Applying for an auto loan or auto refinance loan at Car Deal Expert is an exciting process. We do everything possible to match you with a lender who can finance your automotive dream – at the most favorable terms for your credit history. Saving thousands of dollars over dealer financing is not a dream; for many who apply at Car Deal Expert, it is a reality!
But let’s address the question. First of all, understand the concept of a vehicle title. Also known as a car title or pink slip, a vehicle title is a legal document that displays the legal owner of a car. Titles are typically generated by your state’s vehicle licensing authority. The format varies, but car titles generally include:
- Vehicle info including VIN number, as well as the year, make and model
- License plate number
- Gross vehicle weight, new purchase price and motive power
- Name and address of the registered owner – YOU!
And the lien holder is on the title
It is important to understand here that when you owe money on a vehicle, the party to which you owe the money – the lien holder – is actually the legal owner. Car Deal Expert puts you in touch with auto loan and auto refinance loan companies; any contract you sign will be between yourself and the lender who picks up your auto loan. Thus, Car Deal Expert will not control the title of your vehicle. Your lien holder will until you have paid off your loan. Once you’re done paying your loan, your lender will mail you the original vehicle title. Contact the lender that picks up your auto loan for more information. Just remember to let the dealership know about your financing and any necessary paperwork will be handled when you go to buy the vehicle.
What if you’re buying from a private party?
There are numerous things to consider here that go beyond the scope of this entry, but here’s a good article to check out about vehicle warranties. In terms of the title, you and the selling party will want to sign in the appropriate place on the vehicle title. They’ll be signing the vehicle over to you, but you’ll typically have a lien holder if financing is involved. Consult your state’s vehicle licensing authority if you have questions. Keep in mind that title transfer will cost anywhere from $20 to several hundred dollars, depending upon your state and the type of vehicle. Title transfer, vehicle registration and obtaining liability insurance require a number of documents; check here for more info.
Car Deal Expert hopes you enjoy your new vehicle!
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