When you buy a new car, it usually comes with a loan that needs to be paid off over time. If you are financing your new car purchase, the dealer will likely give you paperwork explaining the loan details and how much money is needed from you upfront. You’ll probably also need to register your car so that you can get your license plate. These processes can seem complicated, but registering your financed car is not as challenging as it seems. Keep reading for more information on how to register a financed car and what documents you will need to complete this process.
How To Register A Financed Car
- Make sure you have the title of the car in your possession. You will need to verify that the car is financed through a bank or other lender before you can register it.
- Contact the DMV to request a registration card for your vehicle. The DMV needs this card to determine if you are eligible for a license plate, and whether or not you are able to obtain insurance for your car. This card only needs to be requested once, and it will be valid for up to five years from the date of purchase.
- Complete and submit an Application for Registration (Form 1-185). Include a check or money order in an amount equal to one month’s worth of insurance, which will be determined by the DMV when they process your application. You can also include an additional fee of $5 if you want plates mailed directly to you after registering with them online (these plates are valid for either one year or three years). The registration fee is non-refundable.
- Take your registration card to the DMV and make an appointment to register your car. You will need to bring proof of insurance, such as your insurance policy, a copy of your registration card, and a government-issued ID. If you are not currently insured on the car, you can also bring proof of this either with you or by emailing it to the DMV after making an appointment online.
- The DMV will check whether or not you qualify for a license plate by requesting that you provide proof that the car is insured during the time it is being registered with them. This can be done online or in person at their office located in Washington DC, Maryland, or Virginia (if applicable). The DMV will then mail you a temporary plate which must be displayed on your vehicle for three months from its date of issue (unless otherwise specified by law).
- Once the temporary plate expires, complete and submit an Application for License Plates (Form 1 DMV will give you a temporary license plate, which will be valid for 30 days. You can also choose to purchase your first set of plates with an additional fee of $20 and up to three sets of plates for $50 each.
- After you have registered your car, the DMV will mail you your new license plate. Make sure that you receive it in the mail before you take your car out for a test drive and get ready to register it again!
What To Expect When Registering A Financed Car
You’ll need to make an appointment
Most dealerships will not be able to take your car without a scheduled appointment. The dealer will likely want you to make an appointment before they can begin the registration process. During this time, the dealership should provide you with all of the necessary paperwork and instructions on how to complete the registration process. Some dealerships may require that you bring along a car mechanic who can help you complete this task.
You’ll need to pay for your registration fee and taxes
Some dealerships may be willing to waive or reduce the registration fee, but others may still require that you pay for it upfront before they can start working on your car. If this is the case, then make sure that you have enough money saved up in order to cover the registration fee and any applicable taxes. The amount of money that you need to save depends on the location where you are registering your financed car. If you are registering in a state like California, you will likely need $400.
You’ll need to provide the dealer with a title
The dealer will ask you to provide them with a signed title for your financed car. This title should have been issued by the original lender, and it should also have your name and address on it. The dealer will then take this document to their local DMV office in order to register your car. The DMV will require that you pay a small fee when you register your car, but this fee is usually less than $50. You can find out how much you will be charged for registration by visiting the state DMV website for that specific state in the United States.
Where To Go To Register Your Financed Car
- If you are buying a new car, the dealer will likely give you a registration form when you buy it. You can check with the dealership to see if they have this form or if you’ll need to do something else to get one.
- If you are buying a used car, or even if you are trading in your old car for a new one, then the registration process is slightly different. The Department of Motor Vehicles (DMV) will likely give you an application form that must be filled out and notarized. You will also need to bring in your proof of insurance and an emissions testing certificate from your previous vehicle.
- If you purchased a pre-owned car from another person, then the seller should have given you all of the necessary paperwork when he or she sold it to you. In order for the DMV to register your financed vehicle, it’s important that all of these documents are provided.
Steps For Registering A Financed Car
- Get your car ready: You need to make sure that you have all the paperwork and documents needed to register your financed car. You will also need to pay a small fee to get a plate.
- Get your registration certificate: Your dealer will give you a registration form at the time of purchase and take your payment for the full amount of your loan or loan balance. This is usually included in the price of the car, but if it is not, ask the dealer to write down what you owe on the car when you buy it so that you can pay it off when you register.
- Fill out and sign the form: If you want to register your financed car, take this form with all of the required information and fill it out completely with all sections checked before signing in front of a notary at an official government office. Then take this form to any DMV office near where you live or work and present this signed document along with payment for registration fees (which are usually around $20-$25).
- Get a decal: You will likely be given a temporary registration decal when you register your car, but you will need to get a permanent registration decal if you want to keep your car registered for the long term. This is an extra fee of about $10-$15 and must be paid in person at the DMV office.
- Pay off the loan: After registering your financed car, pay off the remaining balance on your loan or loan payment (which is the amount that you owe on the car) with cash or check, not with a credit card. This will allow you to officially own the car and make it yours legally so that it can be used as collateral in case of any future financial trouble.
Conclusion
When you finance a car, the person financing the car will likely register the car in their name. However, when you are financing the car and you want to register the car in your name, you will need to follow the process outlined in this article. Keep in mind that the process of registering a financed car may vary by state.
