as the second owner.
The car has to be insured when plying on the streets. You will have to find the insurance moved under your name. If the automobile insurance is expired, you will need to receive a brand new insurance for your car and that leaves one to getting a better deal for your car, while also reducing the cost of the car. When going for car insurance policy renewal, make sure you opt for a third party coverage for your vehicle. You can also have your own insurance transferred from your previous car to the new automobile, in case you have a no claim bonus resulting in lower premiums.
3. Road Tax Recipet
The road tax would be compensated when the owner registers the car when new. Make sure the road tax was paid by the first owner to avoid any penalties, which could wind costing more than the car itself. You need to receive the initial receipt of the road tax along with different records of the car.
4. Automobile Purchase Invoice
The original car purchase invoice will be issued by the dealer once the car was purchased new. If buying from a dealer, he will also provide you with a new car purchase invoice under his company brand. In case of purchasing from a person, you need to request a sale receipt duly signed by the owner that communicates the sale is complete with full payment made.
5. Octroi Receipt
If you are residing in Mumbai, this is an extra document you will have to ask for. There’ll be a receipt in addition to different files for the full payment of the octroi. Be sure that you are given the exact same as well.
6. Service Book
The service book is going to have the entire history of the automobile, right from the ceremony schedule to the report of any mishaps. It will also mention the next date of service and parts which were changed on the car. A car with complete service record is a more favored purchase.
7. Dual Fuel Certification
If you’re buying car with an aftermarket LPG or CNG tank, then make sure there is a corresponding dual fuel certification and the no-objection certificate from the RTO, which means that the car is safe and compliable to run on both fuels. You need to ask the seller for the sale receipt of the installed tank.
8.Form 32& 35
Form 32 and 35 will probably be required for automobiles that had a loan to the vehicle. Ask the seller for a no-objection certificate in the bank or finance company, stating that the loan has been paid into the bank. If you are buying the vehicle along with the loan, then you will have to get the loan moved under you name also. You can also pay directly to the bank and repay the loan after buying or keep paying for the EMI’s.
Aside from the vital documents, make certain that the operator’s manual is handed over to you and so are the other accessories linked to the automobile that you agreed upon.
Purchasing from a person and a trader has its own pros and cons. You’ll have to do the running around to get all the files transferred into your name in the prior purchaser when dealing with an individual, albeit the purchase price will be reduced when compared with the used car dealer. Whereas the dealer will take care of all of the paperwork for your benefit and will do the necessary amendments prior to handing over the car to you. Certain used car dealerships also provide with financing strategies, free services and warranty for a year to your car. Although all of it does come at a premium, you’ll have peace of mind possessing the vehicle.