Requirements to buy an agency car: Find all the information you need

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At the time of buy an agency car we must take into account certain aspects. For example, if we are going to pay it in cash or by financing. Do you want to know the requirements to buy an agency car? Find all the information you need! Keep reading.

Tips to follow before buying an agency car

To buy an agency car, It is necessary to analyze some aspects first:

  • What is the model that suits you as a user; If it is going to be used for work or for personal use, the route that will be made with the vehicle daily, the number of passengers that will use it, the cost of fuel and maintenance expense that the car needs.
  • Find information on the web pages about car prices. Make comparisons of them to be able to choose the most convenient one.
  • If you have a used car and you want to deliver it as part of payment, request information if the dealer accepts it.
  • Know exactly what is the total price of the vehicle, including interest.
  • Determine how I am going to pay it: If it is in cash or financing.
  • Yes to be paid in cash: How many times do I have to go to the bank to withdraw the total cost of the car, according to the amount allowed by the bank for the daily withdrawal.
  • If there is any risk when transferring that amount of money to the agency the day you go to buy.
  • Request information about the other forms of payment accepted by the concessionaire. Taking into account the insurance and the expenses to be made after the purchase.
  • If you buy it it is going to be done for financing: where the loan application will be made; at a bank or at the concessionaire, what are the interest on the loan.
  • How much is the down payment, how much are the monthly payments, and what is the final price including the cost of the Mandatory Vehicle Liability Insurance, license plates and possession.
  • Yes the car is going to be leased and buy by leasing.
  • What is my ability to pay, taking into account the down payment of the monthly payments.
  • If the car you want to buy it’s going to be a new or used car.

What is leasing?

Leasing or financial leasingIt is a legal figure that occurs when a financial entity buys a good in its name, and then through a contract it leases it in the medium or long term, to a client who requests it.

After the period that contemplate the contract, the user can decide whether to buy it or deliver it to the financial institution that leased the asset; in this case the car.

Requirements to buy an agency car

1.- If the car to buy is going to be paid in cash the following requirements must be met,

1.1.- Payment document.

If the money is carried in cash, it is delivered and the transaction continues.

Pbut it can also be done with a payment document that is accepted by the dealership: a cashier’s check, a cashier’s check, a previously approved loan voucher, or a personal check.

In addition to the money, you must present:

  • The Identification document of the buyer.
  • The driving license,.
  • Proof of payment Compulsory Vehicle Liability Insurance. If the insurance company is contacted and the plate data, engine signals are sent; This can issue the insurance receipt and mail or fax it to the dealership.

2.- When the car is to be paid for financing, the following requirements must be met,

2.1.- If you go to a bank to request financing, You must fill out the credit application and submit the following documentation:

  • Proof of Identification Official.
  • Also the Proof that credit income.
  • The Proof that proves a good credit history.
  • If the income is insufficient, You must present a guarantee that responds to the credit. The bank will inform if the guarantee presented is accepted
  • As well as, personal references.
  • Labor references.
  • In addition to this, proof of residence and the years you have lived in the place, presenting a receipt for payment of water or electricity or residential internet.
  • Some banks request proof previous residences and the years you lived there.
  • Later the employer’s constancy.
  • The bank will carry out a study of the application and the documentation delivered and inform if it was approved or not.

2.2.- You can also go directly to the selected concessionaire to request financing and fill out the credit application, presenting the following documents:

  • Proof of Official Identification of the buyer.
  • Proof of residence of the buyer through a payment receipt for water or electricity or residential internet.
  • Driver’s license.
  • Proof of payment of the Mandatory Insurance of Vehicle Civil Liability.
  • That accredits the monthly income.
  • Credit history or credit references.
  • Personal referencess and labor.

A study of the application will be carried out at the concessionaire and it will be informed if it was approved or not.

What to do if the car to buy is used?

If the car to buy is used, All the requirements and advice raised above must be followed, but others must be carried out such as:

  • Verify the certification of the revision of the parts of the car carried out by a mechanic. If possible, this certification is reviewed by a trusted mechanic.
  • You have to review the maintenance records of each of the parts of the car.
  • In the same order, you have to review the tenure payment, if the car has or has had a fine for an infraction, and if it has the updated vehicle verification.
  • As well as, check if you have the endorsement of the plates.
  • As far as possible, take a test drive.
  • Check the odometer to know the mileage vehicle.
  • In the same order of idea, it should be checked whether the Compulsory Insurance of Civil liability Vehicular is updated and make the change of the owner.
  • Carry out the change of the car owner.

Tips to follow before removing the car from the agency

It is it is advisable to follow certain tips, before picking up a car from the agency, including:

  • Process the Circulation card.
  • Cancel the endorsement of the plates. This is a license plate tax.
  • Cancel the vehicle tenure payment It varies from state to state. This is a property tax on it.
  • As well as verifying the car conditions reviewing the documents delivered.
  • Check if the agreed payment termsThey are the same as those written in the contract; this if the purchase was made by financing
  • Check that it is name of the buyer or the entity that financed the loan.
  • Check that there are manuals necessary from the car.
  • Verify that they are all the agreed accessories.
  • Ask the seller showing how to operate the car’s controls and where the maintenance check points are located.
  • It should be verified that the spare tire is present, the reflectors, the jack and the other implements of the car.
  • It should also check that the odometer have a few kms of travel.
  • In opportunities the car may be damaged in transit, That is why it is important to check in full light: the upholstery, carpets, paint that does not have any scratches or bumps, wheels, tires and the electrical system.

After leaving the agency with the car has a period of 180 days, from the date of purchase, for verification. In this way, fines or a driving ban is avoided.

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